We spent decades outsourcing work, importing goods and services, exporting debt. Now what, how do we get out of this mess. Our GDP is 70% based on consumption. Not a good thing. Anyone know how to fix this mess?
Mistakes were made, but just like Buffet said (who knows where he heard it), you don't know who's swimming naked until the tide goes out. The current crisis stems from not allowing the 90's bull market to die. I hope lessons were learned. I know I've learned a few. At this point, the only fix is time.
The Japanese have been waiting almost 20 years. I think the only fix is for the government to stop trying to fix it. Oh, and someday we will figure out that a service economy that depends on ever expanding credit is not workable in the long run.
World War III. 1. Population control 2. Revitalizes manufacturing sector 3. Redirects sheeple's anger and instills patriotism
Thinking big isn't working. Toss out the "to big to fail" mantra and focus on what is working. Starting with the smallest profitable business and fiscal responsible local gov'ts. Build on these, ask them what they need to grow and create jobs on a local level. Most of the current business, city and state gov't asking for a handout are weeds. Obama asked for shovel ready projects. Another bike path is not what this country needs.
No government. No problems. Move towards an anarcho-capitalist system. Limited government can only last so long as people like to meddle and create new laws/regulations that will only benefit themselves or their buddies. Thus, if no government exists, there can't be government corruption. At the very least, removing copyright laws or intellectual property rights may solve several problems. New products and services can be innovated by anyone without red tape, licenses or permits.
#1 The US has to stop running trade deficits #2 Coordinated sovereign default by the G8 Beyond that, resist the urge to tinker, and let the markets settle out on their own.
There are 3 possible solutions: 1-hyperinflation: the financial elite want it, so they can lower the debts and perpetuate their power. 2-keynes: ballooning public deficits, financed by printing money. 3-moratorium on bad debt and toxic assets, split up good and bad parts of the banks, and default on the bad parts. The first solution will be a disaster for everyone not in the financial oligarchy. The second solution will only postpone the problems. The only good solution is the third, it won't create inflation.