In the Idiocracy, which has the attention span of a coked up flea, everything is the exact opposite of what they believe. Globalization was supposed to spread developed world wealth to the developing nations. Instead, Globalization spread Third World poverty to the developed world. The specious modern economic theory of comparative advantage was supposed to lead to good jobs for everyone, not locate supply in one set of countries and demand in another, brokered by debt. Today's apologists for the status quo apparently believe that our 10x higher average wage is due to our superior Cappuccino-making skills, while China now makes semiconductors.
World stocks ex-U.S. with commodities:
It gets worse...Following 2008, Third World poverty exploded across the planet in the form of 0%. Copious dunces, having learned nothing from the Housing crisis, used this *free* poverty capital to buy McMansions and Buicks. Meanwhile, the oil industry used 0% to over-invest in capacity, apparently having no clue that the developed world is the marginal consumer of oil.
Worse yet, when the BRIC superstars of Globalization faltered after 2008, today's Econ-dunces collectively shrugged, "Fuck 'em, it didn't work. Fortunately, we're decoupled".
In other words, the free lunch club wants to believe that the U.S. is insulated from the downside of Globalization, while at the same time enjoying cheap shit at Walmart.
Of course, Ponzi schemers, elitists, and stooges far and wide, never got the memo:
WEF: Jan. 20, 2015
A ringing endorsement for Globalization:
"while inequality is widening the gulf between the rich and poor within countries, globalization is actually helping to narrow the gap between poor and rich states, with more and more developing countries becoming middle income just as richer nations enter decline"
This just in:
"Plunging stock prices and slowing economic growth in China have raised anew the question of how much events abroad really matter to the U.S. Many of the answers are quite placid, drawing on the precedents of the 1997-98 Asian financial crisis, when there was similar concern about impacts at home, which never came"
"The assumption that the U.S. isn’t much influenced by events abroad may be subtly reinforced by widespread talk about “deglobalization,” but this is a bit of a misnomer"
"Since 1998 the U.S. has emerged as the world’s largest oil producer...In late 2014 the total energy investment of large American companies peaked at 2.3% of GDP, nearly double the peak in 2000 for telecom, media and technology investment"
"Since 2009 the U.S. junk-bond market has increased by around 80% to $1.3 trillion" [Double the size of subprime]
"The Fed—which had room to lower rates during the 1997-98 Asian crisis—doesn’t have the same options now that rates are near zero"
