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Men are flawed creatures. Politics and political reality magnify those flaws. As with all great nations or empires they rise on the hard work and perseverance of its people. It is true of Rome, Spain, France and Great Britain. After they reach the height of success and power they begin to think it is their due and as such the rot sets in . The rot in America set in 40 years ago with the beginning of its course of deficit spending.
This financial crisis is the beginning of the end of America as a world financial power and leader. It is the first in a series of crises that will eventually cause the collapse of the American government and economy.
The numbers simply do not lie, America is spending Trillions of USD that it does not have. America has to borrow the money based upon its ability to pay back the money on future earnings. The day is coming when the balance will tip where America will simply never be able to pay back the astronomical amounts of money it owes. At that time it will not be 45M Americans without health insurance but 320M Americans. America will not have to worry about its consumption levels nor saving rate it will have to worry about subsistence.
It is very likely that foreign entities will step in and buy American resources, land and production capabilities for pennies on the dollar. American will be renters on its own soil working for the betterment of those foreign entities. America will in a sense become a third world country.
The BO administration with its ideological mindset of increased role of government activism and centralization of power only compounds this problem. For it produces nothing but only increases the size of government and level of indebtedness. Mr Peterson (Blackstone Group) for all his astuteness is far to optimistic about human nature. One might call this the cycle of a nations life, it begins, rises and falls. That is the way of nature and the way of nations.