US No Longer Technology King

Nine trillion dollars in federal debt…a ‘fiscal gap’ 50 trillion dollars wide… a USD$800 billion trade deficit…an everlasting War on Terror…

And in today’s news comes word that the United States is “no longer technology king.”

The BBC reports:

“The US has lost its position as the world’s primary engine of technology innovation, according to a report by the World Economic Forum.

“The US is now ranked seventh in the body’s league table measuring the impact of technology on the development of nations.

“A deterioration of the political and regulatory environment in the US prompted the fall, the report said.”

And more bad news…Alan Blinder writes in the Wall Street Journal that globalised competition could cost the United States as many as 40 million jobs over the next two decades. Fifty years ago, America was the world’s most competitive economy. Now, Asians have an edge when it comes to low cost production, and Europeans have an edge when it comes to innovation and high quality production. The Empire is peaking out.

What will it do when it can’t pay its bills? We’re going to find out…

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.

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2 Comments on "US No Longer Technology King"

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mitchell porter
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That BBC article is absurd. First of all, the US has been in the lower reaches of the top 10 for that index frequently – the rankings oscillate. Second, it’s only about I.T.; there’s nothing about biotech, about aerospace, about the US lead in basic R&D in almost every field.

Clive Hutt
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I agree with Mitchell Porter, you only have to look at the world’s leading companies and they are all in the US. I only wish Australians could freely invest in the US without having to put them in managed funds to get round our draconian tax laws. We would be much better off than investing in the third rate monoplies we have over here.

wpDiscuz
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