Drudge Retort: The Other Side of the News
Monday, July 22, 2019

China has now reached parity with the U.S. on the 2019 Fortune Global 500 -- a signifier of the profound rivalries reshaping business today. As the Chinese Century nears its third decade, Fortune's Global 500 shows how profoundly the world's balance of power is shifting.

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That shift is transforming not just the business world but the whole world. As China seeks to succeed the U.S. as the preeminent superpower, business is playing an even larger role in international affairs than usual. Nations have always competed economically, but the U.S. and China are engaged in direct battle over the world's economic life force: technology.

As former Treasury Secretary Henry Paulson has written, "The battle is about whose economy will drive the technology of the future and set the standards for it."

#1 | Posted by J_Tremain at 2019-07-22 09:09 AM | Reply

Thanks, Bill Clinton!

#2 | Posted by nullifidian at 2019-07-22 01:06 PM | Reply

Thanks MIC and Wall street

#3 | Posted by 1947steamer at 2019-07-22 01:21 PM | Reply | Newsworthy 1

Yeah, but no one can bomb the bejeebus out of third world countries quite like the USA, so there!

#4 | Posted by pumpkinhead at 2019-07-22 01:29 PM | Reply | Newsworthy 1

"the U.S. and China are engaged in direct battle over the world's economic life force: technology.
As former Treasury Secretary Henry Paulson has written, "The battle is about whose economy will drive the technology of the future and set the standards for it."
#1 | POSTED BY J_TREMAIN"

Too bad China has to steal it from the U.S. to even make it a contest.

#5 | Posted by mOntecOre at 2019-07-22 01:31 PM | Reply

Like the US stole everything from the Germans?

Surely you jest!

#6 | Posted by J_Tremain at 2019-07-22 01:46 PM | Reply

As former Treasury Secretary Henry Paulson has written, "The battle is about whose economy will drive the technology of the future and set the standards for it."
#1 | POSTED BY J_TREMAIN AT 2019-07-22 09:09 AM | FLAG:
Thanks, Bill Clinton!
#2 | POSTED BY NULLIFIDIAN

Idiots like Nulli are the reason we can't compete.

We refuse to invest in education to ensure our students can compete. We make foreigners, even educated ones, feel unwelcome. We refuse to upgrade public infrastructure to help keep business costs down. And lets face it, we hate science. We even destroyed our chances of dominating the insanely expanding solar panel industry and gave it to China because coal rules and global warming is a myth.

And now we are in a trade war ensuring our manufacturing costs more as basic resource prices see tariffs and making it less competitive not only in China but also around the globe.

#7 | Posted by Sycophant at 2019-07-22 02:39 PM | Reply | Newsworthy 4

Thanks Walmart shoppers.

#8 | Posted by Whatsleft at 2019-07-22 05:31 PM | Reply | Newsworthy 1

Nulli , you sir are a moron! Hey maybe thank Pres. Nixon?

#9 | Posted by zelkova at 2019-07-22 08:10 PM | Reply | Newsworthy 1

Trade balance is not just comparative international price levels, Trump belives. The United States has dissipated its supply of spare manufacturing capacity and local suppliers of parts and materials, while much of its industrial engineering and skilled manufacturing labor has retired. An immense shortfall must be filled by new capital investment, education and public infrastructure, the cost of which now far exceeds those of other economies. Republicrats did this to us, on orders from their Capitalist commercial sponsors. There is no easy path out. There is no positive ending to the Trump Presidency.

#10 | Posted by bayviking at 2019-07-22 08:34 PM | Reply

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--Nulli , you sir are a moron!

Perhaps, but still smarter than a socialist.

CARACAS, July 22 (Reuters) - More than half of Venezuela's 23 states lost power on Monday, according to Reuters witnesses and reports on social media, a blackout the government blamed on an "electromagnetic attack."

It was the first blackout to include the capital, Caracas, since March, when the government blamed the opposition and United States for a series of power outages that left millions of people without running water and telecommunications.
news.trust.org

#11 | Posted by nullifidian at 2019-07-22 08:45 PM | Reply

The enormous spending on armaments for a kind of war unlikely to be fought is not really military, but simply to provide profits to the military industrial complex. The arms are not really to be used. They are simply to be bought, and ultimately scrapped. The danger, of course, is that these not-for-use arms actually might be used, if only to create a need for new profitable production.

#12 | Posted by bayviking at 2019-07-22 09:57 PM | Reply

...but simply to provide profits to the military industrial complex.

It also produces a lot of high paying jobs, so it's also a government "make work" project.

#13 | Posted by REDIAL at 2019-07-22 10:04 PM | Reply

China's big mistake was ticking off its largest customer: the USA. It's ok to tick off your largest supplier as long as they aren't your only supplier. Suppliers can more easily expand to meet the demand than it is to grow customers.

The game will be over if China can grow a large and robust middle class. When they do that, it's game over. The US market will become irrelevant. However, for China to do that, they will have to pay their workers more. But if they pay their workers more, they will no longer be the low cost provider which is their claim to fame.

#14 | Posted by FedUpWithPols at 2019-07-23 08:19 AM | Reply

The ONLY reason this hate propaganda has any truth is because China owns so much of the natural resource landscape the world depends on to create our digital universe. The problem is, China doesn't have enough natural resources that their own people depend on to live in the real world. China's issue is not money or business, it's citizens. They are running out of ways to maintain the peoples' standard of living. Two things are going to happen, either China will become extremely militaristic so they can control the resources needed to sustain the people or they will be overthrown internally because Communism only lasts so long. It usually reaches it's endgame when the people are forced to live in such bad conditions that they revolt. And with deteriorating resources, the people are being forced to live in bad situations. And I do mean forced. I know Liberals like to think America's standard of living is the worst in the world and that America is the worst thing ever but, for those of us who live in reality, we know the truth is very different. Think about how bad you think America is when it comes to oppression and the lower class, now make it 100 times worse and you have China for the lower class. Then add in that China's lower class is fantastically higher than America's. Maybe that will help paint a picture.

"The game will be over if China can grow a large and robust middle class. When they do that, it's game over. The US market will become irrelevant. However, for China to do that, they will have to pay their workers more. But if they pay their workers more, they will no longer be the low cost provider which is their claim to fame."

Very well stated. One of the most intelligent things I've seen posted on DR.

#15 | Posted by humtake at 2019-07-23 12:26 PM | Reply

Thanks, Bill Clinton!

#2 | Posted by nullifidian

You should be thanking yourself for supporting the current manifestation of the extreme rot and decay that is US society.

We sold our souls for cheap consumer goods years ago and the orange schittstain is just the right willfully going down the drain while pulling the rest of us with them.

#16 | Posted by jpw at 2019-07-23 01:09 PM | Reply

China is going to overtake and surpass the USA in GDP and other business metrics until update our antiquated and failing education system. We still have the public school 180-day calendar in most states, unchanged for decades. China, meanwhile, has longer school days, longer school years, and more emphasis on study from an earlier age (although they overdo it). Don't blame Clinton or Nixon. The country has changed profoundly in its views on competitiveness in the global economy since 1980, but we have not.

#17 | Posted by e1g1 at 2019-07-23 02:02 PM | Reply

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