global financial crisis of 2008 through 2009 or 10. you were debunking neo classical economics. at that time, nobody listened to their backs and listening to neo classical economics. so tell us like, what is exactly neo classical economics and why do you have such a problem with that? it s one of 2 ways of looking at how the economy operates, which is to say, it s all about the objective value of things or the amount of time it takes something to them as its value, etc, etc. versus then they across courses. now it s actually the subjective satisfaction, utility one gets out of something that gives them value. so the previous attitude was from the classical school of economics and the fizzy approach before them. and fundamentally they would say the use value of this chair is the fact that i can sit no. whereas the near classical site, the utility, this cares how complex makes me feel. now, when you re working on terms of the objective number, i can say how many hours alive, ho
the year so that happened and i want to 1st look at i guess i will look at that news about china because i guess that s the most important really the 3 cities trap is that big giant story overarching all economic story is china it s overtake us as the world s biggest economy by 2028 report predicts center for economics and business research says it expects this to happen half a decade sooner than it forecast of a year ago douglas mccloy the c e b r is deputy chairman said the big news in this forecast is the speed of growth of the chinese economy we expected to become an upper income economy during the current 5 year plan period which is 2020 to 2025 and we expect it to overtake the us a full 5 years earlier than we did a year ago so everyone s purchasing power goes down via money but less so for the chinese economy. so in 2021 all the fia money starts to fall against commodities against gold number $1.00 against big calling but in china the rate at which the purchasing power
is that big giant story overarching all economic story is china it s over take us as the world s biggest economy by 2028 report predicts center for economics and business research says it expects this to happen half a decade sooner than it forecast a year ago douglas mccloy the c e b r is deputy chairman said the big news in this forecast is the speed of growth of the chinese economy we expected to become an upper income economy during the current 5 year plan period which is 2020 to 2025 and we expect it to overtake the us a full 5 years earlier than we did a year ago so everyone s purchasing power goes down via money but less so for the chinese economy so in 2021 all the fia money starts to fall against commodities against gold number one against because. but in china the rate at which. purchasing power will the road will be less than anybody else and so their economy in comparison will be growing and this will be a hard pill for the u.s. and other countries to swallow but t
so their economy in comparison will be growing and this will be a hard pill for the u.s. and other countries to swallow but they are the victims of their own ridiculous policies that exported all the jobs to china and now the world wind will be reaped yeah most empires do and this way as we have discussed many times in the past 10 years the united states is no different apparently and they ve willingly sent all their manufacturing capacity and wealth creation capacity therefore to china china share of global g.d.p. has increased from 3.6 percent in 2000 to 17.8 percent and 2019 and will continue to grow the c e b r said it would pass the per capita threshold of $12536.00 to become a high income country by 2023 no of course that it was in 2000 and that s when you know the democrats. pushed including joe biden had pushed for china to join the w. they formally became a member i think it was like just after $911.20 so they were only 3.6 percent of global g.d.p. you know 20 years
is right up there with us. i am asked kaiser this is the kaiser report let s start off with a quote from our board einstein here who once said that compound interest is the 8th wonder of the world he who understands it earns it he who doesn t pays it this is a remarkable quote from my stein and it has so much to do with today s stock market volatility and the coronavirus all working at the same time and showing what compound interest is all about or what exponential. algorithmic expediency is up yet stacey what s up max we re thinking exponentially in this episode a kaiser report during the exponential spread of the pandemic coronavirus we re looking at the 2nd half of the chessboard as it is called and i want might want to add that today is my birthday so turning one year older in the midst of exponential pandemic which is hitting the mortality rates go exponential as you get older is not fun to turn a year older in the middle of a pandemic but before we get into the exponen