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The Gini Is Out Of The Bottle: Did China “Outcapitalism” The US, Or Did America “Outcommunism” China?
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden / 11/12/2012 17:38 -0500
In several days, the ornate theatrical spectacle that is the Chinese Communist Party’s 18th Congress (captioned here) will come to a triumphal end, with a new leader, Vice President Xi Jinping, carefully hand-picked after the Bo Xilai fiasco, from among the equal of equals, with just one thing on his mind. No, not how to transfer $5 billion from that Swiss bank account to Singapore without being noticed.
The patriotic thing preoccupying the lucky successor to President Hu Juntao will be a simple one: how to promote well-being and equality among the people. After all, caring about the people is the primary preoccupation of any good communist country. As such, key concern for the new leader and his government, at least as has been televised, will be the income distribution inequalities and corruption among the Chinese population, something outgoing leader Hu himself stressed. Indeed, as the most recent Chinese Gini coefficient (the measurement of inequality of income in a given society) reading shows, in China this has risen from 0.42 in 2007 to 0.48 in 2009.
It is this reason why the Chinese society will have to engage in far more effective wealth redistribution because the last thing the country with no real social safety net can afford is social unrest and upheaval in a time of declining economic growth.
Thanks to BrotherJohnF
2012-11-12 21:42:57
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