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"The Decline of the West, Act II" by Eric Kraus from Nikitsky Fund in Moscow. I could not agree more...
http://nikitskyfund.com/content/blogsection/4/37/
http://nikitskyfund.com/content/blogsection/4/37/
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Re: Must-Read by Eric Kraus
Great article Ostap. I skimmed through it but will read it through this evening. -
Re: Must-Read by Eric Kraus
Yes, very interesting and insightful.
But perhaps it is best titled "The Rise of the East". Not as gloomy and provocative as "The Decline of the West" but more accurate, I believe.
The west began outpacing the rest of the world around 1500. What we are witnessing now is ROW finally catching up to (and passing) our level.
Granted, to the author's point, our leaders are making some terrible decisions to help our competitors and further close the gap but globalization is nothing more than the desires and wants of 6 billion people finally manifesting itself. They will not be denied, at least not by us.
As for bad leadership by Bush, Kraus implies Bush is nothing more than an actor tragically playing out a pre-ordained role. I'm not that much of a fatalist, but I do believe that bad decisions by US leaders, at all levels, are aggravating a deteriorating position.GregComment
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Re: Must-Read by Eric Kraus
Amusing article, but I would be extremely concerned over the level of borrowing done by the Russian banks.
T & B dismisses this by saying the government/CBR won't allow a major Russian bank to fail, but I think this is a major assumption.
Given the present infighting going on over the succession between KGB factions, I would not be so sanguine about Russian moral hazard insurance.
"KGB Vets Call for End to Turf War"
http://www.themoscowtimes.com/storie...11/01/013.htmlComment
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