If we were in an earlier phase of the imperial cycle - such as we were in 1920 - we would ride out the bust…liquidate the mistakes…and bounce back stronger than ever.
But this is 2009…not 1920. The empire is now old and tired. It has been burdened with so many fixes, rules, privileges and safety nets it cannot compete in many key industries. It is also heavily in debt…and running a trade deficit and a public deficit that sink it further into debt each day.
At this stage, Americans do not boldly face the future…they want protection from it. And so the feds flex every flabby muscle trying to hold it back. Of course, no one can stop the future. Birds gotta fly. Fish gotta swim. And the future's gotta happen.
The feds are fighting a losing battle by trying to spend their way out of the crisis.
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