Economic slowdown or social earthquake? - by Don Pitts
It is still too early to be certain whether what we are facing now is just another once-a-decade economic slowdown, or something more transformative. But as newly appointed U.S. Secretary of State Hillary Clinton pushes her reset button with Russia, the world economic collapse may be doing something similar to the rest of us. Are the U.S. car companies just going through a bad patch, or is their growth model fundamentally flawed in the face of foreign competition? A similar question can be asked about the about the global banking system.
Is the oil and gas industry just in the midst of a temporary slowdown, or is the war on climate change about to create a permanent shift in the way we use carbon fuels? Does the U.S. dollar deserve its place as the world's reserve currency or is it going the way of the English guinea or the Austro-Hungarian Crown?
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