海角大神

There was a time鈥�not so very long ago鈥�when Americans held all the top spots. We had the most鈥�the best鈥�the biggest companies. And the richest people.

Those days are gone鈥�

MEXICO CITY (AP) 鈥� Mexican telecom tycoon Carlos Slim is the first man from a developing nation to become the world鈥檚 richest person 鈥� a shift that underlines the loosening of America and Europe鈥檚 stranglehold on the top spots in the billionaires鈥� club.

Slim鈥檚 arrival at the top aroused both pride and anger in Mexico, where many see his fantastic wealth in a poverty-afflicted nation as a sign of what ails it.

With a recovery in the value of his cell phone holdings pushing his estimated fortune to $53.5 billion, Slim jumped past Microsoft founder Bill Gates and investor Warren Buffett when Forbes magazine released its 2010 list of the world鈥檚 wealthiest Wednesday.

The rise of Slim, the 70-year-old son of an immigrant shopkeeper, is just a part of the emergence of billionaires in developing countries, Forbes reporter Keren Blankfeld said. She noted this year鈥檚 top 10 richest also include two billionaires from India and one from Brazil.

Here鈥檚 another item in today鈥檚 news:

鈥�China becomes world鈥檚 biggest internet market,鈥� says a Reuters headline. There are more Internet users in China than in any other country, says the article. And more cars sold. And more concrete poured.

Travel broadens your horizons, they say. More importantly, it humbles you. You realize that there are a lot more people doing a lot more things than you thought.

All over the world, people bus, hump, schlep, toil and strain. Some work hard. Some work not so hard. Some work smart; others don鈥檛.

But over time, fashions and circumstances change. What goes around, comes around. Those that did once ride so high now lie low鈥�

Yes, dear reader, the world turns. And traveling around鈥�you get to see different parts of it鈥�with different stories to tell鈥�

This morning鈥檚 news tells us that 60,000 people are rioting in Greece鈥�torching German cars and generally behaving badly.

What鈥檚 their beef? They鈥檙e running out of money, running out of credit鈥�and running out of time. Modern macro-economic policies have turned against them.

But they鈥檙e not alone. The news from the plains tells us that Kansas might have to close half of its public schools鈥�if it doesn鈥檛 find a way to close its budget gap.

The news from other states is not very different. Many foreign governments are in the same fix. Ireland has already begun its 鈥渁usterity鈥� programs. Italy and Spain can鈥檛 be far behind.

But what about the US federal government? No austerity at all. Just the opposite. The feds announced the biggest budget deficit ever 鈥� $221 billion for the month of February. In other words, per family, the American government spent approximately $2,000 more than it received in tax revenues. Hmmm鈥�.if it continues at this rate, it will spend $24,000 more than it receives per family this year. In round numbers, the typical family will pay about $25,000 in taxes鈥�and receive about $50,000 worth of 鈥榮ervices.鈥�

Is that a great deal鈥�or what?

It鈥檚 an absurdity鈥�it鈥檚 preposterous鈥�it鈥檚 weird and unnatural. And it can鈥檛 last.

It is only possible now because of the peculiar circumstances of today鈥檚 financial world. Lenders, investors鈥�Chinese creditors鈥�give their dollars to the US government, believing it to be the most credit-worthy borrower in the world. But as the supply of US debt goes up the quality of it declines.

Already, the US is 鈥� from a GAAP accounting point of view 鈥� bankrupt. Lenders cannot reasonably expect to get their money back. But that doesn鈥檛 seem to bother them. US debt still looks like a better bet than, say, Greek debt.

But the world is full of surprises. What a shock it will be when the US finds itself in Greece鈥檚 shoes!

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