Sunset in the West, fading sunrise in the East

The convergence of debilitating twin sovereign debt debacles in the US and EU, along with the decline of Japan since 1990, confirms the demise of their collective, tricenturial hegemony over global economics, finance and security. The year 2008 marked that historical reversal. It was hoped that, with effective leadership and capable crisis management, a global depression would be avoided.

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