We must wait on the verdict of history as to what they'll call this depression because adjectives fail me. Nothing seems to grasp the magnitude of, say, the Great Depression. The Great Depression really put a handle on the crisis of the 1930s. So what will we call this one since this one is worse than the Great Depression? In the 1930s the economy collapsed because of unregulated banking and stock speculation. The factories were closed but the factories were still there and it was only a question of relighting the boilers.
This time around we have exported our job base overseas and the World Bank warned in 2007 that in the event of an economic downturn the US would have trouble recovering because we no longer produce anything. Add to that in the 1930s our debt was internal while today our debt is foreign-held and is a staggering total. We have mortgaged our future to people who don't really like us all that much. They tolerate us because we supply jobs and technology transfer, but soon, very soon, we will become more of a burden than we are worth.
We have become the vassals and they have become our lords and that's a hell of a price to pay for cheap goods from Wal-Mart.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
2
1
1
