US No Longer Technology King

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Nine trillion dollars in federal debt…a ‘fiscal gap’ 50 trillion dollars wide… a USD$800 billion trade deficit…an everlasting War on Terror…

And in today’s news comes word that the United States is “no longer technology king.”

The BBC reports:

“The US has lost its position as the world’s primary engine of technology innovation, according to a report by the World Economic Forum.

“The US is now ranked seventh in the body’s league table measuring the impact of technology on the development of nations.

“A deterioration of the political and regulatory environment in the US prompted the fall, the report said.”

And more bad news…Alan Blinder writes in the Wall Street Journal that globalised competition could cost the United States as many as 40 million jobs over the next two decades. Fifty years ago, America was the world’s most competitive economy. Now, Asians have an edge when it comes to low cost production, and Europeans have an edge when it comes to innovation and high quality production. The Empire is peaking out.

What will it do when it can’t pay its bills? We’re going to find out…

Bill Bonner
The Daily Reckoning Australia

Bill Bonner

Bill Bonner

Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail The Daily Reckoning.
Bill Bonner

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Comments

  1. That BBC article is absurd. First of all, the US has been in the lower reaches of the top 10 for that index frequently – the rankings oscillate. Second, it’s only about I.T.; there’s nothing about biotech, about aerospace, about the US lead in basic R&D in almost every field.

    mitchell porter
    March 31, 2007
    Reply
  2. I agree with Mitchell Porter, you only have to look at the world’s leading companies and they are all in the US. I only wish Australians could freely invest in the US without having to put them in managed funds to get round our draconian tax laws. We would be much better off than investing in the third rate monoplies we have over here.

    Reply

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