The rest of us are left to pick up the pieces as best we can. It has been destroyed by left and right, most by human nature. The only saving grace is that as the left mounts their dream of socialist conquest the USA is broke and no longer the wealthiest nation ever. Of course this has backfired as most government programs do as they are based on theory not experience. I spent many years in the communication industry and during that time our government encouraged the out-sourcing of production to boost the economies of Asia. Kunstler is correct in many of his assertions and I am afraid there is more duplicity than stupidity at work. That and the difficulty in coming to grips with the racial problems have crippled the economy since. I attribute the criminal credit and banking period’s birth to the Carter era with the Community Reinvestment Act. I do know that it was not possible to buy a house without a large down payment unless using a VA loan. I am not sure I agree that the swindling started then but I wouldn’t be surprised. The US has never recovered from that divisive time. Vietnam broke the bank, fiscally and as it turns out morally. Kennedy reduced taxes and things began to return to “normal”. I remember the late 50’s we hit a bump known as a recession panic ensued. Yes, the basic tax rates were very high, but generous deductions reduced the effective rate to something like it is today. In effect only the USA had the productive capacity and gold reserves to ensure prosperity. The rest of the world was destroyed by World War II. They are morons who know nothing of history. The idea that prosperity was the result of unions and confiscatory taxes is near and dear to their hearts. I am always amazed and bemused by academics and leftist nuts who yearn for the economic days of the the 50’s and 60’s.
This article is very entertaining, even though the horse has bolted. Hence, money will continue to disappear out of the economic system indefinitely, citizens will grow poorer steadily, companies will go out of business, and governments at all levels will not have money to do what they have been organized to do.
#WHAT IS WATCHDOG HOW TO#
We have such a mighty mountain of it that the Federal Reserve can “create” new digital dollars until the cows come home (and learn how to play chamber music), but they will never create enough new money to outpace the disappearance of existing notional money in the form of welshed-on loans. We’ve generated too many future claims on wealth that does not exist and has poor prospects of ever being generated. A number of things are going on in our society that can be described with precision.
Let’s call this whatever-you-want-to-call-it a compressive deflationary contraction, because that’s exactly what it is, an accelerating systemic collapse of activity due to over-investments in hyper-complexity (thank you Joseph Tainter).
What’s the point of sending these people to Ivy League colleges if they can’t make sense of their world. They were quite clear about not being able to articulate the nature of this economic situation, “…this recession, or whatever you want to call it…” in Ms. These otherwise excellent, entertaining, highly educated folk (David Plotz, Emily Bazelon, and Daniel Gross, in for vacationing John Dickerson) were discussing the ramifications of the economic situation on the upcoming elections. Concern over this pressing matter probably reflects the general mood of the nation these dog days of summer – and these soggy days, indeed, are like living in a dog’s mouth – so no wonder the USA has lost its mind, as evidenced by the fact that so many people who ought to know better, in the immortal words of Jim Cramer, don’t know anything.Ĭase in point: I visited the Slate Political Gabfest podcast yesterday. The New York Times ran a story of curious import this morning: “ Mel Gibson Loses Support Abroad.” Well, gosh, that’s disappointing.
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