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OP-ED: "Brace Yourselves: Power's Shifting, But Not in the Way You Expect," By Bill Emmott, Washington Post, October 19, 2008; Page B01
Good sensible stuff from an Economist writer that let a lot of air out of the post-American visions we're currently being sold.
(Thanks: Jarrod Myrick)
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Comments (1)
Still it will be tricky for America once the rest of the world realizes we can't make good on all the IOU's (fiat currency) that we've been handing out all these years. Our net worth as a country is negative... we have lost many of our means of production. America is in for some rough times ahead. For America to continue to consume, we will have to start providing something of real value, and that is something many Americans are not used to. And if you think digital and media services are going to cover what heavy industries used to provide, think again, because it won't.
Posted by Mike Frager | November 1, 2008 11:04 PM