The emergence of China as an economic superpower

Several months ago, Nouriel Roubini, professor of economics at New York University, wrote on his blog, “The collapse of housing market would bring the Unite State to a great recession in 2007.” Several months ago, Nouriel Roubini, professor of economics at New York University, wrote on his blog, “The collapse of housing market would bring the Unite State to a great recession in 2007.”

In October, the residential construction started in America at an annual rate of 1.49m, the lowest level for six years. The rate was 27% below October 2005—the biggest year-on-year decline since 1991. However, Federal Reserve Chairman Ben Bernanke said in a speech Tuesday. Consumers and businesses are spending and investing. Employers are hiring and workers' wages are growing solidly.