RE: Diagnosis of a sick economy

  • I am not known as an optimist. I am more than willing to point out that the glass is half-empty. So my friends were not surprised when, during the general euphoria over the collapse of the former Soviet Union in the early 90's, I said, “We are looking into our own future, 10 or 15 years from now.” Of course, the statement seemed absurd. The West had “won” the Cold War, and America was the world's only super-power. International hegemony was in sight, and there were no credible opponents. The economy was booming, and the internet revolution was just getting started. And indeed, 10 years have past, and now 15, but we have not collapsed.

    Nevertheless, there is a sense of foreboding.

    (tags: economy)

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