December 18, 2012
(Part 2 of 5) India’s turn from socialism to capitalism, which culminated in 1991, wasn’t voluntary; it was a consequence of severe economic and financial pressures. (Illustration by Stephen Cheetham | Column by A. Gary Shilling)

(Part 2 of 5) India’s turn from socialism to capitalism, which culminated in 1991, wasn’t voluntary; it was a consequence of severe economic and financial pressures. (Illustration by Stephen Cheetham | Column by A. Gary Shilling)

December 18, 2012
(Part 1 of 5) Most of us still look at China, the world’s second-largest economy, as the undisputed leader among major developing countries. In the long run, however, I’m betting on India to emerge as the more significant global economy. (Illustration by Stephen Cheetham | Column by A. Gary Shilling)

(Part 1 of 5) Most of us still look at China, the world’s second-largest economy, as the undisputed leader among major developing countries. In the long run, however, I’m betting on India to emerge as the more significant global economy. (Illustration by Stephen Cheetham | Column by A. Gary Shilling)

June 08, 2012
Part 5: A strong yen won’t survive Japan’s fiscal cliff. (Illustration by Kiji McCafferty | Column by Gary Shilling on Bloomberg View)

Part 5: A strong yen won’t survive Japan’s fiscal cliff. (Illustration by Kiji McCafferty | Column by Gary Shilling on Bloomberg View)

June 07, 2012
Part 4: With their declining household-saving rate, Japanese consumers are no longer both financing government deficits and sustaining their nation’s current-account surpluses. How is the gap being filled? (Illustration by Kiji McCafferty | Column by Gary Shilling on Bloomberg View)

Part 4: With their declining household-saving rate, Japanese consumers are no longer both financing government deficits and sustaining their nation’s current-account surpluses. How is the gap being filled? (Illustration by Kiji McCafferty | Column by Gary Shilling on Bloomberg View)

June 06, 2012
Part 3: Japan’s deficit-financing model is unsustainable. (Illustration by Kiji McCafferty | Column by Gary Shilling on Bloomberg View)

Part 3: Japan’s deficit-financing model is unsustainable. (Illustration by Kiji McCafferty | Column by Gary Shilling on Bloomberg View)

February 24, 2012
Part 3: Think of all the recent federal programs to keep people who can’t afford them in their four-bedroom houses… (Illustration by Devin Rochford | Column by Gary Shilling on Bloomberg View)

Part 3: Think of all the recent federal programs to keep people who can’t afford them in their four-bedroom houses… (Illustration by Devin Rochford | Column by Gary Shilling on Bloomberg View)

February 23, 2012
Part 2: Excess housing inventories, the mortal enemy of prices, are out of control.(Illustration by Devin Rochford | Column by Gary Shilling on Bloomberg View)

Part 2: Excess housing inventories, the mortal enemy of prices, are out of control.(Illustration by Devin Rochford | Column by Gary Shilling on Bloomberg View)

February 22, 2012
Part 1: Tough luck, homeowners. Renters rule the U.S. housing market. (Illustration by Devin Rochford | Column by Gary Shilling on Bloomberg View)

Part 1: Tough luck, homeowners. Renters rule the U.S. housing market. (Illustration by Devin Rochford | Column by Gary Shilling on Bloomberg View)