Normally I’m one of the most bearish people here, but really, come on? First off, China has issues we could only fret about in our worst nightmares. Second Europes structural problems (aging population and high fixed benefit costs are more staggering than our own.)
We have problems no doubt. We have a huge debt and worse a crisis in confidence. Those however are much more fixable than the problems of many other nations. Its just that we like most people would rather take the easy path. Recessions and depressions happen because the easy path is no longer available. We are going to have lower prosperity and quality of life for quite a while, of that I have no doubt. America still is the greatest wealthiest nation on earth. Its economy is basically solid (except for our huge pileup of debt) and as a nation we are for less rigid in our economy than most. We will adapt albeit at a poorer level.
It may take a while but the end is not nigh. Unless of course you are a merchant of debt.
