World power swings back to America - Telegraph

World power swings back to America - Telegraph

Some good news from the Telegraph's international business editor Ambrose Evans-Pritchard: America is supplying nearly three-quarters of its energy needs, up from half a decade ago. Wage inflation in China is encouraging manufacturing to come back home as the cost gap closes. A caution: "The switch in advantage to the US is relative. It does not imply a healthy US recovery. The global depression will grind on as much of the Western world tightens fiscal policy and slowly purges debt, and as China deflates its credit bubble." But the advantages are real: "It is almost the only economic power with a fertility rate above 2.0 - and therefore the ability to outgrow debt - in sharp contrast to the demographic decay awaiting Japan, China, Korea, Germany, Italy, and Russia."