Sunday, November 8, 2015

The Idiocracy Is Decoupled. From Reality.

"Within hours of the Yuan devaluation, Walmart called up and said they want all of it passed along to corporate profits..."

"Sunday's results suggest the export scene is worsening. ...exports fell 6.9% year-over-year in dollar terms, after a drop of 3.7% in September. The October figure was worse than the median 4.1% decline forecast"

"China's rising labor and land costs in recent years have weakened the nation's exporters' competitiveness, the Commerce Ministry said. The average wage for workers in coastal provinces, including the manufacture hub of Guangdong province, has reached $600 a month, twice the level of Southeast Asian countries."

"A lot of Westerners think this helped us out a lot," said Chen Shuming, sales manager with Fujian Furniture Industry & Trading Corp. "But the 2% depreciation actually hurt us...customers [aka. "Walmart"] called us within hours pushing for 6% discount, so we had to give them 4%," he said.