Recent events around the world, as presented to us by television and the mass media, would give one the impression that the end of the world is near. How near?
Certainly the world ended for the many innocent and not so innocent killed in the Middle East thanks to the US and other military operations as well as by desperate attempts by despots to protect their little pots of honey. The end of the world seems to be closing in on some regimes are deemed to be totalitarian by their people. The best of luck to the despots and the people.
In Europe, the totalitarian of the euro as a single currency seems also to be at the brink of cracking with Germany and France desperately trying to shore up the broken finances of Greece and Italy. That's what you get when you have a lousy civil service that is not only bloated and not doing nothing but doing everything possible to stop the rest of the society from getting ahead. France is the next in line for exposure to sloppy financial behaviour although some say that it's troubles are tied to exposure to Greece and Italy, which is the same thing as bad behaviour isn't it.
I am quite taken by Obama poniticating about the problems of the world without mentioning the problems of the US itself which the American people having enjoyed and now suffering from years or decades of consuming the output of the world paid for by simply printing paper money. This is sheer abuse of its global leadership in monetary policy. I have said it before: Volcker did an excellent job, Greenspan abused it, thereby passing the global finacial baton to China bypassing Europe.
China, onced it has learned financial discipline and controlled domestic inflation, will go for domestic consumption by raising local wages and local agriculture prices and hence to sustainable prosperity through endogenous growth with imports for raw materials from the rest of the world, competing for natural resources around the world for its own internal consumption. Then, it enters an era of bloated Chinese.