Saturday, November 19, 2011
The Golden Age is Over
The U.S. is in steep economic decline worldwide and almost entirely projects its power through military force. China's FDI in Asia and Africa dwarfs that of the U.S., and it is competing strongly even in Latin America. The general belief in the ruling class is that the U.S. can only compete globally by impoverishing the domestic workforce and destroying any vestige of the New Deal. They are fully committed to this project, in what for them is an existential crisis. China's PPP GDP will overtake the U.S. in a matter of years, and the number of billionaires is fast approaching American quantities as well. And I only mention China because it is the most tangible expression of the incredible collapse of U.S. economic power. We are entering dangerous times and there should be no doubt that compromise is off the table as far the U.S. ruling class is concerned.