Word: accountants
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Dates: during 2000-2009
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...fairly famous among the investing crowd for being a superbull on commodities. His investment convictions spring from an unflappable confidence in his ability to spot emerging secular trends. He looks at the same headlines we all do - that the U.S. government is running gargantuan deficits, that China's huge account surpluses are being smartly invested, that the world economy is experiencing tectonic shifts. But Rogers sees each bit of news as a piece of a bigger puzzle. When he finally can divine what the puzzle says, he bets heavily, writes books about it and gathers a crowd around...
...China's export dependency went far beyond the unbalanced structure of its real economy. Its financial and currency policies were also aimed at deriving maximum support from external demand. A closed capital account and an undervalued renminbi (RMB) were icing on the cake for China's powerful strain of export-led growth. Moreover, to the extent that its currency-management objectives required ongoing recycling of a massive reservoir of foreign-exchange reserves into U.S. dollar - based assets, such capital inflows helped keep longer-term U.S. interest rates at exceptionally low levels. In effect, China's implicit interest-rate subsidy ended...
...linkage between Asian growth and the American consumer bears special mention. The U.S. consumer is still the dominant consumer in the global economy. Although America accounts for only about 4.5% of the world's population, its consumers spent about $10 trillion in 2008. By contrast, although China and India collectively account for nearly 40% of the world's population, their combined consumption was only about $2.5 trillion in 2008. During the boom, China and the rest of Asia reaped enormous benefits from a mercantilist growth model that was tied increasingly to the voracious appetite of the American consumer. Unfortunately, Asia...
...real impact on economic development. There are farmers who can no longer till the land that fed their parents and grandparents because it's become almost desert. With changing rain patterns, we have a serious problem of food production. Diseases are moving faster and farther. This is all on account of climate change...
Thus far, the Standard Model has only been able to account for the behavior of three of the four fundamental forces—gravity has yet to be integrated, explained Huth...