You know Easter Island is a modern day example of what happens when you have exploit your available resources at an unsustainable rate. God forbid if you do it on a global scale aka China.... http://www.sacredsites.com/americas/chile/easter_island.html
We don't have truly free markets with unbridled competition in the US. I'm not sure what we have in the US, But it seems to be some sort of government sponsored corporate nation, or if you prefer corporate-government partnership, or perhaps the term "collusion" would be more apropos. Many can work within the system to profit handsomely, while others are left out and confused by what is happening to them. Though we say we are a capitalist country, i'm not sure it is true anymore. After all, we say we are a democracy, but clearly we are not, though at least some democratic elements seem to have miraculously survived the "Patriot" Act. Supposedly we are a republic, but i'm not sure that's true anymore, since the creation of safe congressional districts, and the K-Street project anyway. It seems we have re-invented ourselves into something that is not working very well at the moment. Is it perhaps time to take a very long vacation, or move to Finland? (Oops. Got to stop reading Jack Hershey posts. His rambling is contagious).
Wasn't Volcker the Fed Chairman then? If so, that was a very different time from now. We were not even on funny money yet, until sometime later in the seventies (wasn't it). (Was it Nixon that decided it was convenient to print more money whenever you needed it?) We had real belt tightening when Mr. Jimmy was president, (almost froze to death!, and it took forever to drive across Texas.) I don't recall him borrowing money from China so he could send us all a check, but perhaps i've forgotten. It was a long time ago.
Capitalism's death is the change from protected markets (plural) to a single world market. Before globalization, the United States was self sufficient, and self determination was possible. not anymore (that is, not without putting the tariffs back in place). Now protectionism is tolerated everywhere EXCEPT the United States. Strange how that happened, huh? Destroying tariffs creates a shared division of labor and 1 of the 4 requirements for a single world market. but bringing that in without the other 3 creates two things: 1) global oligarchs instead of national oligarchs. 2) massive destruction in wage rates in developed nations, resulting in the need for currency devaluation, which results eventually in financial system stress. the last stage of this central bank created phony panic will be a call for North American Union and soon after a world currency, global governing body, and phase out of national borders. But don't take my word for it, ask Robert Pastor or Strobe Talbott.
wouldn't exactly cal the US an empire.....we tend to go to war, conquor, then give it back and pay for the reconstruction.LOL
Ain't that the truth. Historically, empires expanded by warring... conquering some people taking their stuff, and enslaving them. We've done it all bassackwards... and at our expense. War mongers that we are... we've really been pretty stupid about it.