"Even before the financial crash of 2008-2009 and the Great Recession that followed, there was ample warning. Whether you were a journalist who produced the news, a politician who made the news, or a citizen who read or watched the news, it was hard not to be aware that for the past thirty years, the following had been happening:
" - Most Americans had experienced stagnant real incomes, shrinking financial security, and fraying social safety nets.
" - The nation had been buying more from the rest of the world than it had been selling and was borrowing to finance the difference.
" - Despite the erosion of U.S. economic power, the governing class - Democrats and Republicans alike - insisted on maintaining its global hegemony, whatever the cost.
From The Servant Economy by Jeff Faux |