“Is The US Setting Up For A ‘Final Dollar Panic’?”, Peter Morici describes all the factors driving the US dollar (and the US economy) toward collapse. Morici is a business professor at the University of Maryland, and former chief economist at the U.S. International Trade Commission – hardly a radical.
He focuses on all the same factors that as a layperson seem obvious to me. We can’t keep federal spending exorbitantly beyond revenues, massively borrowing, importing vastly more than we export, focusing on social and other feel good political agendas, engaging in “bank bailouts, reckless stimulus and other fiscal foolishness”, all while ignoring fundamental economic reality.
While all the brilliant experts in Washington and Wall Street can fool themselves with their complex analysis, more and more Americans realize the fundamental math that Morici clarifies is completely unsustainable.
One has to wonder what the crash, the backlash and the aftermath is going to be like.