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Politics : CD's Incoherent Ramblings and Politics for Dummies Thread
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From: robnhood11/24/2008 7:11:01 AM
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<<KP: In other words, credit?

Khazin: Yes. The U.S. was able to make the next step in technological progress as a result of this excess demand. They accomplished the collapse of the USSR and numerous other significant feats. But... The boom took place thanks to resources that were supposed to provide for future growth. The country ate its own resources two generations ahead of time. The U.S. built up tremendous debt. This is clearly seen if we compare the growth of debt in U.S. households with the entire U.S. debt and GDP. The economy is growing at an annual rate of 2-3, or at a maximum 4 percent. But debt is increasing at a rate of 8-10 percent.

KP: Well, let the debt keep growing... The U.S. lived fine up until now without a problem... Better than we did!

Khazin: Yes, the U.S. did create a very high standard of living by stimulating consumer demand. Generations lived without having to experience poverty. But it's impossible to live forever in debt. Household debt has now surpassed the national economy — more than $14 trillion. Now it's time to pay up. Of course, Wall Street tried to postpone this collapse. I won't go into detail about derivatives and other such financial assets, but this was just a gasp for air before an inevitable death.>>

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