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Michael Moritz, a general partner at Sequoia Capital, and one of the most famous venture capitalists in the world, is chatting with Michelle Caruso-Cabrera, an anchor at CNBC, about the dynamism of China and India. He is smitten with the entrepreneurial vigor of East and South Asian technologists. By contrast, he likens the United States to the sclerotic Great Britain of his youth (Moritz is Welsh) - that is, a country that is simultaneously lazy, complacent, over-extended, and poorly structured to create new technologies and businesses. He is alarming the audience here at ETC: I just heard him talk about “inevitable decline.”

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