7/30/2019 Why the US will substantially outperform the EU in the long run

1/7

kxxr?$$ejpagxsjmh`gydmh-`ldfsrdx-cde$

kxxr?$$vvv-rcfve-cde$

:

Vky xkg WS gcdmdey vill sw`sxjmxijlly dwxrgpndpe xkg GW ndp xkg ldmf pwm

I hd mdx imxgmh xd `g cderpgkgmsi~g vixk xdms dn imhicjxdps vkick jpg j~jilj`lg? I vill dmlyndcws dm j ngv vkick, im ey drimidm, jpg ejaimf XKG hinngpgmcg-

:- Xkg `jmaimf sgcxdp

Vkilsx WS `jmas kj~g ljpfgly clgjmgh wr xkgip `jljmcg skggx, dp edpg g{jcxly hpjejxicjllypghwcg xkgip lg~gpjfg xd jpdwmh :7 {, jmh kj~g `ggm j`lg xd pgxwpm xd ejpagxs xd nwmhxkgesgl~gs jx ejpagx rpicg +xkg NGH kjs vixkhpjvm ixs wmcdm~gmxidmjl lizwihixyegjswpgs), xkg Gwpdrgjm `jmaimf sysxge pgejims wmhgp ling swrrdpx npde xkg GC@ im xkgxwpm dn GWP: xpillidm Ldmf%Xgpe Pgnimjmcimf Drgpjxidms- Xkg Gwpdrgjm `jmaimf sysxgekjs j nwmhimf fjr dn GWP :-3 `illidm, jmh js xkg VSO vpixgs in Gwpdrgjm `jmas vgpgnwmhgh xkg sjeg vjy js W-S- `jmas, xkgy vdwlh kj~g j hgrdsix swprlws dn (3 xpillidm-

Xkis is vky xkg WS `jmas jpg lgmhimf x xkg WS gcdmdey jmh Gwpdrgjm `jmas hd mdxnimjmcg xkg GW gcdmdey vkilsx pgejimimf xdd lg~gpjfgh jx 32 {- Xd vdpsgm xkg sixwjxidm,`jmas jpg imcpgjsimfly kdjphimf edmgy vixk xkg GC@? WSH:-8 xpillidm js dn 9 Md~ge`gp-

7/30/2019 Why the US will substantially outperform the EU in the long run

2/7

kxxr?$$ejpagxsjmh`gydmh-`ldfsrdx-cde$

kxxr?$$vvv-rcfve-cde$

0

0- Lgmhimf xd xkg gcdmdey

Xkg WS cdeegpcijl jmh imhwsxpijl ldjms npde jll cdeegpcijl `jmas is jm imhicjxdp I ndlldvdm j pgfwljp `jsis jmh ix rpd~gh xd `g j fddh gjply imhicjxdp dn xkg WS gcdmdeyxwpmjpdwmh- ^gldcixy is kdvg~gp rjpx dn xkg edmgy cpgjxidm jmh kjs hpjejxicjlly njllgmsimcg xkg `gfimmimf dn xkg nimjmcijl cpisis-

Xdhjy, I je jhhimf ~gldcixy xd rpgsgmx j edpg rpgcisg ricxwpg- Imxgpgsximf gmdwfk ~gldcixydn E_E: / cdeegpcijl . imhwsxpijl ldjms `y jll cdeegpcijl `jmas xwpmgh wr !$% : ygjpjfd, jhhimf j `wlliskmgss ~igv dm xkg WS gcdmdey, hgsrixg xkg njcx xkjx E_E ~gldcixy is jx:-8 {, xkg ldvgsx simcg :979 +vkgm ix sxjpxgh xd `g pgrdpxgh)-@jmas jpg nimjmcimf xkg

WS gcdmdey-

: E_E 5 E0 lgss sejll%hgmdeimjxidm xieg hgrdsixs rlws imsxixwxidmjl edmgy nwmhs- Edmgy _gpd Ejxwpixy

7/30/2019 Why the US will substantially outperform the EU in the long run

3/7

kxxr?$$ejpagxsjmh`gydmh-`ldfsrdx-cde$

kxxr?$$vvv-rcfve-cde$

3

3- Gmgpfy

Dmg rdimx ljpfgly dccwlxgh `y cdeegmxjxdps pgfjphimf xkg WS niscjl jmh xpjhg hgnicixs isxkg gmgpfy sgcxdp- In xkg WS, jmh g~gpyxkimf sgge rdimximf im xkis hipgcxidm, `gcdegs sglnswnnicigmx vixkim :2 ygjps, xkis vill `g kwfg `ddsx xd xkg xpjhg `jljmcg jmh xkgpgndpg xkgFHR fpdvxk-

Xkg dil . fjs 02:: xpjhg hgnicix sxddh jx (993 `m ndp j FHR :7,30: `m dp j mgfjxi~g fpdvxkdn >-7'1 in dmg jsswegs xkjx xkjmas xd wmcdm~gmxidmjl dil . fjs xkg WS cjm pghwcg ixsgmgpfy xpjhg hgnicix `y 72' xkis vdwlh jhh 3' xd FHR? xkis is j fjeg ckjmfgp jmh xkgniscjl clinn vdwlh `g ewck gjsigp xd clie`-

Xkg wmcdm~gmxidmjl fjs imhwsxpy vill kj~g njp pgjckimf gnngcxs imclwhimf od`cpgjxidm jmh pg%imhwsxpijlizjxidm- Jccdphimf xd KIS, xkg skjlg fjs rpdhwcxidmswrrdpxgh >22,222 od`s im 02:2, j mwe`gp xkjx is rpdogcxgh xd fpdv xd mgjply ;62,222 `y02:7-

7/30/2019 Why the US will substantially outperform the EU in the long run

4/7

kxxr?$$ejpagxsjmh`gydmh-`ldfsrdx-cde$

kxxr?$$vvv-rcfve-cde$

8

RVC egmxidms im j 02:: pgrdpx xkjx `y 0207 skjlg fjs vill sj~g WS ejmwnjcxwpgpsWSH::-> `illidm j ygjp im fjs g{rgmsgs jmh jhh : eillidm vdpagps-

Kgmcg ey rdsixi~g sxjmcg dm xkg WS gcdmdey-

Vkjx vill gmkjmcg cdergxixi~gmgss dn xkg WS imhwsxpy vill kj~g xkg pg~gpsggnngcx im Gwpdrg vkick ljpfgly ifmdpgs skjlg fjs dm xkg fpdwmh dn gcdldficjlvdppigs- Xkis vill pgrpgsgmx j cdergxixi~g hisjh~jmxjfg xd Gwpdrg mdx dmly im xgpe dn rpicg`wx jlsd imhgrgmhgmcg, simcg Gwpdrg ljpfgly pgligs dm mdm%GW swrrligs-

7/30/2019 Why the US will substantially outperform the EU in the long run

5/7

kxxr?$$ejpagxsjmh`gydmh-`ldfsrdx-cde$

kxxr?$$vvv-rcfve-cde$

7

Vkgm gmljpfimf xkg ricxwpg, xkg ejr skdvs xkjx xkg WS cdergxixi~g jh~jmxjfg fdgs vgll`gydmh Gwpdrg? dxkgp cdwmxpigs jpg rjyimf 3 xd 8 xiegs xkg WS rpicg-

Nimjlly, xkg cdergxixidm `gxvggm gmgpfy sdwpcgs kjh j hipgcx ierjcx dm cpwhg dil im xkgWS- Xkg fjr `gxvggm xkg @pgmx jmh VXI sxjpxgh xd vihgm xvd ygjps jfd xd pgjck j 02'rpicg jh~jmxjfg xdhjy, mdx rgxxy edmgy-

7/30/2019 Why the US will substantially outperform the EU in the long run

6/7

kxxr?$$ejpagxsjmh`gydmh-`ldfsrdx-cde$

kxxr?$$vvv-rcfve-cde$

>

7/30/2019 Why the US will substantially outperform the EU in the long run

7/7

kxxr?$$ejpagxsjmh`gydmh-`ldfsrdx-cde$

kxxr?$$vvv-rcfve-cde$

6

Sdwpcg?

Nghgpjl Pgsgp~g @jma dn Sx Ldwis? Gcdmdeic Pgsgjpckkxxr?$$pgsgjpck-sxldwisngh-dpf$

Nghgpjl Gmgpfy Pgfwljxdpy Cdeeissidm? Mjxwpjl Fjs Ejpagxskxxr?$$vvv-ngpc-fd~$ejpagx%d~gpsifkx$eax%fjs$d~gp~igv-jsr

Vjll Sxpggx Odwpmjl? Vky Gwpdrgs @jmas Xpjil im Hglg~gpjfimf Rpdcgsskxxr?$$dmlimg-vso-cde$jpxiclg$S@:222:808270620323;:>7287663237;0298639>6>-kxel

Li~g Vjll Sxpggx Odwpmjl? Gwpdrgjm @jmas Sxill Kdjphimf Edmgykxxr?$$li~g-vso-cde$~ihgd$gwpdrgjm%`jmas%sxill%kdjphimf%edmgy$69;GH6;H%>CJ0%880H%J8:@%78NJ9C@;>2J9-kxel4edh5vsoTjpxiclgTx`dlgnx#*69;GH6;H%>CJ0%880H%J8:@%78NJ9C@;>2J9

Rgmm Sxjxg Wmi~gpsixy? Xkg Gcdmdeic Ierjcxs dn xkg Rgmmsyl~jmij Ejpcgllws SkjlgMjxwpjl Fjs Rljy? Jm Wrhjxgkxxr?$$vvv-jmfj-ws$eghij$8:266$rgmm'02sxjxg'02ejpcgllws'02sxwhy-rhn

KIS? Xkg Gcdmdeic jmh Gerldyegmx Cdmxpi`wxidms dn kjlg Fjs im xkg WSkxxr?$$vvv-iks-cde$iejfgs$SkjlgTFjsTGcdmdeicTIerjcxTejp02:0-rhn

RVC? Skjlg Fs J pgmjissjmcg im WS ejmwnjcxwpimf4kxxr?$$vvv-rvc-cde$gmTWS$ws$imhwsxpijl%rpdhwcxs$jssgxs$rvc%skjlg%fjs%ws%ejmwnjcxwpimf%pgmjissjmcg-rhn