marctomarket.com / By Marc Chandler / SATURDAY, June 29, 2013
The combination of the fall of the Soviet Union and the rise of China ushered in a period. We live, not in the post-WWII period, but in the post-Cold War era. One of the main characteristics of this period is that it is not Euro-centric.
We live in the earlier years of what may be a Pacific Century. The center of the world’s economy has already shifted. For more than a quarter of a century already, more goods cross the Pacific than the Atlantic.
The US foreign policy has made the now famous Asian pivot. The anti-European sentiment is strong in the UK. It is possible that the UK leaves the EU, but even that it is having a national debate on the issue, illustrates the break from the past that is taking place. The US and the UK appear willing to let a hegemon rise in Europe, Germany. It is emerging under the auspices the EU, the ECB and a number of other institutions, in a similar way that the IMF, World Bank, and GATT globalized the US Open Door policies.
Thanks to BrotherJohnF