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quote:

Dear Mr...................


I just spent 5 weeks in china, in a small town. People work for 3-5 dollars per day. if they don't want the job, there are 1000 other people who will take it. Cigarettes -- 20 cents/pack; dinner -- 3 dollars per person; 2 hour message -- 5 dollars; 30 minute taxi ride -- 3 dollars

There is no health insurance, disability insurance, workman compensation, social security.
Construction everywhere -- young people moving from farms to cities to look for work

My impression-- rapid growth in china for the next 20 years, with or without consumption help from the USA.
China will consume the world's resources, the auto industry will be nonexistent in the USA in 10 years or less.

Every society has a growth and decline cycle. China is in the beginning of theirs-- you can form your own judgement about ours.


unquote.

(aus Richard Russel's daily comment).