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When Will Rates Rise?
Comments
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I am not sure the demographics of China are properly understood. In the West, we think older people are a drain on the young financially. In China they aren't, because there is no such thing as state pension. The health service is quite basic and involves significant co-payment, and the elderly have saved for the last 20 years as a result.
The current elderly were brought up under Mao, on a standard wage of 5 shillings a week or whatever. They do not have expectations like the British elderly.
To the Chinese, a heating allowance means they can forage for firewood without being arrested.0 -
Bump in honour of Martin's appearance on TV last night....“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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