https://www.youtube.com/watch?v=SmtCGRG4pb8
The whole idea of the ideal of globalization (global open market) was for countries to find + exploit their "competitive advantage" on a global scale + global prosperity would ensue. The slogan/mantra (that no was allowed to question) was to "think globally, but act locally". THE GOAL (holy grail) was OPTIMUM - global - PROSPERITY which would allow for more gov't revenue from the creation of MORE companies + MORE jobs: it was all about MORE! Crookedly-run countries took advantage of this to spend MORE! MORE bribes. MORE kickbacks. They loved this whole "theory' of globalization that no one dared question. Ha! Ha! THE LOGIC WAS TO SPEND MORE: MAKE YOUR MONEY WORK FOR YOU. The crookedly-run, money-poor countries (those incurring HUGE DEFICITS) took advantage of this UNQUESTIONED, UNCHALLENGES NOTION to mortgage their economic future by OVERSPENDING. They used the notion of globalization to forgive THEIR "UNBRIDLED" SPENDING in THE UNFOUNDED BELIEF that THE MONEY SPIGOT would open wider + wider + MONEY WOULD JUST POUR IN - down the road. THAT WAS THE "PERVERSE" LOGIC that THE CROOKS WHO RAN THE GOVERNMENTS used. UNBRIDLED CAPITAL SPENDING became THE NEW WAY as it could pay for itself in the future: DUBAI is THE BEST EXAMPLE OF THIS. It depends on PEOPLE WITH MONEY TO COME TO DUBAI. But when NOT ENOUGH PEOPLE have the money, WHAT WILL HAPPEN TO DUBAI? However, GLOBALIZATION has worked for China allowing it to finance A BASKET OF HUGE MEGAPROJECTS + money rich Muslim countries TO EXPAND + MODERNISE THEIR INFRASTRUCTURE because they had the money to do it without amassing HUGE DEBTS. THOSE HUGE DEBTS HAVE TO BE PAID. They will be A LOT LESS MONEY TO INVEST. This will SLOW DOWN THE GLOBAL ECONOMY AS IT WILL CONTRACT MORE + MORE ON EXPECTATION OF ECONOMIC GROWTH THAT WILL NOT COME ONLY EXACERBATING EVERYTHING MORE. THE VALUE of the equity markets is founded on the expectation of FUTURE REVENUE GROWTH. When the justification for such an expectation is NOT THERE the equity markets FALL! And FALL until there is REVENUE GROWTH. This horrifical economic environment NO ONE CAN SELL ASSETS AS NO ONE WANTS TO BUY ASSETS preferring to KEEP CASH + have LIQUIDITY. BANKS GO UNDER unless they have the necessary funds to deal with their bad debts due to their loans turning sour. In this scenario, ALL U.S. BANKS are GONE except for Toronto Dominion which the Americans now own. Retirement funds will only be able to pay a percentage to their retirees. BANKS WILL BE INVESTING AT A LOST. People will survive through cooperative living + THOSE WITH THE MOST FRIENDS + THE BIGGEST EXTENDED FAMILIES WILL SURVIVE THE BEST. The global economy will resurrect + be stronger + wiser once we have PURGED THE MASSIVE GLOBAL DEBT PROBLEM - perhaps, several decades down the road. Governments will have to DOWNSIZE + THE CROOKS IN THE GOVERNMENT WILL HAVE TO GO! (Ha! Ha!) Ken, Toronto, CANADA