Tuesday, November 4, 2008

The Big One Is Nigh (The coming economic earthquake)

by Srdja Trifkovic

“The global economy is like the St. Andreas Fault: You know that a terminal disaster is inevitable, but you keep your fingers crossed and try not to think about it,” I wrote in the print issue of Chronicles seven months ago (“Waiting for the Big One,” March 2008). “When a tremor occurs, you often fear it could be the Big One and sometimes panic,” I went on, “but then, when the dust settles, you sigh with relief to find yourself alive and the Golden State still above the ocean.” Well, the Big One is nigh; and here’s the rest of that old column in which I argue that, in the end, the meltdown may be all for the best…The fiscal imbalances caused by President Bush’s addiction to deficit spending, by over-indebtedness, by ordinary Americans’ negligible savings, by the huge and growing foreign debt, and by the falling dollar are all still there.

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