We have been enjoying an economic boom for years. Cheap goods have sourced increasingly from the Far East and China, in particular, has seen its world exports grow and grow.
We have been borrowing like crazy to buy these increasingly cheap goods made by the Chinese in slave like fashion. We ran out of money to lend each other way back around the year 2000 and we had got up to borrowing around 40% of consumer debt from overseas. Bizarrely, much of this was lent to us by the Chinese.
They want a slice of the action, now, and who could blame them?
I’ll expand on this shortly, but some of us think that the world truly is changing in dramatic ways.
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