Perhaps your living standard improved during the Reagan years if you were on Wall Street, but the peak earning years for Americans has been on the decline since the early 1970s. Thanks to the lack of regulation first started by Reagan and Thatcher, we're in the worst recession in decades. The living standard in the West is in trouble because of their policies. Ignore that though, and dream of a world that doesn't really exist other than in the mind of economist Stephen King. Naturally, he was talking about his new book on CNBC.
The political philosophies espoused by former leaders Ronald Reagan and Margaret Thatcher will wither and die as the West watches its financial and political power ebb away to the East, according to HSBC’s chief economist.NOTE FROM JOHN: If you're ashamed of your history, just rewrite it.
In his new book “Losing Control, The Emerging Threats to Western Prosperity,” HSBC’s Stephen King argues that the growing might of China, India and the other emerging nations has killed off the assumption of continuously improving living standards for those in the United States and Western Europe.
