Today, we are talking about one of the most boneheaded miscalculations of all time. Almost with a single maladroit stroke, a relatively small group of world-improvers undermined the progress of 9 generations. Five years later, Americans are on the losing end of the "biggest transfer of wealth in history," as T. Boone Pickens described the oil market of 2008. George W. Bush has the highest disapproval ratings of any U.S. president in history. America's most profitable industry - finance - has collapsed…its currency has lost a third of its value…and European, Chinese and Indian economists are wagging their fingers saying, "I told you so."
A dismal, bleak forecast for better economic times is offered by Bill Bonner. He blames - you guessed it - the Bush administration's ignorance of economics and politics.
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