what level of unemployment is there in HK.  It sounds like in china there is a decent level at the moment.  with property prices high in HK is the economy doing as well or better than china, and how bout compared to the US

In HK the latest unemployment figures are just below 5% from a high of about 9% during the financial crisis. This unemployment figure is rather distorted as many people are moving in between jobs and others are partially employed but not declared so unemployment figures could be as low as 4.5%.

In China the unemployment figure is very low, officially about 4% but this does not count the WGs and others related in the industry.

In the US. the unemployment rate is nearly 10% and many people have altogether given up on seeking jobs and just living off social security. In HK and China there is no such thing as social security (China has abolished this).

[ Last edited by  geoduck at 23-6-2010 10:33 ]

This is a letter from a bloke in Cleveland part of the "Getting out of Dodge" series that mirrors your thoughts on the welfare mentality taking hold in much of the developed world.

A few years ago I lost my job of 31 years at a mid-size bank, and, to carry me over to retirement, I took a job as a store cashier. It was my trip to the real world. I live and work in Cleveland and the clientele flowing through our store daily is enough to give one pause. A large number of customers are on the food stamp card. Or, as I prefer to call it, the Junk Food Card. The big game is for two people to live together - one with some income and the other drawing unemployment or welfare (or even both drawing welfare). It is very common for food card purchases to consist entirely of pop, candy, ice cream, etc. Then out comes the big wad of cash for the beer and cigarettes. With most of these people it seems very likely that they have no inclination to work at all, and gaming the system is how they wish to live.

Then there are the folks drawing disability. Most of them look quite healthy enough to be working - maybe not at a job they had been doing previously, but still capable of gainful employment. Many of our other customers are older people on fixed incomes. People who are working steady jobs are in the minority.

The problem here is obviously that the failure to maintain entitlement programs - which truly cannot continue to be funded given today's local, state, and federal government deficits - will almost certainly result in anarchy. The thought of where Cleveland will be in a few years is absolutely frightening. Making things worse, the intelligencia has all fled the city, leaving opportunists to run the government. Every week the news reports are highlighting another local politician that is under investigation for fraud in office.

I don't think I'll be moving to a foreign country, but I'll definitely be selling my house in Cleveland and moving to some small town somewhere that has all the amenities I require - with more favorable demographics. And I can understand that moving to a foreign country could be an even better alternative in the long run. So, basically, I'm all for "getting out of Dodge"!

Cleveland is a real Dump. Downtown Cleveland is a very dangerous place. Decided to tour the city two years ago while  staying in a suburb at a friend's place. He warned me not go go downtown. There is a soldiers and sailors monument in the heart of the city but all I saw there were plenty of drug addicts lying around all over the street. Their dealers stared at me suspiciously. This was on a Sunday afternoon. Some of them came up to me asking for money. I just took off and decided never to visit that city ever again. Appalling what Cleaveland has turned in to.

That's a surprise, it's certainly not what comes to mind as a foreigner when you think rundown shitty American locations. The story Atomic posted is sadly common, and what's worse is that since the major difference is one of culture and ethical views, it's not something that can be fixed soon if at all.

Asian millionaires' wealth rises by a third
June 23, 2010 - 2:04PM
Asian millionaires are worth more than their European counterparts for the first time, with China and India leading the way, a study has found.

The report on high net worth individuals (HNWIs) - defined as anyone with investible assets of at least $US1 million ($1.15 million) - was issued today by Merrill Lynch Global Wealth Management and consultancy firm Capgemini.

The world’s population of HNWIs returned to 10 million in 2009 after the global recession, with the largest concentrations still found in the United States, Japan and Germany.

‘‘After falling 14.2 per cent in 2008 to 2.4 million, Asia-Pacific’s HNWI population rebounded in 2009 to reach three million, matching that of Europe’s HNWI population for the very first time,’’ a media release said.

Those 3 million people in Asia-Pacific saw their total wealth grow nearly a third to $US9.7 trillion, more than erasing 2008 losses and surpassing the $US9.5 trillion held by their European counterparts, it added.

The shift in rankings came because gains in Europe, while sizeable, were far smaller than those in the Asia-Pacific region, which saw continued robust growth in both economic and market drivers of wealth, the statement said.

‘‘Hong Kong and India led growth in Asia-Pacific, after experiencing massive declines in their HNWI bases and wealth in 2008,’’ it added.

Worldwide, the wealthy have nearly recouped losses of 2008 and total assets are now approaching levels last seen in 2007, before a US housing crisis triggered the global recession.

‘‘The rebound has been, and will continue to be, driven by emerging markets - especially India and China, as well as Brazil,’’ said Bertrand Lavayssiere, managing director for global financial services at Capgemini.

‘‘In fact, Asia-Pacific was the only region in which both macroeconomic and market drivers of wealth expanded significantly in 2009.’’

AFP
Link here:
http://www.smh.com.au/business/a ... -20100623-yxy2.html

With one million US$, imagine how much mongering you can do!! Let say, one US million = 8 million Hong kong Dollars,  that gets you 10000 WGs, that's almost one per day for 30 years. Wow!!!

Singapore has the highest concentration of millionaires at 11.4% ? Not sure if the study lumped citizens  together with people with permanent residency. A lot of high net worth people in singapore are actually foreigh nationals - indonesians and more recently chinese and indians with PR status.

In Singapore, think most of the millionaires are new PRs. Singapore has been very successful in attracting wealth since it's open door policy enacted 5 years ago. Now there are lots of wealthy Indonesians, Malaysians, Filipinos, PRC as well as European arrivals bringing in loads of money. Actor Jet Li also lives there now with his family. However, Singapore does like to blow its trumpet and to always be No.1 in everything whereas HK people tend to keep their wealth more private.

[ Last edited by  geoduck at 24-6-2010 11:14 ]

Sad to hear Cleveland is in such dire straights. As home of the rock n roll hall of famewish it was on better shape.  Wonder if lebron cares to stay in such a place

Asians dont hide money. We hide gold

do you load up on gold bars or coins

doesnt matter as long as its gold. this is why the gold price never goes down

What about non precious metals.  Any interest in them. Or is gold simply special for otter reasons

Is that why LeBron James the basketball player left Cleveland.    Anyway,  I heard Detroit is worst.

Small world, I know of another monger who lives in Ohio and travels to China and Thailand often.

[ Last edited by  Weelock at 19-7-2010 07:56 ]

The discrepancies between #1 and #2 is wide

So the wealthy recouped losses of 2007.  That is pretty quick and is testament to the fact that there is a recovery.  The answer to that changes every day.  If the dollar keeps getting zinged by the euro a US dollar millionaire is not going to mean that muchglobally.

If ROI goes for "Return of Infection" instead of "Return of Investment", then WG has high ROI

I feel the same thing might happen with the USA gov't borrowing money and getting into a bigger and bigger hole. Then more money is going to this damn war in Iraq and Afghanistan that is not ending soon.  I wonder what's going to happen in 30 to 40 yrs with the deficit and Social Security.  If this trend continues, the USA will not longer be the number 1 super power. IT WILL BE BROKE.

[ Last edited by  Weelock at 19-7-2010 07:58 ]

30 to 40 years is to far out. Te consequences will be felt in the next 10 years.  If US unemployment stays high and the country continues deficit spending this current recession is chicken feed.  If there is enoug resiliency ten wit belt tightening the US should be able to close the gap.  The wars started the fiscal mess.  Obama was supposed to come I with new ideas to fix things up.  Not happening.  US currency will be worth much less than even today if the house is not put in order. Just because the government can print money does not mean there is not a day of reckoning.