Mike interviews Ronald M. Schramm.
Buckle up because we’re about to dive deep into the riveting world of international finance and the chess game between two global economic giants – the US and China. I recently had the privilege of sitting down with Professor SRAM in an eye-opening episode where we explored the intricacies of China’s macro-finance from a US perspective. Hold onto your hats because the insights we uncovered are nothing short of mind-blowing.
The United States holds more debt than a college student during finals week, right? Surprisingly, not entirely. We tend to think of Uncle Sam being in the red to China, but guess who’s still holding the largest share of US debt? Japan and the UK, folks! China is indeed climbing the ranks, but we’ve had historical ties with our British pals, and Japan has been a steady contributor since the 18th century.
Have you ever heard politicians throw around the term “currency manipulation”? Professor SRAM demystifies it for us. China has been accused of fixing its exchange rate to make its goods either cheap or expensive. Picture this: the Chinese currency is weak, making Chinese products more affordable. Is it a strategic move by the Chinese government to boost exports, or is it a result of a weak domestic economy? The plot thickens!
But hey, let’s not forget the strengths of the good ol’ US of A. We’re innovative diverse, and have a top-notch university system. The professor rightly points out that China, with its savings-oriented approach, has its work cut out to compete with the USA. While they may be rising stars, emulating the American way is no walk in the park for them, given their political landscape.
What about the BRICS currency? Brazil, Russia, India, China, and South Africa are formidable alliances looking to challenge the dollar’s supremacy. Professor SRAM shares the lowdown, emphasizing that the dollar still rules the roost in global trade. China may aspire to make the RMB an international currency, but with capital control roadblocks and the dollar’s extensive buying power, the road ahead is not without hurdles.
Hold onto your hats because we’re venturing into an intriguing and chilling territory – China’s Social Credit System. Originally designed for credit ratings, it has morphed into a system that considers your societal behaviour, from blood donations to smoking in prohibited areas. Professor SRAM paints a vivid picture of a system that lacks transparency, potentially being used to suppress certain demographics. Could this dystopian system find its way into the West? Let’s hope not.
Shifting gears, let’s talk wealth. Did you know that around 70% of the average Chinese citizen’s wealth is in real estate? Talk about putting all your eggs in one basket! Professor SRAM breaks down the wealth distribution dynamics in China, revealing stark contrasts between the rich and poor. But here’s a jaw-dropper – China’s middle class is a whopping 300 million strong, rivalling the entire population of the USA!
Before we wrap up, let me drop a gem for all you book lovers. Have you ever heard of Steve Allen, the talk show maestro? Professor SRAM recommends his book, which shares insights from his trips to China in the 60s and 70s. It’s a time capsule into a China that was yet to emerge as the economic juggernaut it is today. It is a must-read for history buffs and anyone curious about the evolution of China.
The US-China economic saga is a gripping tale of power plays, economic strategies, and the occasional curveball. Professor SRAM’s expertise sheds light on the chessboard where these global players move. As we navigate through the twists and turns of this narrative, one thing is clear – the landscape of international finance is ever-changing, and staying informed is the key to staying ahead.
Mike Fallat, aka The BookMan, is the owner of Dreamstarters Publishing and the Million Dollar Book Agency. They have helped 300+ entrepreneurs become bestselling authors. His goal is to help 1,000 entrepreneurs publish books and teach them how to use their books as a gateway to generating 7-figures.
Visit website for more information: https://www.milliondollarbookagency.com/
[{"id":2088,"link":"https:\/\/blog.milliondollarbookagency.com\/greg-crabtree-author-of-simple-numbers-straight-talk-big-profits-4-keys-to-unlock-your-business-potential\/","name":"greg-crabtree-author-of-simple-numbers-straight-talk-big-profits-4-keys-to-unlock-your-business-potential","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/09\/Captura-de-pantalla-2024-09-05-121838.png","alt":""},"title":"Greg Crabtree - Author of \"Simple Numbers, Straight Talk, Big Profits!: 4 Keys to Unlock Your Business Potential\"","excerpt":"","content":"Mike interviews Greg Crabtree. In this episode of Million Dollar Stories, I had the pleasure of sitting down with Greg Crabtree, who's spent his life","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Sep 6, 2024","dateGMT":"2024-09-06 12:00:00","modifiedDate":"2024-09-05 15:20:53","modifiedDateGMT":"2024-09-05 15:20:53","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":46},"status":"publish"},{"id":2078,"link":"https:\/\/blog.milliondollarbookagency.com\/richard-walsh-author-of-escape-the-owner-prison-the-contractors-new-way-to-scale-regain-control-and-fast-track-growth-while-loving-life\/","name":"richard-walsh-author-of-escape-the-owner-prison-the-contractors-new-way-to-scale-regain-control-and-fast-track-growth-while-loving-life","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/09\/Captura-de-pantalla-2024-09-04-123500.png","alt":""},"title":"Richard Walsh - Author of \"Escape the Owner Prison: The Contractors new way to scale, regain control and fast track growth while loving life\"","excerpt":"","content":"Mike interviews Richard Walsh. Imagine this: you\u2019re sitting in a coffee shop, sipping on a latte, and out of the blue, you check your bank","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Sep 5, 2024","dateGMT":"2024-09-05 12:00:00","modifiedDate":"2024-09-04 23:26:22","modifiedDateGMT":"2024-09-04 23:26:22","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":21},"status":"publish"},{"id":2056,"link":"https:\/\/blog.milliondollarbookagency.com\/d-f-hart-author-of-accounting-for-authors-financial-analysis-budgeting-costs-and-margin-made-simple\/","name":"d-f-hart-author-of-accounting-for-authors-financial-analysis-budgeting-costs-and-margin-made-simple","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/08\/DF-Hart.png","alt":""},"title":"D.F. Hart - Author of \"Accounting for Authors: Financial Analysis, Budgeting, Costs, and Margin Made Simple\"","excerpt":"","content":"Mike interviews D.F. Hart. In a recent episode of Million Dollar Stories, We had the pleasure of speaking with D.F. Hart, a force to be","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Aug 16, 2024","dateGMT":"2024-08-16 15:53:15","modifiedDate":"2024-08-16 17:08:42","modifiedDateGMT":"2024-08-16 17:08:42","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":47},"status":"publish"},{"id":2032,"link":"https:\/\/blog.milliondollarbookagency.com\/david-schloss-author-of-the-new-mba-how-to-build-a-business-that-you-love-and-take-control-of-your-finances-without-losing-who-you-are\/","name":"david-schloss-author-of-the-new-mba-how-to-build-a-business-that-you-love-and-take-control-of-your-finances-without-losing-who-you-are","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/08\/Captura-de-pantalla-2024-08-07-123041.png","alt":""},"title":"David Schloss - Author of \"The New MBA: How to Build a Business That You Love and Take Control of Your Finances Without Losing Who You Are\"","excerpt":"","content":"Mike interviews David Schloss. When we talk about entrepreneurship, it\u2019s easy to get caught up in the buzzwords, the big dreams, and the flashy Instagram","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Aug 8, 2024","dateGMT":"2024-08-08 13:44:24","modifiedDate":"2024-08-08 13:44:27","modifiedDateGMT":"2024-08-08 13:44:27","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":5,"sec":8},"status":"publish"},{"id":2005,"link":"https:\/\/blog.milliondollarbookagency.com\/gerald-everett-jones-author-of-white-collar-migrant-worker-making-your-way-in-the-gig-economy\/","name":"gerald-everett-jones-author-of-white-collar-migrant-worker-making-your-way-in-the-gig-economy","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/08\/Captura-de-pantalla-2024-08-07-120043.png","alt":""},"title":"Gerald Everett Jones - Author of \"White-Collar Migrant Worker: Making Your Way in the Gig Economy\"","excerpt":"","content":"Mike interviews Gerald Everett Jones. Today, we\u2019re diving headfirst into the labyrinth of the gig economy with none other than Gerald Everett Jones. If you\u2019ve","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Aug 7, 2024","dateGMT":"2024-08-07 15:13:19","modifiedDate":"2024-08-08 13:18:06","modifiedDateGMT":"2024-08-08 13:18:06","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":25},"status":"publish"},{"id":2024,"link":"https:\/\/blog.milliondollarbookagency.com\/alexander-ohnemus-author-of-accounting-fundamentals-and-applications-thesis\/","name":"alexander-ohnemus-author-of-accounting-fundamentals-and-applications-thesis","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/08\/Alexander-Ohnemus.png","alt":""},"title":"Alexander Ohnemus - Author of\u00a0 \"Accounting Fundamentals and Applications Thesis\"\u00a0","excerpt":"","content":"Mike interviews Alexander Ohnemus. On this episode of Million Dollar Stories, we had the distinct pleasure of sitting down with Alexander Ohnemus, who embodies the","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Aug 7, 2024","dateGMT":"2024-08-07 15:12:15","modifiedDate":"2024-08-07 15:12:17","modifiedDateGMT":"2024-08-07 15:12:17","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":26},"status":"publish"},{"id":2000,"link":"https:\/\/blog.milliondollarbookagency.com\/randy-gage-author-of-radical-rebirth-kill-off-the-old-you-and-create-a-new-life\/","name":"randy-gage-author-of-radical-rebirth-kill-off-the-old-you-and-create-a-new-life","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/07\/Randy-Gage.png","alt":""},"title":"Randy Gage - Author of \"RADICAL REBIRTH: KILL OFF THE OLD YOU AND CREATE A NEW LIFE\"","excerpt":"","content":"Mike interviews Randy Gage. Ever feel like you're trapped in a cage of your own making, living a life that doesn't quite hit the mark?","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Jul 29, 2024","dateGMT":"2024-07-29 15:02:46","modifiedDate":"2024-07-29 16:02:37","modifiedDateGMT":"2024-07-29 16:02:37","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":24},"status":"publish"},{"id":1983,"link":"https:\/\/blog.milliondollarbookagency.com\/jill-burk-author-of-real-financial-health-for-wellness-businesses-transform-your-practice-and-your-life-from-struggling-to-thriving-in-just-30-days-with-simple-tips-and-skills\/","name":"jill-burk-author-of-real-financial-health-for-wellness-businesses-transform-your-practice-and-your-life-from-struggling-to-thriving-in-just-30-days-with-simple-tips-and-skills","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/07\/Jill-Burk.png","alt":""},"title":"Jill Burk - Author of Real Financial Health for Wellness Businesses: Transform your practice and your life from struggling to thriving in just 30 days with simple tips and skills","excerpt":"","content":"Mike interviews Jill Burk. In this episode of Million Dollar Stories, we talked to the incredible Jill Burk about her game-changing book, \"Real Financial Health","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Jul 26, 2024","dateGMT":"2024-07-26 16:49:44","modifiedDate":"2024-07-26 16:49:47","modifiedDateGMT":"2024-07-26 16:49:47","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":35},"status":"publish"},{"id":1971,"link":"https:\/\/blog.milliondollarbookagency.com\/greg-filbeck-author-of-working-capital-management-concepts-and-strategies\/","name":"greg-filbeck-author-of-working-capital-management-concepts-and-strategies","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/07\/greg-filbeck.png","alt":""},"title":"Greg Filbeck - Author of \"Working Capital Management: Concepts And Strategies\"","excerpt":"","content":"Mike interviews Greg Filbeck. In this episode of \"Million Dollar Stories,\" we had the pleasure of diving deep into finance and investment with Greg Filbeck.","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Jul 26, 2024","dateGMT":"2024-07-26 16:47:48","modifiedDate":"2024-07-26 16:47:51","modifiedDateGMT":"2024-07-26 16:47:51","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":24},"status":"publish"},{"id":1937,"link":"https:\/\/blog.milliondollarbookagency.com\/darrell-mullis-author-of-the-accounting-game-learn-the-basics-of-financial-accounting-as-easy-as-running-a-lemonade-stand-basics-for-entrepreneurs-and-small-business-owners\/","name":"darrell-mullis-author-of-the-accounting-game-learn-the-basics-of-financial-accounting-as-easy-as-running-a-lemonade-stand-basics-for-entrepreneurs-and-small-business-owners","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/07\/Darrell-Mullis.png","alt":""},"title":"Darrell Mullis - Author of \"The Accounting Game: Learn the Basics of Financial Accounting - As Easy as Running a Lemonade Stand (Basics for Entrepreneurs and Small Business Owners)\"","excerpt":"","content":"Mike interviews Darrell Mullis. Imagine a room filled with eager entrepreneurs, each with a burning desire to understand the financial backbone of their businesses. They","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Jul 10, 2024","dateGMT":"2024-07-10 15:06:04","modifiedDate":"2024-07-10 15:06:07","modifiedDateGMT":"2024-07-10 15:06:07","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":38},"status":"publish"},{"id":1933,"link":"https:\/\/blog.milliondollarbookagency.com\/norman-bacal-author-of-never-stop-change-your-life-advance-your-career-take-charge\/","name":"norman-bacal-author-of-never-stop-change-your-life-advance-your-career-take-charge","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/07\/norman-bacal.png","alt":""},"title":"Norman Bacal - Author of \"NEVER STOP: Change Your Life-Advance Your Career (Take Charge)\"\u00a0","excerpt":"","content":"Mike interviews Norman Bacal. Welcome to the milestone 300th episode of the Million Dollar Book Stories podcast! Today, we're diving deep into the world of","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Jul 9, 2024","dateGMT":"2024-07-09 15:06:12","modifiedDate":"2024-07-09 15:06:15","modifiedDateGMT":"2024-07-09 15:06:15","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":4,"sec":40},"status":"publish"},{"id":1929,"link":"https:\/\/blog.milliondollarbookagency.com\/corey-rosen-author-of-your-story-well-told-creative-strategies-to-develop-and-perform-stories-that-wow-an-audience-how-to-sell-yourself\/","name":"corey-rosen-author-of-your-story-well-told-creative-strategies-to-develop-and-perform-stories-that-wow-an-audience-how-to-sell-yourself","thumbnail":{"url":"https:\/\/blog.milliondollarbookagency.com\/wp-content\/uploads\/2024\/07\/Johan-Fourie.png","alt":""},"title":"Corey Rosen - Author of \"Your Story, Well Told: Creative Strategies to Develop and Perform Stories that Wow an Audience (How To Sell Yourself)\"","excerpt":"","content":"Mike interviews Corey Rosen. In a recent insightful episode, Corey Rosen shared his expertise on storytelling and its transformative power in personal branding and communication.","author":{"name":"Bookman Forever","link":"https:\/\/blog.milliondollarbookagency.com\/author\/mdbapodcast\/"},"date":"Jul 3, 2024","dateGMT":"2024-07-03 19:11:26","modifiedDate":"2024-07-03 19:11:29","modifiedDateGMT":"2024-07-03 19:11:29","commentCount":"0","commentStatus":"open","categories":{"coma":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>","space":"<a href=\"https:\/\/blog.milliondollarbookagency.com\/category\/podcasts\/\" rel=\"category tag\">Podcasts<\/a>"},"taxonomies":{"post_tag":""},"readTime":{"min":3,"sec":19},"status":"publish"}]