With America’s role waning as the world’s economic superpower, it’s time to find another steward of the global economy, says Ned Goodman, Brock University Chancellor and namesake of Brock’s Goodman School of Business.
The Canadian business mogul who made his mark in mining and investments warned students about the dire state of the US economy during last week’s Goodman School of Business Distinguished Lecture Series.
In his keynote address at the annual event, Goodman compared the economies of China and the U.S. He cautioned students to be skeptical of those who downplayed the recent U.S. government shutdown and the potential loss of that country’s borrowing authority.
Goodman said it’s time for another nation’s money to be the world’s reserve currency.
“The U.S. is a bit like a Potemkin village… with an impressive façade to hide” what’s really happening, Goodman said. “We see many economists being slightly sanguine because they see the economy grow a little bit each day but it’s not really happening.
“Just remember what a Potemkin village is when you hear on the news how great everything is because the president met with the Republicans. Their system doesn’t make sense and democracy is not what it should be.”