I'm old enough to remember the pessimism and malaise that permeated this country during the mid to late 1970s. America was said to be finished as a world power and even our president at the time (Jimmy Carter) was telling us that we needed to prepare ourselves for a lower standard of living!
If only I could go back to that time knowing what I know today. I'd be a billionaire right now.
So I am very bullish on our prospects over the next few decades. I firmly believe that Canada will start folding into the United States. It will likely start with Alberta and there will be a domino effect from there. Canada is still hugely untapped for the most part. But even here in the lower 48, we have immense resources that remain untapped.
As for Mexico, I know they are our favorite punching bag but their demographics are probably better than most of the world. They have a lot of younger people coming into their most productive years and they will serve not only as a huge labor pool for us as we move manufacturing out of Asia but an immense consumer base as well. I'm not sure they will ever become part of the United States as many of the Canadian provinces surely will, but they will play a major role in the success of North America, especially if they can overcome the dominance of the drug cartels and get some sort of national identity. At that point, the hordes of Mexicans trying to enter our country illegally may subside.
I am so bullish on North America that I recently told my financial consultant to wean my portfolio out of international funds entirely.
I am so bullish on North America that I recently told my financial consultant to wean my portfolio out of international funds entirely
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My simple reason to expect econimic problems in the U.S. is
The U.S. has the most used currency. That allows it to print more money than anybody else before devaluing the currency. Nixon removed restrictions to print money. No one who has the power to print money doesn’t print as much as he can.
Do you think that might cause a problem some day?