Economies of India and China will become larger than US: Expert
..The US is moving towards a service economy and away from manufacturing, leaving the country in a situation where it will not be able to produce its way out of debt," he said...
We have to pay interest or dividends or, in some way, ultimately give them a return on the assets they have bought. That means a claim on future American income and thus lower standards of living for our grandchildren. The second problem is that our financing requirements now soak up about 80 per cent of available world savings. Once we hit 100 per cent, there is no place to go," Prestowitz said