It’s The Economy
This evening Charlie Rose discussed the economy worldwide and in the US with Jim O’Neill, Chairman of Goldman Sachs Asset Management on his new book “The Growth Map: Economic Opportunity in the BRICs and Beyond.”
It was a fascinating conversation on what is occurring – and may continue to occur – around the world that will affect our economy and our lives.
Unlike the stereotype that has developed about Goldman’s, Jim O’Neill breaks the mold by discussing not only the global challenges ahead over the next year and how countries are dealing with those challenges but also how the US is setting itself up for much better growth in the near future if, as he says, the Tea Party does not derail the growth potential now being created. He’s not a stereotypical “greedy” trader, but an analyst of global economies and their societies.
For example, he predictes, that unless derailed by some political action, that the US could see unemployment falling much faster than currently predicted because of 1) reduced use and more energy efficiency; 2) increased exports of energy sources, such as oil and gas; 3) rising employment costs in China leading US manufacturers to move back to the States; 4) lower housing costs making them more affordable; and 5) increased productivity in the US. All these things, he says will cause the US economy to gain strength, provided we’re not dragged down by the unresolved problems in the Eurozone, and cause the unemployment rate to decline much faster and further than currently expected.
However, he cautions that all of these positive outlooks could change if the GOP, and particularly the Tea Party faction, moves to harm the economy such as they did with the debt ceiling.
His conversation with Charlie Rose was fascinating and enlightening. Certainly worth the time spent watching to gauge how world economies and societies are doing as well as the US economy.