The American political elite – right and left – believes that we are different from the Europeans because we issue the dollar and therefore have some special privileges forever.
But this is not the 1950s. Asia has risen. Europe will sort itself out and become more fiscally Germanic. The Age of American Predominance is over.
Our leading bankers looted the state, plunged the world into deep recession and cost the United States eight million jobs. Now many of them stand by with sharpened knives and enhanced bonuses – willing to suggest how the salaries and jobs of others can be further cut. Consider the morality of that.
Will no one think hard about what this means for our budget and our political system until it is too late?
Sunday, January 9, 2011
Simon Johnson fromer chief economist IMF..Said
Here is an excerpt from recent article of his ,