The most important part to understand is that there is change in economic world leadership. This change of state and super-power decline means that we have entered a dangerous period subject to war.
Historian Niall Ferguson points out that we have entered the “Age of Upheaval.” This is characterized by the economic decline of the world’s super-power, economic volatility and ethnic conflict. This is known as the three Es, and now all three Es exist at the same time.
In past global slowdowns, the United States invariably led the way out, followed by Europe and the rest of the world. But for the first time, the catalyst is coming from China and the rest of Asia, where resurgent economies are helping the still-shaky West recover from the deepest recession since World War II.
Asia’s Recovery Highlights China’s Ascendancy – NYTimes.com
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