I think the world has to learn that the US is no longer as relevant as it was 20 years ago to the global economy. I mean the share of the US in the global economy has diminished very substantially. Now you have higher car sales in China than in the United States and by the way car sales are today in emerging economies including Indian, Latin American, China and so forth are larger than in the G-16 countries. In other words it is larger than in Western Europe, US and Japan combined.
Also oil consumption in emerging economies today is larger than in the developed countries. So we are dealing with a totally new world. There has been a huge shift in the balance of economic power between the rich countries, the arrogant countries of the west and the emerging economies that are coming up and that also will lead to tensions in my opinion political and geopolitical tensions.
in Economic Times, December 19th
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world. Dr. Doom also trades currencies and commodity futures like Gold and Oil.
