• nephs@lemmygrad.ml
    ·
    8 months ago

    Oh, my fucking god, but at what cost?!

    There's nothing for people to spend on, in China, therefore they save! /s

    • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
      ·
      8 months ago

      Here's a hilarious cope from Financial Times arguing that Chinese have "excess savings", portraying China as a fat hog in the banner pic is really just a cherry on top

      https://archive.ph/2kWb8

      • nephs@lemmygrad.ml
        ·
        8 months ago

        When consumers save, the economy stops! With less profitability on the table, market agents HAVE to disinvest, layoff workers, etc.

        Why can't workers realise they're bringing doom upon themselves for being so selfish!?

        China is due for a major crysis! It probably won't sustain itself after this quarter. /s

        I'm sad I can articulate this nonsense, but can't refute it. I know it's nonsense, but explaining why/how is just so hard.

        • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
          ·
          8 months ago

          In essence, the notion that having savings is undesirable stems from the neoliberal economic ideology prevalent in Western countries, where financial capitalists seek to maximize profits by any means necessary. This includes creating unemployment and inducing debt among workers to force them to spend their savings. Conversely, in China, where the working class holds greater power, such manipulative tactics are not tolerated, and people's savings remain respected and valued.

  • lorty@lemmygrad.ml
    ·
    8 months ago

    Half-formed thought this brought me: didn't a fair amount of 20th century growth be fueled by a lot of workers having access to savings accounts and banks lending that money?

    • ☆ Yσɠƚԋσʂ ☆@lemmy.ml
      ·
      8 months ago

      Absolutely, people having savings also means they're in a much better position to weather any economic downturns making the economy more stable.