<<Where does Europe stand in this entire big picture scenario?>>
What a question! Euros have done what they should: create the Euro. Now in two years Sweden, UK and Denmark will be joining. In about five years DMs, Liras and French Franks will be part of the history books.
About the same time, i.e., in about four years, Czech Republic, Slovakia, Poland, Slovenia and Hungary will be part of the EU. Lots of infrastructure projects going on to keep Euroland's industry humming along. The Euro countries had, initially, earmarked €1 trillion, for the Eastern push, but plan to increase or have already done so.
Euroland at that size will be a credible contender for the US. Hence the script for the next five years is already written. The US and Japan are a different story. Japan having exhausted its rollover strategy of exporting industry, can only hope not be 'Argentinized'. And keep wondering what is going to be of Japan once China 'arrives'?
The US can't do the same Euro countries. Well, George Bush Sr. had an idea of creating an economic might that would encompass from Alaska to Tierra del Fuego, but the US and those South Americans don't have what it takes to make it happen. |
