Jim writes: >> Ranks of Rich March From West to East >> Millionaire Population Grew Much Faster >> In Emerging Markets Than in U.S. in '07 >> By ROBERT FRANK >> Wall Street Journal >> June 25, 2008 >> >> The population of millionaires grew five times as fast in emerging >> markets >> as it did in the U.S. last year, according to a survey released Tuesday. >> That was the largest divergence between the U.S. and the big emerging >> markets since the comparisons were first published in 2003. > > I'd say this recent change is likely entirely due to (1) the rising > price of oil and (2) the falling dollar. ======================== Indeed, which in themselves are two more indicators of how things have changed. Time was when Western imperialism controlled the world's oil fields and dictated price, not state oil firms in the developing nations. The falling dollar was engineered by the US to reduce its enormous current account deficit, but then acquired its own momentum as the Fed frantically chopped rates to forestall a collapse of the US financial system and foreign investors began to lose confidence in the vaunted "transparency" of American capital markets.
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