Quote from RangeTrader:
...in a few years... But it's not all that bad. Honestly I couldn't care less. Countries always go through long term economic cycles like this. As Bernanke prints more money to stabilize the system crisis after crisis over the next few years the standard of living will go downward steadily through inflation. However, that's is better than the system collapsing. Praise Bernanke for his hard work!
As long as the stock market survives all is well!
I spent a lot of time. (Around 1month) a year when I was growing up in 3rd world countries... They are not that bad at all!
It's just the adjustment process as a country transitions from a higher to lower economic level that is volatile and dangerous. When you have millions of people used to having free handouts suddenly get that cut off you get riots. In 3rd world countries people are used to low/no social services so it's not an issue. New york and Miami city streets are just as dangerous as it is in a average 3rd world country... Or even more dangerous actually.
You're over-exaggerating the situation. The USA is not in as bad of a shape as you give off. The situation is very bad, but let's remember, this country has been the epi-center of free markets and capitalism for hundreds of years. The result has been massive economic growth and a magnet effect attracting all the elite talents in other parts of the world here, where they have the freedom to put their talents to work. The capital and productive ability / innovation which has been created over hundreds of years is still here~!
Of course we all know that over the last century, this society has moved towards more and more socialism. But it started from an almost purely capitalist state, so even though it has moved a far ways towards socialism, it is still relatively free. I'd say it's a 50/50 mix of socialism and capitalism. And that 50% is quite a lot! Give people even an inch of air, and they turn it into something special. In the old USSR, it was said that each individual was give a small lot of land for a garden, it equaled something like 3% of the total land available for agriculture. This 3% freedom resulted in 85% of the total food available to the citizens of the USSR. If the Russians did that with 3%, what have Americans done with 50%? Well, they have created such great companies as Microsoft, Google, Apple, Facebook, and that's only in technology. Businesses have continued to become efficient, technologies have moved businesses forward an a HUUUGGGGEEEE WAY!
The degree to which a society is free and capitalist is that degree to which they are prosperous. The Heritige foundation which rates economic freedom (capitalism) in all countries on the planet, still has the USA in the top 10. As long as the USA keeps some of its capitalism/freedom, it will NEVER turn into a third world country.
Funny enough, check out the liist. The more capitalist, the more prosperous:
BTW, i live in Seattle, it's just a hop and a skip away from Canada, which is more capitalist than the USA right now, lol. If something horrible happens, i can just take a hike.
Chile has very recently moved into the top 10!!! WHAT!! If they stay in the top 10 for a decade or two, i expect them to eventually become as successful as places like Singapore, South Korea, etc. Not only Chile but Mauritius, a country i have never even heard of, lol. A sub saharan African country moves into a free market capitalist top 10 list? This is a very recent event as well, as the last time i checked the list was a couple years ago and i didn't see Chile or Mariwhatever on the list. Great moves by these countries!
Edit: Mauritius has a 5 year compounded GDP growth of almost 5%! Grew 4-5% last year. Chile also grew around 5% last year with a more modest 3.5% compounded 5 year GDP growth rate. But remember whaat the world has gone through, places like Greece which is currently ranked as the 120th freest economy, not to mention other disasters like Portugal/italy/Spain, all very low on the list.