As an example of success, the panel pointed to China, which has become the major real estate market due to tight governance and heavy demand for consumables. Cohen said a recent $16 billion deal between China and Venezuela for oil drilling shows the impact of Chinese demand. The country by itself uses 12% of the world's resources, and together with India uses 20%. Every real estate company is trying to get a piece of China today.
On the other hand is Greece, which is seeing a backlash of world sentiment from its $146 bailout plan by the European Union. Debt woes from the country threaten the strength of the Euro, affecting not only the users of the currency but every other global market as well. Hagel, now a professor at Georgetown University, said it's much easier to right an economy as a country that runs its own money.
"When you give away your sovereign monetary policy, and Great Britain understood this and is why they didn't do it, you're giving up a significant tool in the management of your governance and your economy," Hagel said.Cohen, now chairman and CEO of the Cohen Group, agreed. "Conduct and behavior by leadership is all that matters," Cohen said. "Whatever action taken by the EU is likely to be temporary in nature."
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