In the teeth of the worst financial crisis in living memory, BBC business editor Robert Peston examines how the world got to this point and how the collossal imbalances in the global economy have left the UK in need of a radical economic overhaul. (thanks Thomas)
Part 1 direct link
Part 2 direct link
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Two thumbs up great video! However once manufacturing has departed it is lost for a good long time. Canada’s manufacturing base has almost completely vanished, it’s only a matter of time before it’s all gone. I can only hope the financial types have strong bunkers.
The countries with the strongest manufacturing sectors win. The importing countries prop up the exporting countries and people in the importing countries are left to rely on jobs whos wages are paid by the taxpayer (ie teachers, nurses, and other general government jobs.) Problem is we all can’t have the taxpayer pay our wages because there would be no taxpayers left. This is the situation now and getting worse in the USA and Canada and the western economies in general. The so called “rich western economies” with heavily unionized industries will continue to have their standard of living decrease and the gap between the poor developing countries and the west will close.
Re: Germany although doing better than other Euro countries suffers from high wage cost due to high unionization rates which causing a loss of at least some of it’s manufacturing to cheaper areas. (ironically an example is the loss of a Mercedes-Benz plant to non unionized Alabama USA)