A quote from an aticle by Joel Bowman click to read the full article
China, India, Brazil, etc. – command an increasingly important role in the geopolitical arena. In addition, these New Economies on the Block are forging important trade ties with each other and inking deals to secure their mutually beneficial future, ex-US.
The United States, meanwhile, is up to its ears in ever-mounting debt…both to its creditor nations in the Middle and Far East and, to an even larger extent, to its own citizens.
And so we ask ourselves, will the young Johnnie and Jenny Smiths of the West be able to bluff their way through the next round of negotiations with a pair of twos? Or will the Changs, Patels and Ahmeds of the world call their bluff and take them to the cleaners?
Unfortunately, the trouble started for Generation iPod before they even had a chance to cause it for themselves. “Like America itself,” observes Bill Bonner, “[Young Americans] are in danger of finding themselves slipping downhill. Instead of expecting things to get better, they may find it hard even to hold onto what they’ve got. Instead of the ‘Morning in America’ that Ronald Reagan promised, they may find that it seems more like evening, both in their personal as well as their national lives.”
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