... that is, a massive wave of capital flows from a massive trade surplus region (North Atlantic Europe, East Asia) to a massive trade deficit region (the Southern Cone, North America), with ever more dubious instruments to keep the ride going, until a major financial capital bubble in the trade deficit region bursts, revealing the financial mess that has been created over more than a decade and throwing a big monkey wrench in the engine of global purchasing power creation.
That, of course was the peak of the previous period of globalization, followed by a period of economic bloc formation. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
