Word: americanization
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...Rogers sees three big secular trends now, and he's acting on all of them. First, America's role as the dominant economic power is declining, so why own American stocks? (He doesn't.) Second, China is emerging, and even though it may have crises from time to time, it is a good place to invest. (He does.) Third - and this is the biggie - emerging nations including China are greatly increasing the future demand for commodities such as oil. (He's in with both feet...
...Being an American in Asia has never been more humbling. I recently appeared on a panel at a conference in the southern Chinese city of Guangzhou with investment guru Jim Rogers and Kirby Daley, an outspoken Hong Kong - based financial strategist. Though both Americans, the two appeared to be engaged in a contest to decide who could bash their home country the hardest. Rogers called China "the next great country of the world," while comparing a debt-burdened America to the failed British Empire. Daley lambasted American economic policy as ill conceived and out of touch. Rogers warned his listeners...
...unmistakable undertone of many of the conversations I have daily is that Americans are a people whose time has come and gone. Asian policymakers tell me of the need to diversify their economies away from the U.S.; corporate leaders talk of building new businesses in other emerging markets; economists predict how China and India will make gains at the expense of the U.S. (See "Best Photos of the Year, 2008: The American Economy: Down...
...fully aware that American hubris and misjudgment - lots of both - have gotten us into the mess we're in. Yet at the same time, I must honestly say I'm proud of America's global achievements. Behind U.S. global expansion was an ideal of a world based on free enterprise, mutual prosperity and open societies. It was that ideal that brought my Holocaust-survivor grandparents through Ellis Island in 1949 in the hopes of rebuilding their lives and finding better opportunities for their 3-year-old daughter - my mother. These ideals have too often been trampled by greed or myopic...
...That fact has apparently been forgotten. The very concepts behind the American economy are now frowned upon as the sources of the global recession. Instead we hear praise of China's "state capitalism" - the notion that semi-command economics can work better than Economic Man. And what of America's liberal political ideology, which used to inspire suppressed peoples everywhere? I recently gave a talk to about 30 students from China at a journalism class at a Hong Kong university. Riots had erupted in China's Xinjiang province between the indigenous Uighurs and Han Chinese immigrants only days before...