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The Financial Shift East by taskmaster4450le

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hive-167922 · @taskmaster4450le ·
$36.91
The Financial Shift East
Wall Street is the financial capital of the world.  It has been that for many decades.  Since the United States became a super-power, surpassing Great Britain size of economy and advancement of the banking system, New York is the epicenter for financial activity.

This is something that many presume will be the case going forward.  There is a train of thought, and it is valid, that there is a shift about to occur.  Whether it is because of a 50 years cycle or simply the way the world is shaping up, many feel the financial might over the next decade plus will end up in the East.

<center>https://images.barrons.com/im-332431?width=620&size=1.5005861664712778ttps://www.discoverhongkong.com/content/dam/dhk/intl/home/Tips.jpg
[Souce](https://images.barrons.com/im-332431?width=620&size=1.5005861664712778)</center>

Of course, this basis of this is the rise of China.  With the country cementing itself as a major global player, it is hard to argue the might it wields.  The economy is the second largest in the world and many project it will surpass the United States by the end of this decade.

It is one of the few countries that maintained a significant growth rate.  While the West was mired in a 2%-3% trudge, the Chinese economy was advancing at a double digit rate for decades.  This allowed it to surpass powerhouses like Germany and Japan.  

With a demographic issue that is still a couple decades out, this means that China could be in position to remove the West as the financial hub of the world.

This makes a lot of sense since there is a ton of investment still going on in that country.  Money is pouring in from all over the world as investors take advantage of the massive growth numbers still taking place.  

The country is pushing ahead with automation which should help to offset the wage inflation it saw over the past two decades.  Many contracts were lost as global companies shifted production to low cost areas such as Vietnam and Laos.  This is something the Chinese are looking to reverse.

<center>https://nypost.com/wp-content/uploads/sites/2/2021/05/beijing.jpg?quality=90&strip=all&w=618&h=410&crop=1</center>

Things always seem to start at the top.  When talking financial centers, it is best to focus, not upon governments but rather, billionaires.

Last year was a tremendous year for billionaires.  We saw the net worth of those in this class absolutely explode.  The dual benefit of a rising stock market along with a hot housing sector put their net worth in overdrive. 

That said, there was one shift that is important to note in this discussion. For the first time, the number of billionaires in New York City was surpassed by Beijing.

>The Chinese capital has exactly one more billionaire than Gotham, 100 to 99, according to Forbes’ recently released list.

<center>[Source](https://nypost.com/2021/05/01/beijing-tops-nyc-in-number-of-billionaires-on-latest-forbes-list/?utm_medium=browser_notifications&utm_source=pushly&utm_campaign=975396)</center>

This happened in spite of the fact that the number of billionaires increased by 32 in total.  

New York City is a place many feel is in trouble.  It is no secret that the wealthy are being targeted by a political climate that feels entitled to take more of what they have.  Whether one agrees with this or not, the bottom line is the wealthy have the ability to pick up and leave. 

A hedge fund manager or wealthy business person can run things just as easily from Florida as he or she can from a plush (and expensive) New York City office.  After all, these people can afford the Lear jets to fly them back and forth for meetings.

This can, of course, have enormous geo-political implications.  It is obvious why the United States is doing all it can to help Hong Kong maintain some independence from China.  If the U.S. can somehow split up that union, it would help its cause.

This is very unlikely however.  Therefore, with all that is taking place, and the West's intent on sabotaging itself with lockdowns, the economic power in a decade will be in the East.  We live in a time where financial capital is the engine behind economic progress.  Even in cryptocurrency, we see how strong the East is in this arena.  Between China and South Korea, there is a strong foundation being formed.  This is something that those in the traditional financial realm discuss quite frequently.  Even they see the need to try to combat this.

Some believe that is also a 500 year cycle where the power center moves from east to west and back again.  This is something one could buy into although that is a long time to surmise a trend.  Either way, we see that a shift appears to be happening. If it goes through is yet to be determined.

It does look like we are on track for it though.  Do not be surprised if the financial center in a decade or so is in the East, not the West.

___
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@acesontop · 
It's the West's fault for that. *Made in China* is what made those yearly double digits possible. Why didn't Apple manufacture the damn iPhones in US? Cheaper production costs...
Now the US will have to price for that in so many ways. It seemed that Trump tried to change that, but the election got rigged and now you have Biden, who is probably the worst president in the history of the US. 

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@taskmaster4450le · 
Of course, it is the West's fault just like it is Blockbuster's fault they are out of business.

Whatever the level, rare do entities take over from the incumbent.  Instead, it is given to them.  The US, primarily, wanted cheap goods at Walmart so that was outsourced.  We see this happen all the time.  That really enriched China, to their credit.  

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@beerlover · 
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@bitcoinflood · 
It very well could happen and it's a combo of a lot of things. They constantly hack out systems on the daily and I'm sure are stealing crypto on the regular. I would imagine we do the same right back though even though we get the story of it being one sided.

China still has a long way to go however to actually over take the USA in market cap. I believe they are roughly 30%-35% at the moment. They were the first to do a true digital currency but what makes me laugh is you have to spend it otherwise it disappears! That's some scary crap right there but it's actually grounds for massive advancement. Stagnate money doesn't do much. Money being constantly transacted builds things and that's what we are starting to see take foot in China.

That's no reason though for the USA to not wake up and start taking action. One day maybe we will stop blowing money on dumb things and start becoming a powerhouse once again.

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@taskmaster4450le · 
>That's no reason though for the USA to not wake up and start taking action.

Um have you looked at the leadership in the US and what these fossils are focusing upon?  Do you really think they have the mental competence to actually understand what is taking place?

I really do not.  Between Biden, McConnell, Pelosi, and Schumer you are doing with a bunch of braindead ideologues who really have no business sense whatsoever.  This will likely be true no matter who takes over in 2022.  That is why Zuckerberg ran circles around the idiots in Congress.

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@bitcoinflood · 
I don't which is disappointing as heck. Sadly government now simply talks and talks and wastes and wastes and nothing really ever gets done. That could be said for a lot of things though lol Businesses operate like this and maybe even some blockchains.
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@cmmemes · 
Switzerland was at some point trying the become the epicenter of the crypto world, I wonder what become of that. 

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@taskmaster4450le · 
Well they were the epicenter of banking for decades.  The Swiss were always ahead of the curve in financial matters.  However, they do not have the economy to be the major players.  They are the storehouse for the money yet the action happens elsewhere.

Give the credit to the Swiss, they know their role and fill it well.

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@coffeelovers ·
$0.02
USA made lot of efforts to become the biggest economy in the world. They maintained good relations with the countries around. Whereas China is expansionist. It lends money to countries like Pakistan and China and tries to capture their land. It creates un-necessary unrest due to military activities on its borders with 7/8 different countries and try to grow. Even if China becomes biggest economy it would not replace USA as the best economy as it can do it through only unethical means.



---

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@davedickeyyall ·
$0.23
You make it sound as if the US is ethical..

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@coffeelovers · (edited)
$0.04
May not be completely ethical, but looking at the impact of Chinese Virus, humanity is facing, there is a scope to say that USA is far better than China.



---

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@taskmaster4450le ·
$0.03
LOL I was thinking the same thing.

People accuse China of being lots of things, which they are, overlooking that the US government is as much, if not more, tyrannical than everyone else.

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@taskmaster4450le · 
>Even if China becomes biggest economy it would not replace USA as the best economy as it can do it through only unethical means.

The US economy is based upon financialization.  I am not sure how you can call that ethical.

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@davedickeyyall ·
$0.23
China will be the next powerhouse because the Chinese are thinking about China... meanwhile the US is thinking about everyone else but the US

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@taskmaster4450le ·
$0.03
I agree with that.  They are also thinking about all kinds of things that makes it unproductive, lazy, and non cutting edge.

We see how Corporate America is becoming a cesspool akin to Facebook.  That does not lead to productivity.

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@esecholito · 
China may be rising quickly but with the level of connectivity that people have and with the usage of VPN's their control over their own people will soon be faltering. They can try to keep their image of a "unified China", but even their internal political struggles expose the farce. I think the US will remain economically dominant as a financial hub for the world so long as people see a value in personal liberty and free speech, yet with Covid, it's made the people concerned about freedom.

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@evernotice.leo · (edited)
I think that within the next 20 to 50 years, there will be a world war with China. The Spratly Islands could not be in a worse place in order to ignite conflict with neighboring countries and the United States.

Them claiming complete ownership of the South China Sea (with the power to block access to world shipping), would be akin to us claiming ownership of the Gulf of Mexico and blocking access to the Panama Canal.

This can't be allowed to happen and their much-vaunted "nine dash line" will be broken, peacefully or otherwise. I honestly believe that the Asian doctrine of not "losing face" will cause China to miscalculate with America, and then it's on!

https://ichef.bbci.co.uk/news/624/cpsprodpb/22D3/production/_86351980_south_china_sea_reefs_624_v6.jpg
[source](https://ichef.bbci.co.uk/news/624/cpsprodpb/22D3/production/_86351980_south_china_sea_reefs_624_v6.jpg)

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@taskmaster4450le · 
That might be the case or the US might simply submit like they have.

Although if there is a faction forming, I think it is China/Russia being targeted by the EU led marxists, who have Biden's support.  That faction wants a one world government which is not going to happen with China and Russia.  And do not forget, a Chinese alignment with Russia provides a ton of military.  Russia is not good at most things but military is one of them (and Vodka).

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@jfang003 ·
$0.52
China is probably the biggest competitor for the US because of the fact that they have been stealing IP and pressing automation like crazy. Not to mention the fact that they are pushing coal and gas for cheap energy. So with all of this, the costs are fairly cheap to produce then export out. But I think the biggest issue for China would be their digital yuan as they do not want to be the world's reserve currency. It would affect a lot of things and whether or not they can export their products for a cheap price.

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@taskmaster4450le · 
The monetary policy is certainly interesting.  To their credit, they were able to manipulate to their benefit, much to the unhappiness of the US.  

I agree their pursuit of cheap energy (well all energy since their thirst is only growing) is going to really give them a leg up, especially with automation.  Robots and computers require energy, not people (or as many).  They will keep feeding them electricity and pushing out products at a lower cost.  

This is something overlooked in the West.  Of course, the drive for renewables only feeds China more since they have some of what is needed.  

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@pixresteemer · 
<center>![pixresteemer_incognito_angel_mini.png](https://files.peakd.com/file/peakd-hive/pixresteemer/8h7BBw1w-pixresteemer_incognito_angel_mini.png)</center><center>Bang, I did it again... I just rehived your post!</center><center>Week 56 of my [contest](/hive-179017/@pixresteemer/the-re-hive-contest-results-week-55-and-start-week-56) just started...you can now check the winners of the previous week!</center><center>!BEER</center><center><sub>5</sub></center>
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