you are correct
Global growth has returned, and it’s locus is in east asia.
It’s Asia, specifically China, and it’s booming. Over here (I’m in China right now) the economy is roaring full-steam ahead; internal consumption is taking off. Sales of consumer goods is going well, clothing, even housing.
I know there has been a lot of predictions of an impending real estate bust in China, but it’s not going to happen for one very important reason: no leverage. The Chinese banking regulations are now requiring 40% down on a mortgage - yes, 40%! And still about half of all purchases across the nation (including Shanghai and Shenzhen, two very expensive cities) see people buying their apartment or house outright with cash.
There really isn’t a bubble in China, nor most of Asia. They’re booming internally as their middle class is starting to take off, and drive internal consumption and demand. The SE Asian economies of Thailand, Laos, Vietnam and Cambodia are all accelerating very healthily, and China and Japan have a massive surplus of cash. Add in all of Asia has a huge savings/investment mentality to their cultures and you have a perfect wave of growing economies.
Australia’s benefiting by proximity to this location, and no trade barriers to most of Asia. Open trade, close by, easy to work with - perfect setup to become a big-time supplier of natural resources to Asia.
Meanwhile, we sit on hundreds of years of oil in our shale deposits, and we refuse to sell or even mine our low-sulfur coal. And we’re looking to start more trade wars with China and South Korea over steel and other basic materials...