"The combination of debt, dollar devaluation, delusion, and depletion will make this crisis the most challenging and dangerous in US history."The United States is reaching a point where some painful decisions must be taken in order to avoid an even more painful crash. It's time to stop blaming dead people (FDR, Reagan) and start gathering facts.
Bigger government and more spending won't get us out of the historic hole Democrats and Republicans have dug for us. It will take a hundred years of bitter medicine to save this country. Jim Quinn at Minyanville paints a very scary picture of what we are facing. (all quotes from Minyanville - Jim Quinn)
Politicians have voted for bailouts of criminal banks run by Boomers, voted for hundreds of billions of dollars in pork projects for their corporate constituents ... and have deferred the critical cuts that must be made to entitlement promises they’ve made to the American public in order to get elected.And they will double it again in the next eight years.
These politicians have doubled the national debt of the United States to $12.4 trillion in less than eight years.
We’ve sold out America for cheap Chinese hair dryers, inexpensive Mexican apparel, economy packs of Fruit of the Loom from Indonesia, and yellow smiley face stickers for our kids.Heads they win, Tails we Lose
As reward for gutting the American economy by shipping jobs overseas, American CEOs have enriched themselves at a rate 500 times higher than the average worker’s pay.
Wall Street bankers were paying close attention to how corporate CEOs were able to reap ungodly profits while socializing the costs."Socializing the costs" is a euphemism for sticking the taxpayer with big business losses (think AIG, Goldman Sachs, the GM government bailout.) George Bush and Congress bailed out Wall Street and told Main Street to go to hell (after they got done looting it to pay the banksters' gambling debts). Obama and the Pelosicrats give us more of the same.
President Obama didn't start this fire, but he sure is fanning the flames.
Quinn's article may be overly pessimistic. He believes in peak oil and he easily discounts the effects of future technological gains. Strong, sustained economic growth could also delay our nation's date with the grim reaper. Still, the article is full of facts and it is a gripping wake up call.
Related Article: For one man's view of how to get out of this mess, go here