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Financial Times – Martin Wolf
Themes: Society
FT.com / Comment & analysis / Analysis – Asia’s revenge
If what they say is true, that ‘journalists write the first draft of history’, then Martin Wolf (one of the world’s top financial journalists) has begun to sketch.
Wolf is arguing that a large part of the credit boom in the West has been driven by large surpluses in emerging economies. Essentially, poorer nations have been unwilling to invest into their own economies, fearing insecurity and lack of return, and have been moving their money into rich economies in the form of cheap credit. The collapse of this system should lead to a better distribution of wealth and investment across world economies.
A good thing, I should think.