1st
The United States has really been living in a fool’s paradise, or a phony economy, probably for more than 20 years. But our economy has been growing and getting bigger and bigger.
We have been able to convince the world to lend us money and to provide us with goods that we don’t produce and that we can’t afford to pay for with exports. And it has gotten to the point now where the problem is so big, especially since the real-estate bubble.
We’ve now borrowed so much money from abroad. Our trade deficits are now very big, and our industrial base and our infrastructure have been allowed to decay for so long, that we are now at a point that we can only survive as an economy thanks to the charity of the rest of the world.
They have provided us with all the goods that we can no longer produce because we lack the industrial capacity. And they have to lend us the money because we don’t have any savings anymore.


