Former US Federal Reserve Chairman Alan Greenspan, in his memoir, "The Age of Turbulence: Adventures in a New World" predicted that the world's economic fate depends on China and its economic development of the next 20+ years.

"If China continues to press ahead toward free-market economy, it will surely propel the world to new levels of prosperity. Much of how the world will look in 2030 rests on this outcome."

Gee….and India, the rest of South East Asia and Africa will not make a difference?

China created "a huge change in the world economy" after shifting toward market economy. "It went into a seriously impressive

disinflation, which brought all interest rates down, made a huge boom in the economy, a huge increase in assets."

"Even as nations as mighty as the United States and China vie for economic supremacy in that new world, they may find themselves partially bending to a force more powerful still: full-blown market globalization," Greenspan wrote.

Besides China – Greenspan also mentioned the UK, France, Germany, Japan, Russia and India.

I agree that China will have a huge impact on the world's economy for many years to come….but the world's economic fate? Um…I don't think so.

What do you think?

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