it is the race to the bottom...

Finally some experts and insiders are taking this currency war for what it is, a race for cheap labour and a war on jobs! From 2:45 it starts to become interesting - but you read most of the arguments earlier in this blog.

It is a matter of time, only, until the Pound will be effected. Latest when one of the PIIGS fails or Germany can't sign the next cheque it will become dramatic, really volatile and totally unpredictable. Of course, they will try to delay this as long as possible because once they fail German export will be collapsing. The big players have taken all precautions possible, the rest will have to shrink and fight for survival.

Carpe diem!

the burial of 10 (US) industries

... Huffington Post...

is naming ten US industries that suffer the most and will never be what they were before the crisis started. That's a huge job loss but then we - I include the UK - obviously have too many jobs anyway; how else will one explain the many, many jobs we let go or even actively displaced to China and elsewhere for the sake of some share-holders' benefit.

By the way, a great part of those "ten (US) industries" the UK is about to lose as well, some (>Auto) is gone already, some might not know or only believe, yet.

Carpe diem!

and the winner is...

definitely not Europe!

If you want to know who sucked up all those jobs:

source

To put it into a relation: Europe's population totals just about 500 million. China tripled its industrial jobs over 30 years and still has a huge reserve of at least 500 million rural workers waiting to be participating in what for them will be a (much) better life.

That idea of transferring our economy into a so-called "service and finance economy" sounds so simple but in reality is naive as can be: not only did the "finance" part turn out to be just one bulk of convoluted Ponzi schemes; the "You cut my hair, I cut your grass!" service philosophy failed as well: where in this globalised world is the added value in short hair or cut grass?

Yes, in China, if anywhere!

Carpe diem!