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> We are not producing goods and services of the future any longer. Not sure what you are talking about here. Majority of globally successful companies still

> We are not producing goods and services of the future any longer. Not sure what you are talking about here. Majority of globally successful companies still come from the US and that isn't changing anytime soon.

nine_zeros 6y ago
They were "global" before the last 4 years. That won't last without constant nurturing. You should look at China's stock market and what they are able to achieve without printing trillions like the US just did. And we are still not out of covid.
- CountSessine 6y ago
  Nobody has any faith in the Chinese stock market and the ability of the market to find efficient prices. The entire Chinese banking system is essentially bankrupt. Chinese companies are forced to accept suboptimal business decisions to further CCP goals. In spite of the incredible inventiveness of the Chinese people, companies in China outside of PCB-level board assembly are weak and uncompetitive, having been the beneficiaries of government protectionism (how many countries use Baidu for example). Except for a video-sharing website for teenage girls. And a network switch manufacturer that is subsidized and owned by the government. And the population is getting old before it gets rich, with no social safety net. What does fiat currency even mean in a closed society? Is China solvent or not? What can we say about government debt when private banks are forced to make bad loans at the government’s request? And what can lenders expect back when the government doesn’t respect private property?
  - romanoderoma 6y ago
    According to what source? "In 2019, Fortune's Global 500 list of the world's largest corporations included 119 Chinese companies, with combined revenues of US$8.2 trillion (that's 40% of US GDP). That same year, Forbes reported that five of the world's ten largest public companies were Chinese"
  - blackrock 6y ago
    Are you talking about China or America? Because I could’ve sworn that America was engaging in QE-infinity for the last 12 years. The money printing machines have been running on overtime. There is no price discovery in the American stock market anymore, because the Fed has distorted everything.
aeternum 6y ago
> Majority of globally successful companies still come from the US and that isn't changing anytime soon. I've heard this POV many times but it seems very hard to believe. Especially with the internet, the knowledge gap is closing or already closed. Capital is now generally available for good ideas, and access to electronics and computing hardware in many Chinese cities is better than in the US. With 4x the population of the US, many of whom now have access to the whole of human knowledge via the internet, hardware and cheap manufacturing for rapid iteration, how does this not result in change?
- nine_zeros 6y ago
  This is already true when you see how the Chinese are innovating on energy. They are already the largest producers of electricity. They know that 50% of their population is still poor and more pollution is not the answer. So they invest in high speed public transportation, mass renewables production and scientific research and education for the masses. It's truly stunning scale and most armchair philosophers here in the US just can't appreciate the scale of it until they actually see it.

nine_zeros 6y ago

They were "global" before the last 4 years. That won't last without constant nurturing. You should look at China's stock market and what they are able to achieve without printing trillions like the US just did. And we are still not out of covid.

CountSessine 6y ago
Nobody has any faith in the Chinese stock market and the ability of the market to find efficient prices. The entire Chinese banking system is essentially bankrupt. Chinese companies are forced to accept suboptimal business decisions to further CCP goals. In spite of the incredible inventiveness of the Chinese people, companies in China outside of PCB-level board assembly are weak and uncompetitive, having been the beneficiaries of government protectionism (how many countries use Baidu for example). Except for a video-sharing website for teenage girls. And a network switch manufacturer that is subsidized and owned by the government. And the population is getting old before it gets rich, with no social safety net. What does fiat currency even mean in a closed society? Is China solvent or not? What can we say about government debt when private banks are forced to make bad loans at the government’s request? And what can lenders expect back when the government doesn’t respect private property?
- romanoderoma 6y ago
  According to what source? "In 2019, Fortune's Global 500 list of the world's largest corporations included 119 Chinese companies, with combined revenues of US$8.2 trillion (that's 40% of US GDP). That same year, Forbes reported that five of the world's ten largest public companies were Chinese"
- blackrock 6y ago
  Are you talking about China or America? Because I could’ve sworn that America was engaging in QE-infinity for the last 12 years. The money printing machines have been running on overtime. There is no price discovery in the American stock market anymore, because the Fed has distorted everything.

aeternum 6y ago

> Majority of globally successful companies still come from the US and that isn't changing anytime soon. I've heard this POV many times but it seems very hard to believe. Especially with the internet, the knowledge gap is closing or already closed. Capital is now generally available for good ideas, and access to electronics and computing hardware in many Chinese cities is better than in the US. With 4x the population of the US, many of whom now have access to the whole of human knowledge via the internet, hardware and cheap manufacturing for rapid iteration, how does this not result in change?

nine_zeros 6y ago
This is already true when you see how the Chinese are innovating on energy. They are already the largest producers of electricity. They know that 50% of their population is still poor and more pollution is not the answer. So they invest in high speed public transportation, mass renewables production and scientific research and education for the masses. It's truly stunning scale and most armchair philosophers here in the US just can't appreciate the scale of it until they actually see it.