The American Dream is no Longer the American Dream, but Now the Chinese Dream, the Brazilian Dream and the Dream of Entrepreneurs in Other Big Emerging Economies

It’s really sad to have watched the relatively fast decline of the U.S. since 2008. There is no question that President Obama inherited an economic and financial disaster.  But, it’s
clear that he has turned the disaster into a catastrophe.

Obama’s anti-capitalism agenda, coupled with a dysfunctional Washington has now resulted in the S&P downgrade.  This action by S&P shouldn’t be a surprise to anyone, as S&P has warned the U.S. for months.  I don’t anticipate any great immediate effect on the American economy or America’s ability to borrow, but the long-term implications are very clear and very negative to the global financial community and to those Americans who live outside Washington.

But this downgrade, the ongoing budget deficits, the problems with governmental budgets of state and local governments, coupled with the Obama driven mantra that permeates the Federal bureaucracy and regulatory agencies perceives Wall Street and capitalism as evil. This has created an environment where high unemployment will be the “new normal” and an environment where the American Dream is no longer possible.

But, there is good news for global investors and hundreds of millions of entrepreneurs outside the United States.

I returned from a short trip to Brazil last evening. I’m pleased that the American Dream is now the Brazilian Dream for tens of millions of Brazilians.  I flew back to the U.S. through Panama.  The local version of the American Dream is alive in Panama.

Last month I was in China, and the American Dream is definitely the Chinese Dream for hundreds of millions of Chinese.

Since the beginning of this year I have also been to Singapore, Thailand and Sri Lanka, yes Sri Lanka.  Local versions of the American Dream are also alive in those countries.

In the coming months we’re increasing our firm’s involvement in some of these Big Emerging Economies, with the desire of helping entrepreneurs in these Big Emerging Economies in achieving their local version of what was the American Dream.

Author:  Jeffrey O. Friedland

 

 

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