Chinese Countertrend (?)

Passing it on…

some thoughts...

George Soros was quoted as saying this latest shock to the US economic system will result in the US dollar being eliminated as a reserve currency. "The current crisis is the culmination of a super-boom that has lasted for more than 60 years. Although a recession in the developed world is now more or less inevitable, China, India and some of the oil-producing countries are in a very strong countertrend.”

Just to put this "countertrend" in perspective:

China in 2006 consumed

32% of the world's steel

25% of the world's aluminum

23% of the world's copper

30% of the world's zinc

18% of the world's nickel

And in 2007, 9% of the world’s oil – the US consumes 24%, with less than ¼ of its population…

But was it all just to feed the US and western consumption binge??? Stay tuned…