I recently had an interesting conversation with my financial planner regarding the general health of the world economy (this was before the recent downturn). I suggested that the US economy may have some real structural issues to address and that a recession was on the cards given the info I had available. He trotted out the usual Macquarie line regarding the global economy and how if the US failed it wouldn't matter to world growth.
I made the usual points regarding the fact that the US imports a huge percentage of the world's exports and that if the US consumer shut up shop we would all feel the effect due to flow on from decreased exports etc.His reply was that consumption in Europe and Asia was enough to pick up the slack.
I thought that this was quite erroneous and refer to this recent article showing the domestic consumption/GDP of Europe and Asia. I thought that others might find it interesting to read especially if they are being fed the same line by their financial planners