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As the US fades, emerging nations trade
Old thinking
We tend to think about the world from a US
perspective. Every month, the biggest economic
release in the financial firmament is US non-farm
payrolls, even though the initial “guesstimate” is
subject to countless subsequent revisions. We
argue about the degree to which the rest of the
world is still ultimately dependent on the US
economy. Yet to an economist or investor thinking
about the world in the middle of the 19th Century,
this focus on the US would seem bizarre.
We tend to think about the world from a US
perspective. Every month, the biggest economic
release in the financial firmament is US non-farm
payrolls, even though the initial “guesstimate” is
subject to countless subsequent revisions. We
argue about the degree to which the rest of the
world is still ultimately dependent on the US
economy. Yet to an economist or investor thinking
about the world in the middle of the 19th Century,
this focus on the US would seem bizarre.