There are many we have to learn after this trade war and pandemic in the beginning of 2021.
Economy
· Our national debt is about 27 trillion (as of Oct., 2020) and the pandemic adds another 3.5 trillion recently. Our children and grandchildren have to pay for it. Today most national debts are bought by the government by printing money. In the long term, it is bad for the economy.
· Contrary to economic theories, the market is up, and it is due to the ample supply of money and the same supply of assets. The travel sector is down and will be down for a long while. It is a bubble to me.
· The wealth gap is widened. The rich is getting richer. The poor is getting poorer with higher unemployment. Some cities have 1/3 of the restaurants closed down. Many small business owners go bankrupt.
· We never learn to save 3 months for emergencies.
The student becomes the teacher
· We do not want to learn from China on how they recover so fast, but play the blame game. Trump lost his reelection due to poor handling of the pandemic.
· China never wants and does not have the knowledge / resources to lead the world. Many countries receive aids for this pandemic from China even many are richer than China per capita wise.
· Our dumb nationalism does not allow us to evaluate China’s vaccines.
· China treated lives first and economy second, and we did the opposite. As a result, China recovered faster than us, and economy comes back.
· We have to change our culture to accept and learn from other countries. We need to control our so-called ‘personal freedom’. Many still do not want to wear masks. The government should enforce laws earlier especially for public health.
Links
National debts. https://www.youtube.com/watch?v=WeBF35NPksY
Pandemic and the west. https://www.youtube.com/watch?v=zirfmySwC8k
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The above article is from my book "China and U.S.: Apocalypse or Co-Prosperity".
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