It will take about five years optimistically to build that capability.
It's the effect of the monetary system squeezing the masses hard which forces everyone to buy the cheapest things and it created a kind of technological shrinkflationary race to the bottom.
In my mind, and definitely informed by my attraction to medieval Catholic philosophy, the problem isn’t really debt but rather usury.
I actually think that if it's one's own money, they should be allowed to loan it at any interest rate since they're taking the risk upon themselves. If they can find a willing borrower at such high rates, then good for them. If the borrower agrees to a bad deal, then it's the borrower's own fault.
What I most strongly oppose is the idea of public institutions loaning citizens' money through the issuance of new currency (which dilutes the value of previously issued money). It's especially harmful when the interest rate is low.
For example, if the interest rate is 0%, then it's unjust for a government institution to dilute citizen's currency and shift the risk of borrower default onto currency-holding citizens (savers) without offering any upside to those savers; in that case, the central banks turn regular citizens (savers) into suckers by loaning out their money for free for the benefit of reckless borrowers who borrow it for free.
Manufacturing consumer goods in the west was never unaffordable, just that insane corporates profits weren't possible while keeping manufacturing in the west, as they were in China.
A lot of consumer electronics were made in the west before the mass exodus to China. Nokia phones was made in Finland and Germany, Siemens phones were made in Germany, Ericsson phones were made in Sweden, etc.
It was all possible and they also didn't cost an rm and a leg, but companies saw the allure of ultracheap labor and loose environmental regulations in China to jack up their profits.
Check out the global battery supply chain
That's not dubious, that's obvious.
> Nobody
Ironically correct: the absence of alternatives — nobody else could do it — is what forced them in the first place.
The recent pressure from the US government to "bring it home" is because the US government finally started to realise that was both true and bad (doesn't matter if Huawei was really spying, Washington believed they were); similarly for equivalent EU pressure.
That seems incredibly dubious.
Who forced Apple to manufacturer iPhones in China?
Nobody.