The American Cultural Revolution


Unlike other financial cycles, the current bubble/burst cycle is fundamentally darker. In the past, there were large external growing markets that needed products on which the US had a lock (cars, planes, computers, steel, power plants, heck, even tobacco). Many of the products improved the efficiency of the foreign economies that they grew and bought more; and ultimately can make their own products now. Now these products can be made more cheaply overseas and sold to both us and our former customers. Secondly, we are $10 trillion in the hole. Thirdly, we are impairing education through reduced tax support for public schools and increased tuition for universities rather than expanding it as we need to in these times.



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