2009 was a horrible year for the U.S. financial system. The World Economic Forum’s (WEF) latest rankings slammed American finance, dropping it to the #3 slot. London took #1, which some may have expected.
Yet the real stunner was Australia. It jumped from #11 to #2, blowing past the U.S.
Singapore jumped from #10 to #4 as well. The way things are going, it wouldn’t be surprising if Singapore overtook the U.S. next year.
Shocked? Actually, their arguments against the U.S. financial system make a lot of sense. Many smaller countries have far more stable systems.