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Big U.s. Firms Shift Hiring Abroad

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Seem that the US may never even get the chance to pay that debt now, its all steam to foreign 3rd world countries now.

Work Forces Shrink at Home, Sharpening Debate on Economic Impact of Globalization

U.S. multinational corporations, the big brand-name companies that employ a fifth of all American workers, have been hiring abroad while cutting back at home, sharpening the debate over globalization's effect on the U.S. economy.

The companies cut their work forces in the U.S. by 2.9 million during the 2000s while increasing employment overseas by 2.4 million, new data from the U.S. Commerce Department show. That's a big switch from the 1990s, when they added jobs everywhere: 4.4 million in the U.S. and 2.7 million abroad.

In all, U.S. multinationals employed 21.1 million people at home in 2009 and 10.3 million ...

http://online.wsj.co...3611823972.html

Edited by crash2006

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Workers in Apples factories in China are being asked to sign 'no suicide pacts' to prevent more of them killing themselves due to long hours and stress.

No doubt some free market fan will shortly be along to extol the virtues of globalised trade but the truth is the only people winning here are the shareholders and managements of the corporates- everyone else can look forward to a future of low pay, long hours and a retirement plan that consists of a long drop from a high place.

Anyone who believes that the rising tide of globalisation will lift all boats needs to read this article- these people are not waving, they are drowning;

http://www.u.tv/News/Apple-factories-accused-of-exploiting-Chinese-workers/eaaa0a2c-ae83-4165-a107-becdc05e6a7f

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Workers in Apples factories in China are being asked to sign 'no suicide pacts' to prevent more of them killing themselves due to long hours and stress.

No doubt some free market fan will shortly be along to extol the virtues of globalised trade but the truth is the only people winning here are the shareholders and managements of the corporates- everyone else can look forward to a future of low pay, long hours and a retirement plan that consists of a long drop from a high place.

Anyone who believes that the rising tide of globalisation will lift all boats needs to read this article- these people are not waving, they are drowning;

http://www.u.tv/News...07-becdc05e6a7f

i find it funny those who are wealthy and moan about freedom end up having apples laptops etc...

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Seem that the US may never even get the chance to pay that debt now, its all steam to foreign 3rd world countries now.

http://online.wsj.co...3611823972.html

It's deliberate destruction and mass manipulation by the globalist Elites!

Planned all along - same for Europe!

"U.S. companies are holding more cash in the bank than at any point on record, underscoring persistent worries about financial markets and about the sustainability of the economic recovery."

"Roughly two-thirds of the senior executive respondents in US firms said they are more optimistic about the deal environment than they were last year. When asked to name the top two factors making it easier in 2011, more than half or 56 percent said low interest rates, followed by large cash reserves ar 47 percent"

"According to the Financial Times, the ten largest U.S. tech companies have added $65 billion to their cash reserves over the last year. What are they doing with the money? Not a lot, it would seem.

"TheFT pins the growth at something like a 40% increase in the "cash mountains" the big tech companies own, and it's all during the last year. Importantly, this apparent gain in fortune has occurred even while really big, established names like Microsoft, IBM and Cisco Systems are reporting financial results that aren't quite up to the levels that Wall St analysts were expecting."

"Cash reserves at the biggest companies in the country are at their highest levels in 40 years. They aren't spending because they're still nervous about the economy and they can't find anything to invest in. Jeremy Hobson reports."

" Interestingly, US corporates had cumulative cash holdings of about $1 trillion by mid-2010, over four times more than Asian corporates, but the average cash balance of Asian corporates was almost double that of US companies, the report noted.

The Asian firms have been buttressing their cash positions to cover annual capital spending, dividend and short-term debt requirements. In addition, these cash holdings will help future expansion and acquisition activities.

The cash is concentrated in the hands of the regions premium corporates, with the top 15 which accounting for about 60 per cent of the total.

Among the two Indian firms featuring on the Top 15 list, RIL had liquid funds worth $6.5 billion, while NTPC had $4.2 billion in cash.

The list of Asia's Top 15 non-financial corporates is topped by the Hong Kong's China Mobile, which accounts for 20.2 per cent of the total wealth, with cash reserves of $46.8 billion.

"The balance sheets of Asian corporates are in good shape and the speedy recovery of the Asian economies, coupled with a temporary halt in expansion spending, has allowed companies to accumulate cash over the last 12-18 months," Moody's Vice-President and Senior Credit Officer Elizabeth Allen said."

Etc

http://www.google.co...0c047f92521a14f

Makes you wunder why we are all forced to pay extra taxes to these Asian countries under the con-name of "Carbon Credits" - it's a massive Wealth transfer and the Elites get away with even more exploitation and corruption in Asia

Edited by erranta

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Interesting Erranta. But rather than a conspiracy, isn't it merely capitalism? Top management profit from increasing the share price (via share options and incentive packages).

To do that the company needs to grow more than the stock markets' expect. In mature markets with falling demand, such as the west, the only ways to do this are:

1) cut costs (transfer jobs to lower wage economies)

2) maintain or increase fees charged

3) acquire companies for their new product ranges because they couldn't be bothered to develop them (hence need for cash mountain)

For good measure they also buy back their own shares (to raise the price, hence need for cash mountain)

Edited by payback period

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The companies cut their work forces in the U.S. by 2.9 million during the 2000s while increasing employment overseas by 2.4 million, new data from the U.S. Commerce Department show.

They just noticed? :lol:

Hey guess what printing your way to prosperity and GDP growth is a recipes for disaster - might have to wait another decade before they write a report about that.

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there's nothing free market about suppressing one's currency

So Apple can't pay it's people in china more because their currency is too cheap??

The claims made for the benefits of globalisation did not include driving employees to commit suicide, as far as I know- I would regard this a bug rather than a feature.

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So Apple can't pay it's people in china more because their currency is too cheap??

The claims made for the benefits of globalisation did not include driving employees to commit suicide, as far as I know- I would regard this a bug rather than a feature.

They are't Apple's people in China. They are Foxconn's.

Export earnings in dollars for Foxconn have to be exchanged at the Chinese central bank for (devalued) yuan. The yuan are used to pay the wages of the workers. The dollars exchanged at the central bank are used by the central bank to buy dollar-backed assets, treasuries etc...

Foxconn have now festooned their worker dormitory blocks with anti-suicide netting.

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Foxconn have now festooned their worker dormitory blocks with anti-suicide netting.

Not only that!

Foxconn discouraged suicide via the following means:

A contract stating that if they kill themselves their families won't receieve any compensation.

Increased wages (small print alert) in exchange for higher impossible to hit productivity.

Increased wages along with increased food and accomodation costs (foxconn pretty much owns the entire production city) which means that even though they get paid more their expenses increase.

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They are't Apple's people in China. They are Foxconn's.

Export earnings in dollars for Foxconn have to be exchanged at the Chinese central bank for (devalued) yuan. The yuan are used to pay the wages of the workers. The dollars exchanged at the central bank are used by the central bank to buy dollar-backed assets, treasuries etc...

Foxconn have now festooned their worker dormitory blocks with anti-suicide netting.

So the only way Apple can turn a profit is to employ subcontractors who literally work their employees to death? Really?

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So the only way Apple can turn a profit is to employ subcontractors who literally work their employees to death? Really?

No, it's the way they achieve higher profits. The margins are so huge on Apple products anyway they could afford to manufacture at higher cost base locations. But now they're locked into cheap Chinese labour - shareholders seem to like it while Apple consumers couldn't give a stuff about the people that make the gadgets.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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