No, this is not another manosphere comment. This is China (again). But actually, it is really about us (the West).
In Andrew Batson’s invaluable blog, he discusses a recent report from the People’s Bank of China proposing that it is time the Chinese government got serious about encouraging the people to get busy making babies. PBoC is worried about the economic consequences of China’s demographic decline and aging population.
One particular quote from PBoC caught my eye: “we must recognize that consumption is never a source of growth.” If only Beijing would pass that message on to their Biden* puppet!
The PBoC quote continues: “We must understand that it is easy to go from frugality to extravagance, but difficult to go from extravagance to frugality. The high consumption rate of developed economies has historical reasons; once you switch, there’s no going back, so we should not take them as an example to learn from.”
Perhaps the most productive thing we could do would be to fire everyone at the Federal Reserve and outsource whatever it is they do to the PBoC.