It takes four dollars of debt to create a single dollar of GDP growth in China. For context, at the peak of the GFC in 2008 it was taking three dollars of debt to create a dollar of GDP growth in the U.S. China has received the kiss of debt, says Ruchir Sharma.
Billionaires: what have they done for us lately? Well, some of them have developed the tech you're reading this on (scoring good points), but others have gamed the system and nepotismed their way to the bank (bad, bad billionaires).
Ruchir Sharma is head of emerging markets and chief global strategist at Morgan Stanley Investment Management. A longtime columnist, he now contributes frequently to The Wall Street Journal, The Financial Times, Foreign Affairs and other publications. His first book, Breakout Nations, appeared in April 2012 and has since been credited for accurately foretelling the slowdown in the celebrated “BRIC” economies of Brazil, Russia, India and China. Ruchir’s next book, THE RISE AND FALL OF NATIONS: Forces of Change in the Post-Crisis World is now available. He lives in New York City.
Ruchir’s other interests include athletics and a serious commitment to running. Despite his extensive travels, he tries not to miss a single day of training no matter where he is in the world. He regularly trains with his former Olympics coach and competes in sprinting events. In 2011, he represented India in the World Masters Athletic championship in Sacramento. Ruchir also has a keen interest in wildlife and in international cinema and makes it a point to attend major film festivals anytime he can find a moment from his investing, writing and running.