David Rosenberg offers his views on the global balance of power in the global economy. Not Celestial "managing" the world rise or fall - it makes the American consumer - says economist and chief strategist at Sheff Gluskin - Materials AMarkets.
Technically, China - the second largest GDP in the world. However, according to Rosenberg, second in importance on a global scale takes Beijing, with its unbalanced economy, but the American Consumer.
Economist highlights US consumers as a separate economic unit or a nation in the global economy. The economist believes that China's global role has been greatly exaggerated. China consumes a lot of raw materials and built a lot of buildings, roads and other infrastructure in the last decade - it is a fact. However, China is not capable of more. If American consumers for their share of the US gross domestic product as a separate country (of course, relatively), it would be a "nation" is number one in terms of GDP. This, incidentally, is not surprising, since US citizens produce 70-80% of America's GDP.
In support of his thesis Rosenberg resulting graph - share of global GDP in different countries. And the conditional country is "US consumers" highlighted in a separate unit to honor the first place:
Well ... quite controversial but undeniably patriotic, Mr. Rosenberg. And American consumers can only thank Obama, Yellen and the predecessors of cheap loans and credit cards. In the end, if you look, GDP does not the consumer, and the FED, which gives consumers money. Money, in turn, printed out of the air. Very comfortable economic model. Each country would be such.