Recession in Western World
World War-II brought down the supremacy of the British Empire.
The current recession brings down the supremacy of the US Empire and rest of Western World.
US was the undisputed leader and super power after the second world war.
Using inflation to drive western economies forward is like using doping to get
improved performance out of our body.
Performance rises dramatically but in the end the body (economy)
doesn't work anymore or even dies.
before christ: Aristotle's dreams cause Aristotelian Paradigm (the myth 'immaterial' superiority)
15th century: Rise of the Western world. Industrialism, Capitalism
Prolonged political dominance of the nations of the Western world.
End of 19th century: Rise of the United States as new Roman Empire.
2 world Wars, Cold War, War on Terrorism, Printing of Money.
Recession.
The western world’s GDP will drop below 50 per cent of the entire world’s GDP this year as a result of the recession.
The Centre for Economics and Business Research forecasts the western world will account for less than 50 per cent of world
GDP six years earlier than previously forecast.
The share of world GDP from the Western world - US, Canada and Europe - is forecast to drop from 60 to 64 per cent, where it fluctuated from 1995 to 2004, to 49.4 per cent in 2009.
China is expected to become the world’s second largest economy in dollar terms.
