Robin Meredith, foreign correspondent for Forbes Magazine, was interviewed by Charlie Rose back in the Summer of 2007. Why do I bring this up? I was really impressed with this interview, which confirmed many of my concerns about the global disparities in wages and the increasing labor competition that was in store for the Western worker.
But back in 2007, I was also well aware of the upcoming financial crisis, and it really hit me that US workers on the whole, will be making much less money at exactly the wrong time in history: during the unwind of an historical credit bubble never seen before in history. How can diminishing salaries and rising unemployment cover increasing debt loads?
But Charlie Rose and Robin Meredith don't cover this aspect. They cover the implications to the American worker, and what government can do, but not the household, financial sector, and sovereign solvency implications.
It's a very interesting interview, and Robin Meredith draws on her firsthand knowledge living in the East to describe the massive changes afoot there.
But as you watch this interview - think of what is not covered - think of the ongoing financial crisis. Think about the unemployment rate in the West. Think about the disconnect between the Western lifestyle pre-crisis and pre-competition with the East, and the actual world that is unfolding today. We are at a watershed event in world history. Global wealth may not grow as fast, particularly in the West, but it will increasingly be spread around the world, leaving some areas, and accumulating in others. An osmosis, if you will, that will change people's lives forever.
How many people that you know are aware of what is happening? That's the unsettling part because as they see their lives permanently change, there will be societal and political implications as well.