February 26, 2008 at 10:39:22

The Emerging Third World US

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By Francis Ferguson (about the author) Page 2 of 2 page(s)

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The ultimate point, here, is the absolute unsustainability of the US's position. We cannot expect our trading partners to hold dollars in unlimited quantities, and as we've no hope of being able to achieve a positive balance of trade, that's exactly what we are effectively
seeking. That nations are cautiously moving out of dollar holdings is revealed by the rather steady overall decline in the value of the dollar over the past three years. This will continue.

With the falling dollar, rising import prices and declining wages and salaries for American workers, the US is headed for a radically different lifestyle. Until US wages fall far enough to make us competitive with workers in developing nations, our decline will continue. Globalization let this evil genie out of it's bottle, and it's not clear that anything can force it back.

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www.francisferguson.com

I am a PhD economist who has taught at UW Madison, Ripon College, Victoria Univ. of Wellington NZ, Whitman College and the Univ. of the Americas in Cholula MX. I worked, as well, as an energy economist in the natural gas business for many years. (more...)

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23 comments

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Excellent article! by Barbara Peterson on Tuesday, Feb 26, 2008 at 1:17:27 PM

Trade with China isn't Free by Steve Withers on Tuesday, Feb 26, 2008 at 1:22:52 PM

Also... by denvan on Tuesday, Feb 26, 2008 at 2:16:16 PM

Professor Ferguson, it's not enough. by Ed Tubbs on Tuesday, Feb 26, 2008 at 7:16:09 PM

Thoughtful comment, Ed by Jim Freeman on Wednesday, Feb 27, 2008 at 5:58:50 AM

Excellent Article by August Adams on Tuesday, Feb 26, 2008 at 7:58:02 PM

for a while by Barker on Tuesday, Feb 26, 2008 at 8:35:52 PM

Broken promises, broken life, stolen dreams by Semisweet on Tuesday, Feb 26, 2008 at 8:47:41 PM

Here is how the system works by Watching on Wednesday, Feb 27, 2008 at 3:49:04 AM

The End of the Middle Class by ronheri on Wednesday, Feb 27, 2008 at 4:29:52 AM

New World Order by Jubie Something on Wednesday, Feb 27, 2008 at 11:08:01 AM

Oh, and Don't Forget by ronheri on Wednesday, Feb 27, 2008 at 4:57:31 AM

Professor Ferguson by Jim Freeman on Wednesday, Feb 27, 2008 at 6:08:06 AM

Now be fair, Jim by Bacchus on Friday, Feb 29, 2008 at 2:58:24 PM

We have a 3rd world nation by Robert Sargent on Wednesday, Feb 27, 2008 at 9:09:33 AM

There is a possible way for recovery by Philip Pease on Wednesday, Feb 27, 2008 at 10:13:49 AM

GONE IS THE AMERICAN DREAM by Jubie Something on Wednesday, Feb 27, 2008 at 11:02:34 AM

BY BY MISS AMERICAN PIE by RICHARD SHADE on Wednesday, Feb 27, 2008 at 3:43:13 PM

Members of the CFR by Jubie Something on Wednesday, Feb 27, 2008 at 11:06:42 AM

MIGHT BE A GOOD THING by RICHARD SHADE on Thursday, Feb 28, 2008 at 1:56:48 AM

"Third World" US still has ULTRA-HIGH per capita income?! by Robert Johnson on Thursday, Feb 28, 2008 at 2:03:04 AM

I am puzzled too Francis by Bacchus on Friday, Feb 29, 2008 at 3:10:55 PM

great article! by William of OC on Monday, Mar 3, 2008 at 9:41:56 AM

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