"The upshot of eighteen years of living off extended credit is that the United States is now a failed economy. The gross liabilities of the U.S. financial sector, which were 21 percent of GDP in 1980, have risen steadily over the past twenty-seven years to an incredible 116 percent of GDP by 2007. Because the U.S., European, and Asian banking and financial communities are intimately intertwined, the credit crisis swept out of America and engulfed the entire global economy. Even more troubling, the International Monetary Fund forecasts that the federal government debt could equal the GDP by 2015, throwing in doubt the future prospects of the United States of America."
The Third Industrial Revolution by Jeremy Rifkin Not everyone missed the role that expensive oil played in the most recent financial crisis, of course. The rest of the book describes how Internet technology and renewable energy hold the potential to save us from Doom. We'll post a book review by the end of next week. |