For those interested in problems in Europe, here’s a sobering look at what two authors predict is the near-future for Britain.
The book does not suggest that the U.K. will get a third-world status because its gross domestic product (GDP) (explain this) per head will dive to sub-Saharan levels, but because “public and commercial services work badly, the average person is becoming poorer rather than richer, the economy has been pulled out of shape and government in the widest sense is dysfunctional.”
The book points out that Britain last ran a current-account surplus in 1983 and has been in deficit since then, borrowing money from countries like China and selling commercial assets to foreigners.
Hmm. Any of this sound familiar?