I found what James Wolfensohn had to say consistent with something that James Meyhew (Chairman of JP Morgan Cazenove) mentioned in his talk. There is a change coming. One of the things that David Meyhew said was that politicians were nor being straight with us that there was this change coming. We [in the western world] will have to adjust to having less.
James Wolfensohn sets out what he sees as quite a different wealth distribution - rather than having 80% of the worlds GDP this will shift to 35%. In China and India there will be a huge growth in the middle class.
James covers and joins together many different threads in this speech at Stanford and with it is an underlying inescapable logic, including he observation that economic power and military power are inevitably linked.
The speech is close on an hour in duration including questions. It is well worth listening to.
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