The Real Old Europe

This week, it is hard to sit down and think about anything other than Iraq, especially given the circumstances in which our troops and those of our allies and the citizens of Iraq find themselves. Our prayers are for all those and their families involved. Last week, I wrote that it was likely that the war would have begun before the next weekly letter. I hope that next week's letter finds the war is over.

We look briefly at the uncertainty surrounding the US economy and then look at the economic, investment and geopolitical implications of the long term consequences of international demographic changes, which have implications not only for the aftermath of the war but for the world economy. There are large and significant changes headed your way, which can present either opportunity or crisis. You get to choose.

But first, a few comments about last…