It is important to remember that “primitive” rural societies existed on the back of farmers who grew enough food to feed their families and expand production toward their neighbors in a barter economy. Cheap oil and rapid industrialization have been at the core of the world’s four-decade expansion and, along with climate change, it is rapidly coming to an end.
In other words, if China — the world’s second-largest economy — bans any teaching against the inevitable reversion to the mean, it is only going to set itself up for the biggest face-palm failure of all time.
As time marches on and mistakes are revealed, a major correction in optimism is warranted. I was distressed to learn that 10 percent of Taiwanese workers are working in China — I hope they have an exit plan.
As I have said many times before, buy gold today to protect yourself from insane politicians and bankers.
New Taipei City