Cover story in today’s New York Times: “Rising Fears That Recovery May Once More Be Faltering”. The article notes that oil prices are high, a sign that some folks on this planet have plenty of cash. On the other hand, growth in the U.S. and Europe is not very strong. Could it be the case that this is simply a realignment of worldwide wealth in favor of people in places other than the U.S. and Europe? E.g., the places where they build stuff (e.g., Asia) and the places where they have stuff that everyone else wants (e.g., oil-rich countries, diamond/mineral-rich countries). Obviously there is nothing that says the U.S. and Europe can’t grow their service economies, but perhaps growth in services is naturally a slower process than expanding production in a factory or drilling a new oil well (look at the lack of productivity growth in education and health care, for example, and these are ever-larger fractions of the U.S. economy).