This is what Jin Liqun, supervising chairman of China's sovereign wealth fund, has to say about Europe's debt crisis:
"This is purely because of the accumulated troubles of the worn out welfare society... The labour laws induce, sloth, indolence, rather than hard working."
Is this true? It's difficult to say so without being branded as the worst sort of reactionary, but insofar as our present standard of living has been achieved on credit rather than by hard work, I find it difficult to refute the strength of Jin's remarks. In spite of everything, we are still about ten times better off than the Chinese, but we certainly won't be for much longer.
The question is, what on earth are we going to do about it? Any suggestions?
"This is purely because of the accumulated troubles of the worn out welfare society... The labour laws induce, sloth, indolence, rather than hard working."
Is this true? It's difficult to say so without being branded as the worst sort of reactionary, but insofar as our present standard of living has been achieved on credit rather than by hard work, I find it difficult to refute the strength of Jin's remarks. In spite of everything, we are still about ten times better off than the Chinese, but we certainly won't be for much longer.
The question is, what on earth are we going to do about it? Any suggestions?
You and Jin Liqun could well be right, Mr. Dunn. However, most people would say they are working harder than ever - when they get the opportunity to do so!
ReplyDeleteIs it truly a worn out welfare state? I see it more as a fast-diminishing safety net.
We* didn't actually have any say in the abandonment of a manufacturing economy to a credit one, so are inclined to feel quite sour at any suggestion that we* are somehow responsible for the nation's ills!
* Joe Bloggs and family.
I didn't mean a credit society so much as a society living on credit. I can't speak for the UK but over here any attempt at trying to reign in spending has brought the populace out on the street. Up to now, no candidate or party - with the possible exception of François Bayrou in 2007 - has run on a platform of fiscal rectitude, for the very good reason that they would stand no chance of getting elected. To that extent, I think the electorate must bear some responsibility for the present mess.
ReplyDeleteI've been giving further thought to this - and to your subsequent blog entries. And am not much clearer in my mind! But then, who is?
ReplyDeleteIt is absolutely true that every country in Europe is now in deep mire and that "something must be done". We all know this to be true. But politicians throwing party brickbats around blaming such and such and so and so in the PAST just gets up a lot of noses and muddies the waters.
So - wouldn't it make sense for there to be some public recognition of this (a very human reaction) and an agreement that "today we shall start from here"? God knows how this could be brought around, but surely this is why we employ politicians!
I'm not totally naive, though. My own message board very quickly descends into invective on any serious subject because most minds, it seems, are cast in concrete.
I'm off to Mars ....