This worked out real well for the South Koreans until lately. Seoul is now home to more than 22 million happy residents who need for that growth to continue in order to remain happy. The Chinese see it differently. They would rather the Chinese be happy, and taking the business from South Korea with even cheaper labor is what makes them happiest. It also makes Wal-Mart nearly ecstatic.
So now South Korea finds themselves in a little bit of a conundrum, they ain’t the cheapest country on the block and they’re losing jobs. They also have an aging population and a low birthrate. This is not good for a country whose economic model of exponential growth and surplus exports is at the main of their existence.
So how did they get in there present mess? Easy, they copied the U.S. economic pyramid plan. With the assistance and insistence of the U.S., that unchecked growth was the only way to fly, Korea is finding themselves in the same mess that we are in.
To give you some idea of just exactly how closely the Koreans are linked to the U.S. plan of Middle Class extinction, their next venture according to Mr. Siegel, will be to become the financial center of East Asia. Banking is sure working out well in the U.S.A. at this point.
Leadership folks, we need leadership. When I say WE, I’m talking about Middle Class America, the very wealthy already have leadership, they bought theirs in Washington.
Wake up Middle America, that “E” on your gas gauge doesn’t stand for Encouraging.
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