As I expected, the Lame Stream Media is downplaying the emerging markets of Brazil, Russia, India, China and South Africa. What else can they do to keep the sheeple from panicking, at least for now? We Boomers, who grew up during one of Americas highest economic growth periods are used to King Dollar as the reserve currency calling the shots with the rest of the worlds economies. The fact that the BRICS nations are bypassing the dollar as the reserve currency or petro dollar and agreeing to trade in their own currencies makes us feel like the new kid at an unfamiliar school.
But as upsetting as that might be, what I find most disturbing is our so-called friends agreeing to trade with them around the dollar as well. France, Great Britain and Canada have, so far, jumped on that financial bandwagon. Actually something like 180 countries are poised to follow. It's starting to feel a little lonely around here. It looks like some of these other nations have had quite enough of Americas bullying attitude and have found a way to neutralize or at least marginalize our influence.
Of course we contributed to our own demise by allowing corporations to leave our shores and set up shop in third world countries where they could take advantage of cheap labor and more lax environmental regulations. Not to mention not slapping a tariff on their finished goods imported back here. It pays to have politicians in your pocket. Now it seems the chickens are coming home to roost.
However before anyone hands out the blue ribbons, let's take a closer look at this picture. Does anyone else see what I'm seeing? Let's take China as an example. Their economy is actually less robust and more fragile than their GDP would indicate. While America and other world corporations moved their factories to China, basically to save a buck, I believe they, perhaps inadvertently, set China up for a fall.
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