China Added More to Global Economic Growth in 2007 than the United States

Colleague Chris Mayer reports:

“China added more to global economic growth in 2007 than the United States. That’s the first time a country other than the U.S. pulled the bulk of the global economic sled since at least the ’30s.”

Buffett says it is not smart to sell the United States short. But selling the United States short has been a very good investment for the last eight years. Our guess is that it will continue to be a good investment, generally, over the next eight years too.

The United States is the General Motors economy – it is losing money on an annual basis, with high legacy costs, high debt, worn-out equipment, and a declining market share. Could it turn itself around? Yes. But not without a major upheaval – war… revolution… or bankruptcy.

Chris passes along another friend’s advice: “Get out of the dollar, teach your children Chinese, and buy commodities,” says Jim Rogers.

Until tomorrow,

Bill Bonner
Markets and Money

Bill Bonner

Bill Bonner

Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America’s most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind Markets and Money.
Bill Bonner

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Half of Hong Kong speaks English, you might not have to learn Chinese after all :P

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