Personally, I reckon the world will be fine. The US and Europes standard of living will have to decrease and the Chinese Dragon will assume the role of economic and political powerhouse.
But all in all, a changing of the guard has happened many times and the world splutters a bit then keeps on moving forward. Same with currency crisis's
We won't have any problem here either. A western nation, located in Asia with enough minerals and energy to feed Asia's industrialisation.
We're in the sweeeeeeet spot.
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