After reading Walter Williams’ post on:
I found this piece to be very timely and interesting…..
In a global economy, it is ludicrous to think a country can have a comparative advantage in every area. The $60B vs. $990B figure for imported raw vs. steel products is very telling. However, the “middle class”, (workers in steel and other industries under siege) must be considered to be important to any nation’s social and economic well being. In order for that group to flourish, fundamental factors must be addressed including but not limited to: currency, cost of capital and labor, education, taxation, regulation etc.
Obviously, these debts can never be repaid so the sooner we and other countries do an economic reset the sooner we can put in place a new financial system that can carry the world into the 21st century. When the inevitable reset happens, it will be very, very ugly so my hope is that leaders and citizens recognize that an orderly reset is preferred over a black swan that puts his webbed foot on the reset button.