The US economy is in shambles. The numbers are managed into lies. The soup lines are hidden in the electronic dole. And there is no quick fix to this mess. It is not just the US.
In China empty cities have been built and more are being built. It is all great for their GDP. But bad for their citizenry’s reality. They are empty.
The Central Control model is also failing in the Eurozone where one after another economies shattered because of excessive debt: (Iceland*), Ireland, Greece, Malta, Spain, Italy, Portugal, etc.
What these failed states, the US included, have in common is massive debt from the individual level to the Federal level. Given this unfortunate reality, what do we do? Well, what we did was bail-out the corporations. Printed money. Created more debt. Engaged in stimulus. Engaged in incentives. Abrogated property rights. Indulged in Bastiat’s Broken Window Paradox with Wars On Everything and Real Wars on Real People.
Iceland offers a hint at the correct response to overwhelming debt: Default, not bail-out.
None of the “Two Big to Fail” corporations were allowed to fail. Instead they were bailed-out on the backs of taxpayers and future generations of taxpayers.
We get debt and Corporate executives get bonuses.