20 Million Chinese workers axed

20 Million Chinese workers axed

www.abc.net.au

China's Government says 20 million Chinese rural workers have lost their jobs because of the global economic downturn.

(visit the link for the full news article)

I wonder if we are witnessing the beginning of a total Asian meltdown.


20 Million is an awful lot of people. And I suspect that this is only the beginning.

Just when China was beginning to emerge as 'the new kid on the block' as regards influential nations in the global economy.

Of course, the rest of the world imports a lot of cheap stuff from China....and now many of these base-line Chinese workers have lost their jobs.

Where will it all end?

www.abc.net.au
(visit the link for the full news article)

20 million? thats just ludacris. You know whats going to happen next right?
China is going to do like Will Smith in 'The Pursuit of Happiness' and say "Hey USA, dont you owe us some money? Give me my *&^%$ money!!"

Then that is when TSHTF

its possible that they wont care one bit about the rural people. Good thing slave's cant get laid off, I still see price drops at the local walmart!!!

Originally posted by Common Good
20 million? thats just ludacris. You know whats going to happen next right?
China is going to do like Will Smith in 'The Pursuit of Happiness' and say "Hey USA, dont you owe us some money? Give me my *&^%$ money!!"

Then that is when TSHTF

Yep that's right.
When they figure out they were sold worthless bonds backed by mortgages that could never physically be paid back, they are going to ask.
"Can we have our money back now thanks?".
And when they get a "No", then its going to be on for young and old.
Watch the bond sell off this time.
Its going to be worse than black Monday.

They will make return to their rural sector ....

China has recently began a massive fiscal stimulus of 4 trillion yuan to restart its economy

Originally posted by BorgHoffen

Originally posted by Common Good
20 million? thats just ludacris. You know whats going to happen next right?
China is going to do like Will Smith in 'The Pursuit of Happiness' and say "Hey USA, dont you owe us some money? Give me my *&^%$ money!!"

Then that is when TSHTF

Yep that's right.
When they figure out they were sold worthless bonds backed by mortgages that could never physically be paid back, they are going to ask.
"Can we have our money back now thanks?".
And when they get a "No", then its going to be on for young and old.
Watch the bond sell off this time.
Its going to be worse than black Monday.

What do you mean can they have their money back? We gave them all our real money as we imported their GOODS!!!!

Are we all that blind?

Come on now... the only reason China bought our debt was so that we could continue to send them our currency.

Everyone was willing participants in this scheme.

When I read that 20 mil people got axed... I kept thinking about that Palin Thanksgiving Turkey....

Originally posted by Common Good
20 million? thats just ludacris. You know whats going to happen next right?
China is going to do like Will Smith in 'The Pursuit of Happiness' and say "Hey USA, dont you owe us some money? Give me my *&^%$ money!!"

Then that is when TSHTF

Haha..and look at the balances:
Balances countries

Usa just cannot pay

The thing they have in their favot is that most of that country lives at such a poor level that they will not have the problems adjusting to poverty that we are. I think they will survive it better than us initially but it may be the beginning of the end for the ruling Communist Party (let's hope).

I believe that although 20 million is hell of a lot of rural souls who will now struggle to put food on the table in reality it jut a drop in the ocean of how many people are in china and how much money china has...... So economicaly i dont believe it will have much impact... Still sad though!

The fact is China is one of the richest country's on the planet and the USA is the poorest..... If the USA cant pay up their debt to china and china stop importing goods to Walmart etc then it will only be the USA who will lose out. It wont make any difference to the Chinese as they arnt getting paid by the Americans anyway....

It is still a lot of casualties, however you look at it...especially if this is only the beginning...as I suspect it is.

After viewing that graph...all I could do was laugh. Seriously, the U.S. will never pay that and the Chinese know this, the only way they wouldn't know is if they have been in denial.

In the end it'll have to be diplomatically dealt with and when China does stop buying the bonds, the party will just be getting started.

Would have been easier to just hang them?

Hey i read not so long ago here at ATS that China will not be influenced by this crisis and is the only real economical superpower. Oh, well.
Everyone would feel it and i fear that it will be a lot worse before it stabilizes. The problem as i see it is that there was "virtual" money in amounts that superseded what really exists in term of production capacity in the world by a lot.

So virtual money kept running until people noticed that in reality nothing stands behind them, but virtually nothing and now world market deflates to real value of things. So everyone of us that thinks he got X in the bank, in reality got X/Y value.
And this Y is pretty large. So the whole stimulus packages are not really meant to stimulate economy, they try to slow the crashing down of this X world wide. Since otherwise people would be not happy to discover that 10000 $ (or euros or shekels or yuans) are just virtual 10000$ since world economy simply is not enough to support this value of money. It is more like current worth of 1000$ (an example).

And people in high places are afraid that people in low places will start to ask how it got that bad if people in high places received lot of money and power to not let it be that bad.

Nobody will remain unaffected, imo

Uh, 20 million workers is roughly 2.1% of China's available working age population of approx. 965 Million workers. The United States has see unemploymeny go from 5% in May of 2008 to 7.2% in December of 2008. It's about the equivalent of 3.8 Million American jobs lost.

If nothing else, all this demonstrates is that China is getting hit by the recession in a manner very much mirroring what's happening here. Yes, it seems like a ridiculous number of lost jobs, but comparitavely speaking it's no different from what we're seeing here.

Originally posted by ConservativeJack
Would have been easier to just hang them?

Yea funny...... How about we hang the Iraqi's because their infrastructure has been destroyed and jobs are scarce? Or how about we hang those who live in Darfuor, Gaza, Somalia or even those who live in the west who havnt any work?

Im refraining from saying something that will get me banned

I hope you grow up befour this affects you too.... And trust me, It will soon!

What I find odd about this whole thing is that the Chinese Government never lets "bad" news hit the waves. So far I have seen several articles announcing their financial problems and this from a communist party that keeps everything under thumb? I just think it's very odd for them to suddenly be allowing this kind of information to hit the MSM waves.
Also even though it is supposed to be 20 million people who have been laid off they do have one HUGE population. It may shock most of us, but if we were to convert those numbers to any of our own populations it would be like 4% - 7% depending on where we took it. From the few independent articles I read its actually alot worse than what this article says. Furthermore, the people in "rural" areas have more of a chance at having somewhere to grow food than those packed into the cities. When it hits hard the people in the cities are going to be in a lot more trouble than those in rural areas.