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Is America's Economic Dominance Coming To an End?
SUGAR LAND--May 28, 2008--BizRadio's Moneyman, Daniel Frishberg, isn't one to mince words or hide his head in the sand. Here's his honest appraisal of the booming Global Emerging Market growth vs. our aging Baby Boomer-led economy.
"As baby boomers get even older they're going to stop buying that second home, they stop buying boats, they cut down on their consumption quite a bit and so our economy just isn't quite as vital.
There are other people around the world who are more motivated. They're getting a taste of middle class living and they are a billion or two billion people! That is 3, 4, 5, 6, 7 times the size of our entire population moving into the middle class, ready to work hard, ready to outwork us, ready to work cheaper. We're not going to be able to compete with them. We helped them to get where they are right now and we are stupidly and fearfully now saying we don't like it.
Nothing is going to stop this from happening, we can be in a world of tremendous riches and we can be the world's banker. The thing we should take advantage of is that for 50 or 100 years, we and Western Europe and Canada have been saving money while everybody else has been working in the fields growing rice. We've got extra capital. For them to compete with us and have all these great businesses and industrial production - they need capital. We're the only ones that really have it, so we can be the world's banker!
Well, I am investing in what we call "Chindia". A third of the world's population and maybe two-thirds of the people who I was talking about that are moving into the middle class live in some combination of China and India. I don't know if it is the center of business, but it is absolutely the center of growth for the next 20 years!"
Join us every day for more of Daniel's leading-edge commentary and foresight. Here at BizRadio and Industrial Info Radio.
Industrial Info Resources (IIR) is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services.
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