The Wealth & Health of Nations
Saturday, December 6th, 2008
This article is from one of our favorite bloggers: Mike Hewitt provides the “big picture” of individual nations relative to the global economy. The picture is not pretty for many.
http://www.financialsense.com/fsu/editorials/dollardaze/2008/1205.html
The extreme level of public debt in developed nations in particular…and these charts don’t measure corporate and private debt…portend an almost certain re-alignment of economic power. China for example, can be compared to the United States at the beginning of the 20th century. The United States is now like post World War II Britain. It may never fully recover.
The result of the changes is the full emergence of transition economies. Unburdened by massive debt, with growth oriented economies that have incorporated free market mechanisms, emerging market economies could take the lead a lot faster than previously reckoned. Indeed, that may be the “silver lining” in the current economic cloud.
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