Asia is the Future's economic hub?

January 19, 2007 8:19pm CST
Asia is the fastest economy at present. Do you agree with some economists saying that, " Europe belongs to the past, the present belongs to the United States but the future belongs to Asia".
1 response
• United States
20 Jan 07
As much as I don't want to admit it, I agree with that statement. The present state of the United States' economy is alarming. Our trade deficit is at record levels and virtually all our industries have been outsourced. Some economists contend that we are becoming a more advanced society and that education will propel us into the next century. I'm not sure this is true. I feel like all outsourcing and globalization have done for the United States is put more money into the hands of the chosen few. In essence, we are widening the gap between the rich and the poor. China's economy is the fastest growing the world. There are a billion people there who can contribute to its success. Ironically, the success of China's economy is being fueled by American money. Billions of dollars in foreign investment, so called "hot money" are causing it to expand. I think in the short term the rapid expansion could pay a toll on China, but in the long term China could become the new United States economically. It concerns me that almost 40% of all of our nation's debt is controlled by the Japanese and Chinese. If they decide to stop buying treasury notes, our economy could collapse overnight. It's a scary time. Trite and True economic principles no longer apply. So, to be honest, it's anyone's guess what will happen over the next few decades.