Developed nations face years of austerity and debt-cutting

[idiotstockinvestor]

http://finance.yahoo.com/news/Develo... sset=&ccode=

This does sound scary but debt cutting is a reality in most developed nations. I personally wonder if it would be best to consider life overseas where the economies are quite well such as most of Asia and the Middle East.

In Canada we've definitely seen a decline in the last 20 years in both business, quality of life, wages and benefits.

[idiotstockinvestor]

There have been many similar predictions from various countries, companies and analysts around the world and here is yet another:

http://finance.yahoo.com/news/wester...162008002.html

The Western world has run out of ideas and is "finished financially" while emerging economies across the world will continue to grow, David Murrin, CIO at Emergent Asset Management told CNBC on the tenth anniversary of coining of the so-called BRIC nations of Brazil, Russia, India and China, by Goldman Sachs' Jim O'Neill.

Murrin said that the East was depending less on the West and the rise of a consumer society was the first step in the expansion of an economic empire.

Murrin added that while China is by far the biggest emerging economy and would be at the center of a new economic order, other emerging nations were set to join the BRIC countries and new political orders and alliances would come about as a result.
"This isn't just a BRIC story, this is the end of the Christian Western Empire versus the rise of the whole emerging world led by China as the foremost and most powerful," Murrin told CNBC.

I'm only surprised that Murrin made no comment either way about the Middle East, specifically Saudi Arabia and the Gulf Nations who have been doing very well and predicted to continue this way. One thing for sure is that their future will be dependent on how well they remove themselves away from their oil dependent economies (and most of them are at least the UAE with tourism and other business). My prediction is that countries at least like the UAE will turn into a "Hong Kong" or "Singapore" of the Middle East and are likely here to stay.

I think for all of us, whether we work, invest for a living or own a business need to consider diversifying and investing in more stable and healthy/growing overseas markets.