The US economy is simply unsustainable...no matter who is running it... The FED Bubbles were used to hide the looting and off shoring by Wall Street...and the Cult of the CEO.
The FED Bubble Tax Base...now gone...was used to give government benefits, wages and pensions...to many people... And Government Contracts to many corporations who employed them... That Bubble Tax Base is one part of the Depression that is not talked about much...
As if "only" Unionized Employee benefits and wages and pensions were to blame for the big deficits...
If the FED Bubbles had continued...which was impossible...everything would have worked out... But the Bubbles collapsed...and in 2008...they collapsed catastrophically...bringing down the entire World Economy...as we see in Europe...
Asia...which was the main beneficiary of the looting and off shoring...has so far escaped without problems....but as excess production there...meets collapsed demand here...that will change...
The trade deficits are simply unsustainable...between East and West... This is a good example of how what is good for Big Corporations is not Good for the Nation...
MULTINATIONALS ARE THE ONLY TRUE "GLOBAL PLAYERS"...THEY CAN SURVIVE UNSUSTAINABLE NATIONAL ECONOMIES...
BUT NATIONS CAN'T...AS IN EUROPE NOW...AND PERHAPS IN THE US SOON...
ALL ECONOMIES ARE LOCAL...AND THE TEXTBOOKS ON ECONOMICS NEED TO BE RE-WRITTEN...ASAP...TO REFLECT THAT FACT...
This Depression continues until that "new old idea" is recognized again...
Dubya wasted the Clinton Surpluses...and added two wars and one entitlement ...all unfunded...but the collapse was well along by then...the Wall Street CEO looting and off shoring was decades long...
Then Obama used every known Keynesian "cure" that was available...and then some...to stop the Depression...but it didn't work...
THE NEXT PRESIDENT WILL HAVE NONE OF THE OPTIONS OF THE LAST TWO...
AND THAT IS WHAT IS REALLY SCARY... ITS OVER...AND THE NEXT PRESIDENT HAS TO KNOW THAT...AND GET REAL FAST...
ALL ECONOMIES ARE LOCAL...TO BE SURE...BUT THIS DEPRESSION IS WORLD WIDE.
