#1 killed the well-paying blue collar job and unions. #2 killed the stability of the dollar. #3 (especially combined with #2!) allowed banks to leverage regular deposits to inflate M3 and create mega-bubbles and then drop their losses on the depositors and the taxpayers.
Put it all together, and we are indeed on our way to third world status: 10% own 90%, everyone else is poor.
Then add in the recent resumption of Vietnam-style expensive smoldering meat-grinder warfare, which is bankrupting the federal government. Then, for the cherry on top, throw in peak oil.
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[ 4.7 ms ] story [ 54.4 ms ] thread1) The outsourcing boom
2) The Nixon Shock: http://en.wikipedia.org/wiki/Nixon_Shock
3) The elimination of Glass-Steagal
#1 killed the well-paying blue collar job and unions. #2 killed the stability of the dollar. #3 (especially combined with #2!) allowed banks to leverage regular deposits to inflate M3 and create mega-bubbles and then drop their losses on the depositors and the taxpayers.
Put it all together, and we are indeed on our way to third world status: 10% own 90%, everyone else is poor.
Then add in the recent resumption of Vietnam-style expensive smoldering meat-grinder warfare, which is bankrupting the federal government. Then, for the cherry on top, throw in peak oil.