Greg, two things, the source of demand for PC, sure, the developing world needs food and health care, but there is a huge growth in their middle class, and because they number 10 times the population of the US, even if their middle class is much smaller, they will within the next 10 years or so, double or more the current demand. Look at those cellulars, half a billion units sold last year.
As for the inheritance and how that plays, it can easily go down the drain (and is partially going there already) by increasing health care from its current 15% of GDP to 18%. Luckily, in the last 20 years or so, energy has gone down from about 10% to 15% of GDP to only 5%, so we have not suffered major dislocations when some of that wealth went to health care, now, the story may be quite different.
Zeev |
