The global steel industry: What's behind the downturn? - Counting the Cost
Economy | Information | History | Online | Facts | World | Global | Money
We explore the reasons behind the steady collapse of the steel economy, from China to Britain's oldest plant. More from Counting the Cost on: YouTube - http://aje.io/countingthecostYT Website - http://aljazeera.com/countingthecost/
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What's behind it? The people who used to have good jobs and buy things are working the new low paying service jobs or not working at all. Tough to buy things with no money.
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Chinese only had a boom because of dishonest currency manipulation. They have a demand drop boohoo... the rest of the world allowed China to do this to them and even for them to dump the steel.. America and England suffered at the expense of the Chinese to profit. Especially Pittsburgh PA got screwed the hardest by the Chinese. I can't totally blame China though because they want to grow the economy by growing exports... But the demand for the chinese Yuan or whatever it is should increase which makes the currency worth more, but that is not happening because free market forces are not taking effect.
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This is the end result of unbridled Capitalism. With most people now working for low wages, brought on by capitalism, they can no longer afford to buy large items made with steel.
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