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Wednesday, 4 February 2009

The economy is not coming back

This article at Countercurrents is about the American economy, but our is in the same basket.

"What we are now seeing is the beginning of an inevitable downward adjustment in American living standards to conform with our actual place in the world. As a nation of consumers, and not producers, with little to offer to the rest of the world except raw materials, food crops, military hardware and bad films (none of which industries employ many people), we are headed to a recovery that will not feel like a recovery at all. Eventually, productive capacity will be restored, as lowered US wages make it again profitable for some things to be made here at home again, but like people in the 1930s looking back at the Roaring 20s of yore, we are going to look back at the last two decades as some kind of dream."

We have seen the end of a golden age; it's not coming back. We'd better stop spending like it is going to, when it ain't. Zimbabwe, here we come.

1 comment:

  1. That's what James Kunstler, and George Ure of Urban Survival, for instance, have been saying for some time.