Arraya: Good stuff, as usual. This political theater has been going on for nearly 40 years now, ever since Nixon closed the gold window to pay for the Vietnam War.
We’ve successfully offshored or outsourced nearly all of our manufacturing capability, and that which remains isn’t competitive.
People have been led to believe that “service” industries are the way to go and that manufacturing is unnecessary, and in large part because of all those financial and banking innovations that have made the US the unsurpassed master of the financial world have also imparted a standard of living completely untethered to a sound currency or fiscal responsibility.
There is no politician, save Ron Paul, who is willing to step up and tell the American people the complete truth: We’ve gamed the system to the point that we’re effectively insolvent, we’re relying on the fact that the dollar is the world’s reserve currency and we can therefore print as many as we want, American wages have been stagnant since the 1970s and we threw ourselves one hell of a party that the rest of the world, led by China, financed and now the bill is due.
As far as the assertion that there is a herd of well-financed Baby Boomers out there ready to save the day: Puh-leeze. These assholes are the reason we’re in this mess to begin with and none of them have any goddamn money. The party is over.
