See here's the thing - all the fake activity the west and particularly the Anglosphere is built upon may be the 'engine of the world economy' but actually how relevant is this to the vast bulk of the world's population? ... We need a different model - great 'victories' like selling the same consumer product over and over and over in ever decreasing cycles is not sustainable. Raping the third world of its resources and bribing its elite for the privilege is not sustainable. India and China are abetting the west by under cutting western workers and not advancing their own people. In India this is an emergent phenomena in China a deliberate one. We're running towards the Marxist end game of stagnation as capital tries to shore itself up by forcing its customers to accept a lower standard of living via bought and paid for politics. There is plenty of scope for activity to increase if it is geared towards something other than preserving destructive business models. But that is not as profitable in the short term as gambling in a rigged financial market and riding asset bubbles... The global economy is in trouble because of a fundamental problem: the way institutional capital is concentrated in a few hands (the big banks and allied funds) and distributed to the usual suspects more often than not for the wrong reasons. Skewed wealth distribution among individuals has received much more attention. But even the ultra rich individuals have to rely on the same financial network, managed by Central Banking with the Fed as the big daddy of the Central Banks. This network has become short sighted, greedy, incompetent, and often acts corruptly in a variety of ways. Too much power tends to do this. The UK economy is not doing so well. Would be silly to think a few blips of growth, returning to the size of an economy several years ago (less per capita), in return for a mountain of debt is a positive development. No, it's just building up for a bigger disaster around the corner. The US and the EU have to realize that the recovery of the global economy has to emanate from four factors: (a) reforming the banking industry so capital, (b) investing in and developing emerging markets where the greatest growth potential is, (c) focusing on "real" products and services rather than financial manipulations, and (d) making capital available across the board to the bulk of the people rather than the cronies of the banks and the state. The debt defaults of the poor are never so severe as the rich. Any single poor person will never have a debt default to rock the bank. But not so the case with the ultra rich. But the ultra rich tend to get far greater access to capital, underwritten by all of us thanks to the fiat currency structure, by orders of magnitude. And this capital is spent far from prudently or optimally for the economy.
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