Clyde Prestowitz is a thoughtful observer of the global economy. Fans of his work can now keep up with his thinking at his new blog at Foreign Policy. Here's an excerpt from his first post:
At present, virtually all the world's economies are attempting to grow and create jobs by exporting primarily to the United States, which, despite the recent economic crisis, high unemployment, and a fragile recovery, is still acting as the world's buyer of last resort. But with its budget deficits, and global indebtedness rising and true unemployment hovering around 17 percent, the ability of the United States to continue this role while also acting as the global security provider is questionable. Similarly, the ability of China and other high-growth emerging economies to maintain growth through ever-rising investment, low consumption, and undervalued currencies is also questionable. Few believe this situation to be indefinitely sustainable.
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