Aswad -> RE: The end of 'Pax Americana' ....? (9/2/2012 7:07:07 AM)
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ORIGINAL: vincentML But is there trouble looming in your social paradise? Hell, yes. I cut a whole page worth of that because it was off topic and ranty. quote:
Is your confidence a sign of a bubble about to burst? What confidence? quote:
Norway's oil pay bonanza a ticking time bomb Yeah, we're spoiled. As I said elsewhere, we couldn't be arsed to even show up for work at the kind of wages that pass for a middle class household income in the USA. And the unholy marriage between the Labor party and the labor unions has been a problem for the past decade or so, in ways too extensive to go into here. This is not news, and it's not limited to the oil sector, just a whole lot more visible there. You'll note that the oil sector is only a small fraction of the revenue stream here, though. Bear in mind that it's a question of infighting over wages. Every profession wants to keep its place or advance ahead of the rest of the pack. That's the nature of capitalism, and labor unions don't change it. They just shift it into a different arena. Because finances are a zero sum game with inflation as a neat trick to make the ride a bit more pleasant at the expense of a harder impact when we humans run out of production capacity. The problem up here in this regard is no more than a class struggle, with the oil sector near ready to seperate the middle class into upper and lower middle due to wage issues. Competitiveness is an issue everyone faces: as countries grow wealthier, labor becomes more expensive. Then you either have to import labor, or export jobs, or pull others up to weaken the competition. This is part of the nature of an inflationary economy on a global scale, a side effect of money having as much to do with the concept of money we're used to as the right wing "Christian" conservatives in the USA have to do with the values of Christianity, i.e. the name has been kept and essentially everything else has been swapped. New shit, old wrapping. And, continuing the analogy, people treat it like it's still the same thing as it used to be. We import people, which is a compromise between importing labor and pulling others up. Sadly, we emphasize source countries where they're not really a major contribution. We should be importing people from poor countries with healthy work habits, like the USA. Instead, we import too many people from dirt poor, war torn countries that turn out to be a net loss in a half century or so (going by the figures from the statistics and census bureau), like Somalia, Pakistan, Afghanistan, Iraq and so forth. Similarly, it would be beneficial for the USA to import more people from Mexico, although the main emphasis should be on social reforms to increase efficiency (e.g. universal health care, rehabilitative justice system, better welfare, decriminalization of prostitution and an end to the wars on terror and drugs). As for wages, my uncle had a wife in the oil industry. Her income was about $138.000 per year back in 2001, plus a house with no mortgage and ample savings. That puts her in the upper class in the USA by most reckonings, and the rich by other reckonings. Here, she was middle to upper middle class. About half that income would be reasonable for a cleaning lady out on the oil rigs, as you can't expect them to turn down their own beds and wash their own clothes. We have people for that. I could accomodate a maid five days a week on medical leave pay without sacrificing anything, and I'm lower class. (ETA: Median household income in the USA would just about cover my rent for a small 800ft² suburban apartment.) Realize that we get by just fine in spite of high wages, and that for every dollar made per person in the USA, seventy cents go to us up here in Norway, because of the difference in population size and the fact that this is how much of your economy we own. I get one cent out of every dollar you make, and one from each of 69 of your neighbours, without lifting a finger or pumping a drop of oil. And this figure is increasing faster than the index rate, meaning I'll have a higher share of your earnings in the future. Because we do things a bit differently around these parts, you're probably paying me to post here. Which is why I'm posting that you might want to consider doing things a bit differently yourselves. Cuz I haven't done anything to deserve being this much better off. IWYW, — Aswad.
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