The future of economics?
a quick note
The age of fancy financial products, fiat currencies and consumerism is over, we will have to return to a production based system. Americans are not ready to hear it but the Dollar will eventually lose its reserve status in favor of an international index based on commercial exchanges such as the bancor originally proposed at Bretton Woods.
This crisis will endure with successive recessions getting worse and worse, the consumer can no longer support the supply/side promising a future of massive unemployment and a constant lack of revenue at the State level, will the debt go away? absolutely not, it will only get worse, even by cutting into Medicare, Medicaid and all…at some point, pharmaceutical and insurance companies will start whining about their lack of profits and so will banks and other financial institutions with the lack of demand for credit, while they control Congress, corporate giants have already lost the game, this is a worldwide crisis and the answer will only come in the form of a worldwide answer.