posted on Mar, 18 2008 @ 08:38 AM
Of course, we're not immune by any stretch of the imagination, but we're not going to die a death just because the Yanks do (no offence).
I think you'd be surprised by just how much manufacturing is still in the UK. Alot of it is High-tech, or Aerospace, rather than Steel mills and coal
mines, but that is still here too. We offloaded the low-tech manufacturing base to India and China, but plenty is still done here, mainly the high end
If needs be, the UK still has hundreds of years worth of deposits in iron and coal, but it's cheaper to get it abroad. Once THEY run out, or
if the prices climb higher, who do you think will be nicely positioned to supply the world with base materials then? I know the US could say the same,
but compared to the EU as a whole, they have very little manufacturing capability at all. Anything they do make, such as cars, are almost exclusively
sold in the US, so if their consumers fail, so does their industry by default, as no one will buy Chevy cars.
Despite what you might be told by Americans, "Made in USA" is not something that inspires confidence in a product. They are, quite often, inferior
(this isn't opinion, but rather a long running situation with American products)
Bottom line, we'll probably see slower economic growth, but all our eggs aren't in the US basket anymore and I think the world economy is resilient
enough to not suffer from a US collapse to much, despite what some Americans would say.