clipped from: www.spiked-online.com The truth about the ‘credit crunch’ESSAY: What the Subprime Crisis reveals about the economy, politics and the state in 2008 – and why the real story is the rise of the East as the West flounders. |
The story for the next year in Western financial markets will be of the further repercussions of the credit squeeze. Meanwhile, the story for the next generation is of the rise of China and the rest of the East, and of the way that Western troubles become Eastern opportunities.