Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

China to replace U.S. as top economic power, says GE CEO Immelt

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
 
somone Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 04:42 PM
Original message
China to replace U.S. as top economic power, says GE CEO Immelt
http://www.reuters.com/article/idUSTRE70J5JZ20110120

China to replace U.S. as top economic power, says GE CEO
By Chrystia Freeland

NEW YORK (Reuters) - For Jeff Immelt, the CEO of General Electric, the 130 year-old American industrial behemoth, the financial crisis marked the end of the age of America's economic dominance. "I came to GE in 1982," Mr. Immelt told me this week in Washington. "For the first 25 years, until the bubble crashed in 2007, the American consumer was the definitive driver of the global economy."

But Mr. Immelt said the future will be different. For the next 25 years, he said, the American consumer "is not going to be the engine of global growth. It is going to be the billion people joining the middle class in Asia, it is going to be what the resource-rich countries do with their newfound wealth of high oil prices. That's the game." A lot of that game will be played in China. At a moment when it is compulsory on the American right to pay homage to the exceptionalism of the United States, Mr. Immelt, a lifelong Republican, is matter-of-fact about China's inevitable rise.

Indeed, reflecting this pragmatism, GE is this week signing a joint venture agreement in commercial aviation with a state-owned Chinese company that -- despite any risk of handing over advanced technology -- will mean sharing some of the most sophisticated airplane electronics. "It is going to be the biggest economy in the world," Mr. Immelt said of China. "The only question is when."...

The China challenge, in Mr. Immelt's view, is about much more than a manipulated exchange rate and "cheap labor." "It is the adaptability, it is the speed with which they move, it is the unanimity of purpose, it is the productivity of thought," he said, adding that when he visits his interlocutors at the Ministry of Railways in Beijing, the mandarins are at work on Sunday. Nor does Mr. Immelt flinch when, in conversation, it is suggested that this "business model that works for them" is Communist authoritarianism. "That has been very effective," he said. "They're in their 12th five-year plan and they've done quite well."...


Printer Friendly | Permalink |  | Top
tabatha Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 04:45 PM
Response to Original message
1. Yep, Immelt, because you shipped jobs there.
Printer Friendly | Permalink |  | Top
 
OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 09:09 PM
Response to Reply #1
11. Bingo n/t
Printer Friendly | Permalink |  | Top
 
madrchsod Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 04:51 PM
Response to Original message
2. he`s obama`s right hand man...
we are so screwed
Printer Friendly | Permalink |  | Top
 
Autumn Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 04:57 PM
Response to Original message
3. This man is going to be good for us?
That's the game. And we have to play. Ok:puke:
Printer Friendly | Permalink |  | Top
 
HughBeaumont Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 05:06 PM
Response to Original message
4. Ha Ha Ha America.
http://www.atom.com/funny_videos/haha_america/

Jeffrey "Immelt American Worker's Futures" never met a plant he couldn't close or a job he couldn't ship overseas.

But hey, that's who Commie Marxist Leninist Socialist Fascist Preznits roll with, right?
Printer Friendly | Permalink |  | Top
 
leftstreet Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 05:12 PM
Response to Original message
5. Good. Then THEY can take over the $$ military policing $$ of the worldz!
And LOL at "Communist authoritarianism"

yeah, riiiiiight
Printer Friendly | Permalink |  | Top
 
Hydra Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 09:35 PM
Response to Reply #5
12. What "Millitary policing of the world" would that be?
When there's no oil, minerals or water, we're not interested. I'm sure China will be happy to take that racket over.
Printer Friendly | Permalink |  | Top
 
OHdem10 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 05:47 PM
Response to Original message
6. Henry Kissinger wisely says just a minute now and Henry has
spent as much time and done business in China.

On C. Rose the other night, Kissenger pointed out
all these estimate show China going in this straight
line and almost straight up. He reminds us that
China has their doubts. No country has gone
uninterruped by perhaps unintended forces.

China's coast is built up and can be compared to
Western world but alas start visiting the interior
and close to 3rd world with millions of people.
Can they really move all these millions to the coast
and provide them with jobs----keeping everyone employed
over long long periods of time.

They are going to run into their own demographic problem,
All those families producing only one child. Whooeeee.
Not enough people to sustain the society in the style
to which it has become accustomed.



While I like somethings about Immelt, he sounds like
a "Salesman". Is this the Corporates with another
fairy tale. WE HAVE SEEN WHAT HAPPENED when they
sold the world on Unfettered FREE TRADE. The whole
d... thing has collapsed in their faces.
Printer Friendly | Permalink |  | Top
 
provis99 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 06:28 PM
Response to Original message
7. hasn't 30 years of Reaganomics been just dandy?
we did it to ourselves, if we're being overtaken by a crappy country like China.
Printer Friendly | Permalink |  | Top
 
DCKit Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 07:01 PM
Response to Original message
8. Where was he when BushCo* was having secret meetings with corporate leaders?
Could they not have even tried in 2000 to reverse this trend? Was the Clinton administration unwilling to listen to the corporate titans who (given their position) should have seen what was coming?

There are no excuses, and things are playing out exactly as TPTB want them to.

BTW, has anyone else seen how corporate conglomerates, sovereign funds and insanely wealthy individuals (many from China) are buying massive tracts of land and resources all over the globe? Not sure if the report was on Aljazeera or RT, but it was a doozie.
Printer Friendly | Permalink |  | Top
 
Nay Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 08:47 PM
Response to Original message
9. WTH is Obama doing with this jackal? We're finished. Totally
finished. I'm so glad I'm 60+ years old. I won't have much longer to deal with this shit.
Printer Friendly | Permalink |  | Top
 
Swamp Rat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 08:53 PM
Response to Original message
10. I smell war with China in the not-so-distant future,
Printer Friendly | Permalink |  | Top
 
Hydra Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 09:38 PM
Response to Reply #10
13. Only if we're lucky
The smart man does not go to war at all- he demolishes his opponent's economy.

But that's all war boils down to anyway. Economics of "You have something I want- gimmeee!!"
Printer Friendly | Permalink |  | Top
 
Caretha Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 09:52 PM
Response to Original message
14. We are so screwed
I knew that before this OP was posted, but it just empasizes that I really need to get my shit together in the next 2 years in order to make sure I can survive.
Printer Friendly | Permalink |  | Top
 
pampango Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-22-11 10:00 PM
Response to Original message
15. Inevitable. We're 4 times bigger than the UK and surpassed their economy.
I'm glad our economy is not smaller than the UK's today. China is 4 times bigger than us and will surpass our economy at some point. Like in the UK is still pretty good because they take care of their people.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Fri May 24th 2024, 06:49 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC