WEST ECONOMY TODAY USA REPORT
News 1 American bank investors withdraw in a day in billions dollars Why?
News 2 In most of our editions {The economists} we focus on the astonishing
performance of America’s economy
<https://click.e.economist.com/?qs=4159d072bdb95ba8c2c72ba6572d51fc2e74591d3a5025832e4c5340df1f80c24bac0d80a322685cf82b1fb46507a9c1e22ad44f80c6631a>.
Nearly four-fifths of Americans tell pollsters that their children will be
worse off than they are. In fact America has sustained its decades-long
record as the world’s richest, most productive and most innovative big
economy. Indeed, it is leaving its peers ever further in the dust. Only
those in über-rich petrostates and financial hubs enjoy a higher income per
person. American firms own more than a fifth of patents registered abroad,
more than China and Germany put together.
Americans worry about inequality—and it is true that the middle-class has
seen fewer gains than the rich and the poor, who have benefited from a big
increase in the size of the safety-net. It is also true that America’s
politics are toxic and that life expectancy is being dragged down by
shootings and drug overdoses. China and climate change remain real threats.
But talking down the American economy is not only wrong in fact, it also
breeds pessimistic policies like protectionism, lower immigration and
government subsidies that could spoil the secret sauce which has made
America so successful.
In Asia and the Middle East, we look at another sign of success—the
behaviour of the non-aligned countries
<https://click.e.economist.com/?qs=4159d072bdb95ba8b735607fab8491cde070923f6ea660471bf39482d2c9b4984a8032f0ae3fd67c7262022bdb8e757d2314305c7adb093f>.
It’s inconvenient for the West and China, engaged in the 21st century’s
great geopolitical competition, but at least 4bn people, or more than half
of the world’s population, live in over 100 countries that do not want to
pick sides.
This half of the world is so sprawling that it will never act as a bloc.
But if you want to understand why the oil price has spiked back over $80,
or how supply chains are being remade, or the prospects for peace in
Ukraine, non-aligned countries are a growing part of the equation. They
have turned into globalisation’s most unlikely defenders. And from finance
to defence to climate change, they are beginning to make their weight count.
KR What is in reality We may have to wait and watch. KR IRS 14423
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