The greatest economic realignment since Genghis Kahn took over Eurasia’s trade routes is continuing apace. The west remains mired in an assets contraction of its own making, and the east is refocused on channeling its growth engines into domestic consumption. The resource sector, which is our focus and which has been governed by those growth engines for a decade and half, is indicating at least the expectation of continuing gains in the east. That does not mean we ignore what is going on the developed west, plus Japan.
We think that concisely lays the enormity of change we are witnessing. As Mohamed El-Erian has suggested, the coming years may see adjustments in world leadership and determine the shape or fate of capitalism itself. It is hard to overstate how important these times likely are. The world as we knew it is changing. Get ready for the "new normal."
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At this point in time, the leaders of China, India and Brazil are oriented toward growth while the Obama administration is focused on rewarding its political allies, punishing its political enemies and shrinking America's "footprint."
What would be different if America's enemies were in charge?