The Asia Report is supported by Cathay Pacific
The world’s power centre is shifting from West to East because the eurozone and United States are collapsing under the weights of their own debts, according to Niall Ferguson.
In a presentation given at an Oslo Skagen Funds event, Ferguson outlined how the economic downturn we’re experiencing right now is actually a symptom of the long-term shift in economic power from the U.S. and EU to China. Heavy stimulus spending and Fed money printing have only served to increase the speed of an already established trend, according to Ferguson.
In typical style, Ferguson walks through how many major macro developments, from gold’s price surge, to quantitative easing, to the collapse of the PIGS, to greater innovation and education in Asia all explain this broader story.