What will replace the globalization model?
Here’s a prediction: The political party that controls the White House after January could, four years later, be out of power for a generation. The economic challenges are that daunting.
I’m not talking just about the fiscal cliff or America’s “budgetary crystal meth” habit, as financier Bill Gross recently described Washington’s inability to contain today’s exploding debt.
The risk stems from something more fundamental: The globalization model of the past 30 years is cracking up. And there appears to be no new model to replace it.
Since April, an ugly economic world has turned uglier. The annual growth rate of total global exports has collapsed.… Seguir leyendo »