Hard times in China

"Farming is really hard. It needs a lot of hard labor. None of the young
people want to farm nowadays. The income is extremely low." - 22-year-old Tang
Hui, who lost his manufacturing job in China four months ago

From CNN,

Tang Hui and his family prospered as migrant workers during China's economic boom, earning $10,000 a year: enough to build a house, send a cousin to school and pay for his grandmother's medical bills.

Wow, I'm amazed at what 10K can buy in China. But now the bad news...

But those good days are over. The family's cash earnings have evaporated, snatched away by a manufacturing crash cascading across China caused by falling global demand for its goods. The nine people in the Tang family are facing an income of zero; their best hope to survive is to grow rice and raise pigs at home in the Sichuan Mountains.

...In the past months, about 70,000 factories nationwide have closed. Beijing official Chen Xiwen estimates about 20 million migrant workers have lost jobs.

Bottom Line

The current economic crisis is not just a US problem, it is a global problem. According to Senator Bob Corker, the world is in the grips of an "unbelievable recession."

And so far nations have been "playing nice", no embargoes, no new tariffs, no currency wars. Let's hope the nations of the world continue to work cooperatively.