In 1971 America had a currency crisis. Other nations had stopped accepting our paper dollars as payment for our debts and were demanding gold instead. The problem was that America didn't have enough gold to cover the massive debts being run up because of the war in Vietnam.

What did we do? We simply defaulted on our debt by repudiating the promise to back our currency with gold. The situation was epitomized by Nixon's Treasury Secretary John Connally, when he responded to the complaints of 29 trading and banking allies:
“It may be our currency, but it's your problem.”

37 years of massive budget and trade deficits later it is still our currency and it is still someone else's problem. However, every game must someday end. Eventually the costs of playing the game become so great that the benefits of not playing become attractive.
The world is now approaching a point where it is being forced to make a choice.

Failure in war can be a bad thing. Failure in business can be a personal loss, and in some instances a detriment to the economy. With the recent calamity hitting the two largest mortgage lenders, not to mention other large American business concerns, it seems to a select few that failure is indeed a viable and good option.

A gamble with very high stakes is being openly promoted by adherents to a free-market orthodoxy. These individuals, gaming on anger and the perceived loss of utility of these given enterprises, are pushing the public onto this wager.

I thought I'd add a little documentation supporting Robert Oak's recent posting. 

"News Flash - Women are Equal to Men - in Terms of Losing Their Careers!"

The BLS Employment to Population ratio, also supports my posting concerning the under-perfomance of this decade's employment growth, relational to population growth.

"Last Century's immigration policy no longer works for US"

One of the more amazing spins of the day is how the term diversity has been cast to mean global labor. The original term was for United States Domestic diversity. In other words, giving equal opportunity in a nation to all of her citizens.

Well, there are now damning reports coming to light on what is happening to a large segment of the American Professionals and that is women.

The Joint Economic Committee of Congress released a report entitled Equality in Job Loss: Women Are Increasingly Vulnerable to Layoffs During Recessions.

According to the JEC:

If I simply showed you the following graph of a stock market losing nearly 60% of its value in 9 months, you'd probably conclude that a bubble had burst, and that the country whose companies it represented was probably in for some big Hurting:

So why has China been immune from such analysis? Presumably because the "story" behind China's growth is so compelling. Just about everybody seems to agree that China is the emerging economic world superpower.
Well, it's difficult to imagine now what life would be like without the internet, and yet that didn't stop the dot-bomb crash of 2000-2002. And the Mississippi Land Bubble was based on the accurate belief that what is now the US midwest would someday be the breadbasket of the world. Unfortunately they were off by 150 or so years.