Can Peston add up ?
- Firstly spot the irony this BBC TV prog "UK's a disaster ..no manufacturing industry is left" on BBC2 was immediately followed by the Rolls Royce documentary "we have orderbook of £40bn, and 50% of the world's large jet engines are supplied by us, as there is only one other manufacturer in the world whocan build them"
- I can't believe Robert Peston is repected and the BBC's top economics reporter, he doesn't see far enough away to have perpective on reality. Wasn't he the one who basically kicked off the crisis by telling pensioners to line up outside Northern Rock to demand savings which were guaranteed by government anyway .
- Likewise this prog was full of crap & logical fallacies. Doom talk like this causes loss of confidence and loses peoples jobs. With BP, Shell, Smithkine and countless other multinations ..the UK is still the world's 6th largest manufacturing country on 60m population.
China on the other hand is #3 with 1.4bn population that's 23 times the UK ..yes UK productivity is still much higher than China's on average (most Chinese are still peasant farmers)
... UK salaries much higher ..the prog finally got around to talking about the still ongoing property bubble here .. and that's a large reason why UK people are not saving money ..they've been putting it iinto the mortgage... However Peston might want to check the savings rate in areas with China's property bubble like Shanghai .. savings there might be very high there cos people don't have the possibility of buying there anymore.
- You can't compare apples with oranges anyway .. aswell as property bubble mortgages UK people salaries quickly go to pay for NHS & benefits, which are costs the Chinese government don't have ..hence the increased saving for a rainy day.
- and in a world where things are Russian doll inside a Russian doll no-one knows who really owns multinationals anyway ..and with an eastern culture of non-transpanrency & telling people what they want to hear China like Japan is bound to have some nasty banking secrets.
- Peston has a pattern
Talking UP the disasters e.g. Climate Change certain catastrophe
- Talking DOWN any positives e.g. Our Economy is terribel compared to Germany .. no it's not so bad