Its on the national level. Greece had to sell islands to payback their debts just to give you an example. What so you think austerity is about? When the time comes to payback national debt expect huge cuts in social welfare.
Not really millennials are broke and while wages have stagnated the cost of living has continued to climb unabated. Millennials standard of living is lower than their parents.
China is focusing on high tech manufacturing like Japan does which is difficult to discriminate against. They've been running a trade surplus for decades and don't have a lot of debt due to great policy.
Actually it is not beneficial, wage growth is non-existent and is just neo-colonialism. Free trade leads to drug smuggling and crime due to deindustrialization.
Nope Greece didn't have to sell anything. What Greece did is an example of business kickbacks. The people were robbed and stolen from to save businesses (private and international) losses. Same with austerity, they have written papers about how austerity measures are bogus to the people and not neccessary over default of payment.
That said again, that is a sepearte issue from trade, and has more to do with government and national banking loan default, not a trade deficit.
Millennials aren't broke, thats pretty absurd statement, their pay is and employment is lower, but again while thanks to trade (especially in the US) and ownership of defact worldwide currency, US society have been able to weather the storm of weakened wages and dollar, again we are hitting the point where the benefit of trade is not going to drop fast enough to outpace the devaluaction of currency and real wage loss or stagnation, but that is my point, the trade was able to hide those negative economic indicators.
China can focus on high tech manufacturing jobs all they want, you have to sell that to someone and they'll find they have more global competition in that arena, than in manual and low skilled labor, so it isn't a automatic gain for them. On top of that they are losing and in some industries have lost the advantage with low skilled labor, so they will eventually have the same issue western nations have if they continue with a managed economy, they will have a populace of young folks looking for work, growing up on a higher standard of living and getting frustrated and the sudden lack of economic opportunity that their parents and grandparents had but they no longer have. China does have debt, it isn't much with regard to their GDP, but and thats good, but their dosmestic situation would be even better if they stop subsidizing businesses in their nation and open the door to legit free trade (ie open trade with whoever wants to import to their nation) instead of purposely limiting it to jack up prices for local producers at the detriment of the population as a whole.
Free trade doesnt lead to drug smuggling, that makes no sense on its face, drug use and drug prohibition leads to drug smuggling. crime is a personal issue of the person who commits crime and mainly unsupplied or disrupted markets on the macro scale. Deindustrialization isn't a negative just like deagriculturizing wasn't a negative. you need to get out of the mindset of thinking trade and economics exists to benefit those in power of various nations, it doesn't, trade benefits the masses which is why typically nations want a cut of all the money that passes through and the more calculated like to pick market winners with regulation and licensing to limit competition and limit market movements that can change them from millionaires today to losers tomorrow.
especially in the case of the Chinese
they violate human rights on a daily basis like it's nothing...
