Hello, gentle blog reader,
I’m currently reading Bill Bonner’s Empire of Debt: The Rise of an Epic Financial Crisis: http://www.amazon.com/Empire-Debt-Rise-Financial-Crisis/dp/0471739022
Though it was published in 2006, the book accurate depicts the current economic crisis. Just look at this:
America’s empire of debt rests on many huge deceptions that we have described in this book:
- That one generation can consume–and stick the next with the bill
- That you can get something for nothing.
- That the rest of the world will take American IOUs forever–no questions asked.
- That house prices will forever go up
- That American labor is inherently more valuable than foreign labor
- That the American capitalist system is freer, more dynamic, and more productive than other system
- That other countries want to be more like America, even if it is forced on them
- That the virtues that made America rich and powerful are no longer required to keep it rich and powerful
- That the United States no longer needs to make things for export
Pretty interesting stuff, don’t you think?