Knowledge is knowing tomato is a fruit, wisdom is not putting it in fruitsalad

800 million lifted out of poverty. That does not happen in a Gilded Age. The real income of American workers hasnt changed since the last 1970's. Chinese workers real incomes have increased by 300% over the same period. They equate. Really? This isnt class analysis. This is crass analysis.

@wyodragon4325

2 жыл бұрын

In every society, the great majority of the people live and thrives by their hard work and peaceful cooperation with other people. In doing so, they benefit not only themselves but also the other people and the whole society. They are called civilised people. But there may also be a handful of people who use brute force to break into the houses of other people and steal their wealth. They are called thieves and murderers because the violence they use to steal often leads to the deaths of the victims of their thefts. These thieves and murderers live and thrives with the wealth they steal from other people. They are the barbaric uncivilized people of the society. As it is with the individuals, so it is also with the countries. In the world, the majority of the countries live and thrive as a result of the ingenuity and the hard work of their people, and to cooperation with the other countries. They are civilised countries and their way of life benefit both themselves and the other countries. It is a win-win situation. But there are also a handful of countries that use brute force to steal the wealth of other countries. They invade other countries, they kill the people of the countries they invade, they steal the wealth of these countries, they destroy the infrastructures of these countries, and they destroy the livelihood of the people of these countries. They, the invaders, act and think like gangs of thieves and murderers. Thanks to the wealth they steal from other countries, they become rich like gangsters become rich with the wealth they steal from other people. At the same time, the countries they invade and destroy become poor like people become poor after thieves have robbed them of their wealth. The western countries are the gangs of thieves and murderers, while the non-western countries are the civilised countries. The western countries started their careers as gangs of thieves and murderers in 1501 when Spain sent its conquistadors to steal gold and silver that belonged to the Mayans and the Aztecs. Other European countries soon followed the same path. This is how the western countries became rich while the non-western countries were impoverished. But now, with the rise of the non-western countries, particularly China, the western countries are finding it increasingly difficult to use brute force to steal the non-western countries. They, the western countries, are now at a crossroad. They must choose either to renounce being gangs of thieves and murderers, and join the community of civilised countries, or face extinction. The European countries, minus the UK, have more or less chosen to renounce their careers as gangs of thieves and murderers. But the US and its staunchest vassals, UK and Austealia, are still clinging to their barbaric way of life.

@paulmcgrory5165

2 жыл бұрын

@@wyodragon4325 Well written and agree entirely

@tohca1

2 жыл бұрын

@@wyodragon4325 Wow, very well said.

@martduenas

2 жыл бұрын

@@wyodragon4325 And they bring out tools of academe such as the two here in their desperate gasps of decay. Beautiful analogy and storytelling.

@marktaylor6491

2 жыл бұрын

@@wyodragon4325 so how did China get its empire?

It’s refreshing to listen to two educators discussing varieties of topics in a calm n respectful way.

I disagree with Yuen Yuen's comment that China can order a company out of business and America cannot, isn't that what America did to Huawei on the false pretense of "NATIONAL SECURITY THREAT" ,and the french company Alstom which GE bought Alstom at a discount price in a I believe "hostile takeover" ,the term or excuse in doing it may be worded different but "INTENT" is the same which reiterates yogi beara phrase "the similarities between me and my dad is different" which the host touted near the beginning of the video

@stupedcraig

2 жыл бұрын

Huawei isnt out of business. It's just out of America.

@cryptorenegade1406

2 жыл бұрын

@@stupedcraig isn't that against free market principles which america promotes? that's insane

@samliew6610

2 жыл бұрын

Find some of her comments very outdated and very biased, maybe to speak to the American audience to gain acceptance. Very disgusting!

@junli6065

2 жыл бұрын

@@stupedcraig So what about ZTI and Alstom? Or the companies in Japan that got hit by the semiconductor treaty in the 90’s?

@Userkzb20253

2 жыл бұрын

US can’t. It can only do so by invoking violation of laws or policy like national security or anti graphing act. When did you see US order a company out of existence for no reason at all, not to mention these are foreign companies. US companies have a lot more legal tools to protect themselves. National security claims is a a sad precedent for US nonetheless.

The primary difference, which shows in results, lies in that the political elites in China draw a good portion of power from popular support which incentivizes them at least make sure to send enough scraps down to the common man to maintain that popular support. Which is why you will see the Chinese government intervene on behalf of workers and force industries to undergo public infrastructure projects that net zero profits in the long term. Conversely in the US, the levers of power are so manipulatable by lobbying there is no longer any incentive for anyone in power to care about what happens to the common man. Also the woman speaks of investors not being able to control countries like that's a bad thing. INDUSTRIES SHOULD BEND TO THE SOCIETIES NOT THE OTHER WAY AROUND!

@wankee888

2 жыл бұрын

more harmony among China's 56 ethnicities than among blacks and whites.

@stupedcraig

2 жыл бұрын

Sadly the invisible hand is powerless when industries are monopolies.

@heinzreudigiger9485

2 жыл бұрын

When the stimulus cheques and trickle down benefits to the common man stops, chaos will ensue.

@Jovarey2004

2 жыл бұрын

@@stupedcraig there’s a book called ( I think) The Visible Hand of The Market. Don’t remember who wrote it

@joeymurdazalotmore6355

2 жыл бұрын

@@jimbodriver1015 don't mistake the government of the usa which is vomited up from corporate greed n small men of the day and the population of usa. The. Biggest party in politics is the majority of Americans who learn early n see thru the kayfabe and double standard and how freedom means we're invading a soveign nation. The gov n the people are not one as is the case or as is being sold as being in lockstep with the people's China. N the propganda on both sides is equally dispicable ugly totally bs tainting influencing inducing hate n risking catastrophe when we got one or two already cooking. See earth n covid. So y not a war. Nobody's Into what bs the gov is up to. Infact the opposite of what people want done keep happening n that's how both nations have tinder n risk it. China u can change policy but not party. That's better to me than u can change parties but not policy. N neither people's select our own leaders voting for a group of pre selected n approved politicians makes any difference it's to funny to keep up the human rights bs when I'm not sure america should be correcting commenting at all on that. As long as people are informed independent on the gov learn on there own itl be fine. If people want to be automatons were in trouble n nobody wants to be like everybody else at all

I think that this attempt to equate certain aspects of the situation in China and America is taken far too far by the guest speaker. As a result it confuses rather than illuminates. The underlying fallacy being that China is a capitalist country like the United States. As a result of this assumption all kinds of contradictions keep appearing in her discourse. For example, in a capitalist system usually the capitalists rule. In the case of the US it is obvious that the billionaires run the show. The top dogs in the big companies such as Apple, Google, GM, the banks etc. have direct access to the President. Their donations to the politicians largely determine the positions that they take and the decisions that they make. This is not the situation in China where the billionaires fear the country's leadership. And if they try to openly criticise the government or system they risk losing their fortunes or worse. Correspondingly, the US government acts only on behalf of the rich while the Chinese government acts on behalf of society as whole. Thus the working people in America have seen their living standards fall for nearly half a century while the opposite has occurred in China. This is yet another piece of evidence that China is not a capitalist country. There are many many more. Yes, there are many capitalists in China and great inequality but that in of itself does not define China as capitalist. And in any case, there is now a new awareness in China that inequality has to be greatly reduced and if that means a drastic reduction in the wealth of the billionaires then so be it. Hardly a typical symptom of capitalistic thinking. Last but not least, has been the recent eradication of extreme poverty in China. This required a completely different approach to the poor and social mobilisation than ever seen in any capitalist country. In contrast, typically capitalist countries hold to "the poor will always be with us" approach.

@bobmorane4926

2 жыл бұрын

She talks about the boom and bust in US and China and never acknowledges that the present Evergrande bust was actually engineered by the Chinese regulators to burst the balloon proactively, in effect preventing it to become even bigger and harder to manage a horrible hard landing as a result. That's a huge difference from Lehman brothers where all kinds of fraud were being committed by the banks which went under as well as companies like Countrywide.

@alexlazar4738

2 жыл бұрын

well said. her comparison of the US and China makes sense only if you compare the surface of capitalist economies of the US and China. But China is much more than couple of hundred of billionaires threatening to transform the economy into monopolies. The large and vital part of the economy is still government controlled and billionaires have no influence on the politics. At the same time although the inequalities grew, nobody was left behind. It's just that some got much more than the others but nobody was stagnating or deteriorating.

@bobmorane4926

2 жыл бұрын

@@alexlazar4738 As a professor and especially coming from China, meaning she is privy to reading all the communications from the government websites promptly (as mandarin is her natural language) and should be on top of all their economic policies and initiatives, meaning that she should well be aware that the 3 red lines policy was initiated about a year ago that all the real estate companies were being subjected to in an attempt to cut off the fuel that feeds the beast !!! Now try to see if you can find a similar policy in the capitalist system of Murica where they will keep feeding the beast until it pops to the benefit of the billionaires all the way up and all the way down. It seems like she cannot show any appreciation of the proactive aspect of the Chinese regulators to manage a dicey situation and she chooses to focus on the thetrical aspect of the crisis, choosing to provide context to the Chinese crisis and lumping it as similar to a Lehman moment which is far from what's happening. It's a good thing billionaires don't have a say in influencing policy in China, otherwise, that would be real crony capitalism as she describes and funny that she thinks both systems represent crony capitalism when she ignores all the policies put out by CCP favorable for the little guys.

@user-vp1vl6yp9t

2 жыл бұрын

She is too young and has more reading to do. I am not going to comment on her. Just how young he is? How could he let her mumble it just can't happen that government ordering an entire industry out of business in the American market economy? Has he ever heard of Prohibition? Alcohol business, wine business, bar business, etc., were all ordered out of business by the US government. Accompanied with force and plenty of killings, may I add, Tommy gun. Ok, Prohibition is old. Now, ever heard of Americans losing jobs? Why did Trump raise tariffs on Chinese imports? Has he any idea that the US laws and regulations have made many American industries unprofitable in America's market economy? The US government has practically ordered many American companies out of America using rules and regulations. For example, steel industries and manufacturers of all kinds.

@cryptorenegade1406

2 жыл бұрын

@@bobmorane4926 you have to understand that professor Yuen Yuen is playing to a WESTERN audience which could lead to MONETARY GAINS eventually

Lee Kuan Yew ruled Singapore for 31 yrs. During that 31 years, clean government became institutionalised. It is China's luck that they now have a strongman to institutionalise clean gov. But he needs time - at least 10 years.

This was great. I learned so much! And that doesn’t happen very often these days (given how long we’ve had the same problems).

Wisdom is NOT seeing the end. Wisdom is knowing that their is no one end. Falsely claiming such a concept is what religion does through make believe, a very dangerous concept.

What an amazing conversation. The interviewer asked intelligent and interesting questions and I'm in awe of this lady's insight, knowledge and balance (and her English too).

The divided states of America makes it hard to know whether the US is just untrustworthy or a divided govt.

@coolorochi

2 жыл бұрын

both

In every society, the great majority of the people live and thrives by their hard work and peaceful cooperation with other people. In doing so, they benefit not only themselves but also the other people and the whole society. They are called civilised people. But there may also be a handful of people who use brute force to break into the houses of other people and steal their wealth. They are called thieves and murderers because the violence they use to steal often leads to the deaths of the victims of their thefts. These thieves and murderers live and thrives with the wealth they steal from other people. They are the barbaric uncivilized people of the society. As it is with the individuals, so it is also with the countries. In the world, the majority of the countries live and thrive as a result of the ingenuity and the hard work of their people, and to cooperation with the other countries. They are civilised countries and their way of life benefit both themselves and the other countries. It is a win-win situation. But there are also a handful of countries that use brute force to steal the wealth of other countries. They invade other countries, they kill the people of the countries they invade, they steal the wealth of these countries, they destroy the infrastructures of these countries, and they destroy the livelihood of the people of these countries. They, the invaders, act and think like gangs of thieves and murderers. Thanks to the wealth they steal from other countries, they become rich like gangsters become rich with the wealth they steal from other people. At the same time, the countries they invade and destroy become poor like people become poor after thieves have robbed them of their wealth. The western countries are the gangs of thieves and murderers, while the non-western countries are the civilised countries. The western countries started their careers as gangs of thieves and murderers in 1501 when Spain sent its conquistadors to steal gold and silver that belonged to the Mayans and the Aztecs. Other European countries soon followed the same path. This is how the western countries became rich while the non-western countries were impoverished. But now, with the rise of the non-western countries, particularly China, the western countries are finding it increasingly difficult to use brute force to steal the non-western countries. They, the western countries, are now at a crossroad. They must choose either to renounce being gangs of thieves and murderers, and join the community of civilised countries, or face extinction. The European countries, minus the UK, have more or less chosen to renounce their careers as gangs of thieves and murderers. But the US and its staunchest vassals, UK and Austealia, are still clinging to their barbaric way of life.

@lutherblissett9070

2 жыл бұрын

Rich coming from a someone shilling for a country with as barbaric a history as China's. Perhaps we should ask the Mongolians, Tibetans and Uygurs what they think about Chinese "civilisation".

As usual, it appears you would only make your mark in USA even in prestigious universities if you present your ideas from USA standpoint. Doing it from a very different one is just futile and can never be given attention much less understood.

America's two parties is actually one party

notice she veers away from commenting on u\\\\\\\\\\\sa; she lives in the ´´unreal´'world of academia. And the guy is just well-fed memory lane.

@SorryStamin

2 жыл бұрын

Lmao wtf

This is a beautiful conversation 💞

@polarisjustdothework2258

2 жыл бұрын

“I struggle to translate it into English” 😂😂👏👏

【FULL】A Dialogue on Democracy - What is democracy and who defines it? “中外学者谈民主”高端对话会【英文原声完整版】 kzread.info/dash/bejne/e4p606execW6p8o.html

Postscript 2: the phenomena which Professor Yuen yuen Ang refers to are interesting but they are rather of the register of what one could call "political etnography". It is not in the register of political thought. What she suggests when she speaks of "ends" in contraposition to the means-ends relationship.

Matt Ehret is worth listening to. His many podcasts and articles discuss the US closed system approach to Russia and China's open system approach to the future. While the US wants to shut down the productive economy, R&C are investing in progress with their OBOR initiative.

@0zoneTherapyW0rks

2 жыл бұрын

Prof. Michael Hudson also explains that the neoliberal kleptocrats are angry at China for not allowing them to pilfer their public sector they way Boris Yeltsin did.

Post-scriptum: I allow myself to suggest to Prof. Yuen Yuen Ang, who proposed as a project a comparative study of the USA and China, reading the book by Léo Panitch (recently deceased) and Sam Gindin entitled "The Making of Global Capitalism - The Political - Economy of American Empire ", Verso Books (2013).

What to happened Huawei ?

Love this episode so much! Gracias. Gratefully,,,

That quote of Ms Ang's could be Oscar Wilde. Anyway, a searching & stimulating discussion. (Green Fire, UK) 🌈🦉

To sum up, "The more things change the more they stay the same".

Additional remark of a philosophical nature: When we say that the point of incidence of the action is the "perceptions", the "narratives", that is to say the opinions, the images, and that the structural is inaccessible to action, what do we actually say? Well, we assume an "idealistic" conception, which once again makes the individual the fundamental category of thought and we also simultaneously and contradictorily assume that reality (the "structure") is beyond the reach of action. and that nevertheless it can be modified by the alteration of "perceptions" and "narratives". It is an "idealistic" or rather psychologizing conception specific to the processes of marketing. To evade reality, not to apprehend its logic and the point of dead end of this one like point of support for the real action (and not a simple "action" on the precepts) is not serious in the commercial reality but is very dangerous when we approach the real itself.

The new Altas on KZread

Always insightful, rational, useful. Thanks again INET

First, i have to check what part of china shaped her thinking, colonial British Hongkong, American Taiwan or mainland

Wasn’t Huawei and its 5G hardware “ordered” out of business by the US gov?

@34stsai

2 жыл бұрын

Huawei and its 5G hardware were "ordered" out of business for national "security" reasons in the U.S but not in its home country, China. You are comparing apple and orange.

Some remarks: 1) Professor Yuen Yuen Ang seems to say that the personal dispositions of political leaders are very determining on the course of events. It is sucomber, like most academicians in political science, to the liberal vision for which the individual is the fundamental political category. This is their political ontology and their ontology, quite simply. A more systemic and structural approach would be more appropriate. 2) "the gilded age" means very diferent things depending on whether it is financial capitalism which dominates (as in the USA) or industrial capitalism (as in China) See the work of Michael Hudson. 3) Professor Yuen Yuen Ang rightly points out that the problem on both sides is how to manage capitalism. What we call social democracy tried to do it in a parliamentary regime (bipartidarism) and failed as we can see today. Parlamentarianism, by definition, consists in the representation of the various interests of society and as foreseeable after a certain time the most powerful interests of the self simply end up being imposed on others. I wonder if the Chinese society and state, which do not adopt the parliamentary system, will succeed in achieving the objectives that social democracy has set in Europe, a very long time ago, and even in the USA.

@junli6065

2 жыл бұрын

Idk, by your definition, the people’s conference would count as parliamentarian government.

@junli6065

2 жыл бұрын

Idk, by your definition, the people’s conference would count as parliamentarian government.

I think the phrase ‘competitive 2 party democracy” is ridiculous. A duopoly always becomes a virtual monopoly with no hope for the public.

@MrGavintron

2 жыл бұрын

Yup. This is where she lost me. A duopoly on power is just a cartel, and is no better than a one party system.

16:30In the Guilded Age here in the US you had "profit sharing" too with boss politics at a local level. New York had Tammany Hall then. They had great infrastructure project that employed a lot of people like China has now. She is right.

Capitalism - Everyone for themselves Socialism - Capitalism with social responsibility

Yuen Yuen Any’s description of both the American and the Chinese political system has so little reality that her conclusions are meaningless.

I think both of them don’t know much about the Chinese political system and how they get things done within the party

The classical role of government is to tax away economic rents and use it to lower the cost of production. This is done through subsidies for such things as public infrastructure, education, and health care, not raising the cost of living and therefore the cost of labor, as with monopolistic privatization. The problem with economics as it is understood in America, is that there is no distinction between wealth production and wealth extraction. Production of goods and services speaks for itself, but monopolies and the banks (FIRE, finance, insurance, and real estate) extract what is called economic rent. The free market Adam Smith talked about is free FROM economic rent, not free FOR economic rent. This is Chinese Economic Policy as opposed to American Financial Capitalism favoring the rentier class, and it is what the conflict is really all about. American democracy is entirely theatrical with the majority having no more effect on the rentier oligarchy than the Chinese majority on the Communist Party of China. If the US was a democracy, we would have a decent minimum wage, public health care, free education, parental leave, and gun control, to name a few, all by popular demand.

Feels like this comment section got brigaded.

If you wish to know the “point”, and answer the question “what is the end”? You need only ask the Dalai Lama.

@wankee888

2 жыл бұрын

more harmony among China's 56 ethnicities than among blacks and whites.

Occupy Wall Street would have succeeded if we had come across Stephen Zarleng and his book "The Lost Science of Money" in time, i.e., when we had the attention of the main stream media. #occupytheneedact

Love & peace for all people in the world.

@redpill1847

2 жыл бұрын

@@jimbodriver1015 Why wouldn't I? Why wouldn't I?

She is too young and has more reading to do. I am not going to comment on her. Just how young he is? How could he let her mumble it just can't happen that government ordering an entire industry out of business in the American market economy? Has he ever heard of Prohibition? Alcohol business, wine business, bar business, etc., were all ordered out of business by the US government. Accompanied with force and plenty of killings, may I add, Tommy gun. Ok, Prohibition is old. Now, ever heard of Americans losing jobs? Why did Trump raise tariffs on Chinese imports? Has he any idea that the US laws and regulations have made many American industries unprofitable in America's market economy? The US government has practically ordered many American companies out of America using rules and regulations. For example, steel industries and manufacturers of all kinds.

I have the same idea long time back that both US and China shared more fundamental similarities despite differences on the surface. Another quote echoes deep inside me: "The biggest enemy of both countries are themselves".

The indulgence and prosperity in the US have to give thanks to Rickard Nixon.

So Not Happening, People!

UK , USA and India will all need to acknowledge the new democratically elected international laws developed in the future by the countries of china, Russia, Iran, Iraq, Afghanistan and Saudi Arabia. Sorry, and the African nations. Finally some democratic international laws. Good time for them to start making friends and forging multilaterally beneficial trade deals, asap.

I appreciate your incite into China, & with your link to the American economic crash. In my view, humanity is in its adolescence & we are speciating into what I like to call, Homo Nekton. Onwards & Forwards, Together.

I don’t think this women understand China, more just projecting her imagination on China

Why then don't the U. S sign the none the none proliferation treaty.

Their analysis are off marks in many many areas . Too many personal prejudices and opinions.

Corruption is in every country even in US but it has been almost been eradicated.

@medialcanthus9681

2 жыл бұрын

Which country are you referring to, that corruption has almost been eradicated?

坐在自己的办公室/书房里断言千里之外的国家的事情，真可笑

@kort2436

2 жыл бұрын

Yes. She's not an intellectual; she's an academic.

I found its funny.... both have not lived in China, not really talked with ppl in China. Study based on west source which is often contaminated by liberalism and refugees etc. How are you able to know China.... Its like a Chinese scholar who has not yet spent a few years in US talking shit...

Attention! I've been watching iNET videos and the 'like' disappears when I leave the page and return!!! It's NOT POSSIBLE that more than fifteen thousand views would only garner 411 likes. 🙈🙉🙊

She is chanting anti-China cliché. What happened to the “constitutional protection “ for those blacks, Chinese and Natives Americans died or languished from lynching, genocide & discrimination?!

@lutherblissett9070

2 жыл бұрын

Stop crying, no one feels sorry for China, and nor should they.

Why US like comparing themselves to China all the time?😂😂😂...there are many countries in the world...or they wanna become China?

The end is Xi has all the power and money.

How to get out of this conflict? Very simple! USA just has to be honest with itself. Stop doing what you want as a hegemon. USA has been too arrogant for too long. You said USA wants to be EMULATED. If you are honest you should have said USA wants to be OBEYED. USA is so aware of the might of its military power that I think you don't even take your western allies seriously except for the semblance of moral consensus they could provide you. Actually, if those allies have their choices, who won't want independent foreign policy of their own without the dictate of USA. It's only Trump who is very forthright to show it plainly. Whatever China's strategy, it's mainly a reaction to USA actions and behaviors. For world peace, USA should start practicing REAL democracy in its dealing with nations of the world. For this you need confidence in your ability and character to work with others and much more to assume the role of leadership.

dont take for granted on human rights freedom of speech that is american democarcy way of no respect of laws china have sifferent laws so dont tell china what can and connot do nobody is above the laws in china iclude human rights or freedom of spech show respect or respect will never come to you

Ha ha ha ha, this whims of one person of greatest authority is the highest ever with stability. Much more stability than Mao's era.

Yuen Yuen is so thoughtful and polished in her presentation. It is a joy to watch. Americans problem is it's governing system is aged and does not have self reflection on cancerous growth on it's military industrial complex, monetary system, skewed capitalistic society. America is old and has low white cell level to fight it's cancers. China in the other hand is in its teen age years. It has self healing and self correction capability. Ever Grand is not a big problem but looked upon as an opportunity to fix it's real estate industry. China's problem is it's succession of the top leader who is ultra powerful. Xi will have the second 10 years in his term. To whom and how is going to transition is going to be a real problem.

Legend and god xi

This lady professor, I learn a lot from your student, if I become your student, u should learn a lot more from me too. Your narrative is far too Westernized.. though u so I d line originally from China ..not from Taiwan ..

'Political scientist' is an oxymoron.

This entire conversation is delusional. Let me debunk some of what was said. 1) China is not in a gilded age. China currently has a per capita GDP of almost 80k yuan. In China most people can make can make close to 80k yuan a year if they apply themselves. I know of many migrant workers that make over 80k doing construction work or fast food delivery in the cities. 80k Yuan doesn't sound like a lot if you convert it to USD but in China 80k buys a lot. It is enough to cover the average spending habits of a Chinese family with 1-2 kids with about 20-30% leftover for savings. In most countries average people struggle to make as much income as the per capita GDP but in China this is not difficult. Add to this the fact that wages tend to go around 10% a year in nominal terms while inflation has been stable at 2% for the past 10 years. This is not the picture of a country with a large deprived working class. The conditions of the working class in China are at present moderately well to do and still increasing rapidly. 2) The US is not in a gilded age. Despite there being a significant deprived underclass in the US consisting of the bottom 20% of the population this is far from how bad things were in the real gilded ages. One only has read some accounts from people who lived during the gilded ages to see this. People used to die of sickness on the steps of hospitals even in the 1930s and 40s. Families used not to be able to afford 5 dollar prescriptions for penicillin for this kids which left them crippled for life from simple infections. Gilded age has become a buzz word without meaning like Genocide. The present situation in the US is bad for the bottom 20% but it is nothing like what the bottom 20% had to suffer during the real gilded ages. 3) China and the US face an inevitable confrontation that no amount of wordsmithing is going to stop. While on the surface level both countries seem to be playing positive sum games with each other in a give and take fashion, at a deeper level there is an unavoidable zero sum game that can't be escaped. Because the US relies so much on maintaining global monopolies, trading with China will eventually lead to China breaking these monopolies. This is the real threat that is facing the US. It is trying in futility to bully the Chinese to respect the US monopolies and make promises not to challenge them. What the US wants is to be allowed to buyout their Chinese competitors on the cheap so they can keep and even expand their monopolies. This is exactly what they did to Japan in the 80s to put them back in their place. However they are finding that the spine of the Chinese are much harder to bend. Giving up on these high value added industries is just a non-starter for the Chinese.