One more bubble to go

The American Prospect
by Jeff Faux

11/23/09

The word from Washington and Wall Street is that the worst is over. Sure, it will take a while for jobs to recover, for housing to come back, and for wages to rise. But we are definitely on the road to recovery from the biggest debt-bubble collapse since 1929. Maybe. There were actually two debt bubbles. One was driven by Americans borrowing against unsustainable inflation in housing prices. The other was driven by America borrowing against unsustainable inflation in the price of the U.S. dollar. One more bubble is left to pop. … The central threat here is not the currently rising federal deficit. … Rather, the core problem is the accumulating debt that the U.S. economy as a whole owes to the rest of the world, a result of a more chronic condition: 25 years of buying more in the global marketplace than we have been selling — and borrowing to make up the difference...

//www.prospect.org/cs/articles?article=one_more_bubble_to_go



The critical unraveling of US society

Amped Status
by David DeGraw

11/23/09

You may have missed it in the mainstream news media, but statistical societal indicators are reading red across the board. Before exposing the root causes of this breakdown, let’s look at some vital statistics and facts: (1) The inequality of wealth in the United States is soaring to an unprecedented level. The US already had the highest inequality of wealth in the industrialized world prior to the financial crisis. Since the crisis, which has hit the middle class and poor much harder than the top one percent, the gap between the top one percent and the remaining 99% of the US population has grown to a record high...

//ampedstatus.com/the-critical-unraveling-of-us-society


Informant: Thomas L. Knapp



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