The World Is Changing & Ignoring This Reality Is Not Healthy
Monty Pelerin / EconomicNoise.com
We are on the precipice of enormous financial and economic change. It is not change for the good, especially for the United States. Excesses and mis-allocated resources of several generations are about to be exposed as modern industrial nations sink deeper into the economic hole they have dug for themselves. The purging of these economic mistakes will be painful, could create new wars as politicians attempt to deflect blame and may end up changing the political form of government in some countries.
The US is especially vulnerable with respect to the transformation ahead. Having the dollar as the reserve currency for the world has allowed this country to endure excesses unavailable to all other countries. The luxury of the dollar as the world’s reserve currency is about to end. When it does, the US becomes just another inefficient, over-indebted dysfunctional economy, little different than the weak sisters of Europe.
Simon Black provides some commentary on this matter:
The entire global financial system is based on the idea that the US can and should be the center of the economic universe. The dollar is used extensively in cross-border trade; US banks are the cornerstone of the global banking system; and US government debt is the foundation of nearly all financial markets around the world.
… things have changed now. The rest of the world has grown beyond this system, and it’s time for the system to change.
… the US has become markedly less relevant in the global economy. As such, there’s really nothing to prevent the system from changing.
… the only people pretending to not notice are the political elite in the US who are too busy printing money and indebting the economy.
The trend is very clear. It’s one of those things that future historians will look back on and say, ‘Well, duh, obviously…,’ a bit like how we can easily diagnose the origins of World War I.
Investors beware! We approach times never before imagined.
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