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If the US dollar collapses and the economy crashes, will Asia be the new economic power?
By Rose | May 21, 2008
emartel01 asked:
Will Asian currencies increase if the US dollar collapses? I hear that China and Japan depends on the US to buy goods. However, I also hear that Asian countries will do well if the US economy collapses.
Will Asian currencies increase if the US dollar collapses? I hear that China and Japan depends on the US to buy goods. However, I also hear that Asian countries will do well if the US economy collapses.
What are your thoughts?
Pierce
Topics: US Economy | 9 Comments »
May 23rd, 2008 at 12:03 am
Europe and China are the next big powerhouses. The European Union is in very good shape , much better shape indeed than the USA…. China is buying the USA slowly but surely. The US dollar might loose the status of the world currency. the euro will be the norm soon.
May 25th, 2008 at 7:00 am
A recent trip to hong kong showed me that the asian economy is just ready to explode.
I think China will be a super power in the not too distant future.
May 25th, 2008 at 2:40 pm
idk but asia is not a country its a Continent
May 27th, 2008 at 3:06 am
For most of recorded history Asia has been the dominant economic power. It is only in recent centuries that the west took over. Now that Asian societies have mastered western techniques the ancient world order is re-establishing itself. Asia will not be a “new” economic power, just a restored one.
May 29th, 2008 at 3:45 pm
China in particular.
Not only does the raising rate of pollution they are creating suggest this,
But also that there economy is still growing, but the U.S’s isn’t.
The U.S. imports I believe, around 13 billion dollars worth of goods from China annually, and only exports around 3 or 5 billion.
This also would contribute to China’s economic growth, and how it is surpassing the U.S.
May 30th, 2008 at 4:34 am
First of all, it is more complicated than that. Thanks to globalism, EVERYONE’s economy is connected. You see it every week after all. A drop in a market somewhere in the world will cause a drop across all markets.
If the USA economy were to collapse, asian markets would actually be in MORE trouble as you said. We buy tons of Chinese goods in this country. We also would no be outsourcing as much.
Since we are such a big player, a complete collapse would lead to a global depression.
Nobody would be a winner, trust me.
May 30th, 2008 at 5:56 pm
Hey! You figured it out. The Chinese have been sitting in the weeds for years. They are VERY patient and when the time is ripe, they’ll act. No outright war for them – they will get us financially and economically. Why do you think they’re sending all their highly intelligent young people to American and Canadian universities? What are they majoring in? The sciences, computer technology and finance.
June 3rd, 2008 at 2:23 am
From what I’ve heard, the Canadian dollar might be worth the most if the economy collapses. The currency in Asia isn’t worth that much at this point. For instance, 1 U.S. dollar equals about 7 Yuan in China. The dollar might become somewhat equivalent in Asia, but I doubt it would be worth more.
It’s kind of like if we go into a World War III, Brazil will become the most powerful country in the world.
June 5th, 2008 at 9:22 am
Today a large chunk of Asia is owned by American and European investors. The average Asian still has a long way to go to reach the life standards of the Western countries (Japan excluded). I think the power will shift from North America to the united Europe (West & East), but that does not mean the situation is that bad in America nor that wonderful elsewhere. As for the Chinese and eastern Europeans, they are the new consumers that will keep the same global capitalist system running.