America Replicating Japan’s Depression
By: Stephen Lendman
Jan 16, 2011
An except from Franck Biancheri’s new book titled, “World Crisis: The Path to the World Afterwards” states:”The (current) financial and economic crisis….marks the end of the world order established after 1945.” In 1991, the Soviet Union dissolved, and since fall 2007, we’ve “witness(ed) the accelerated decomposition of the ‘Western pillar’ with” America advancing disintegration.
After decades “spent living in the myth of an ‘ended history’ in which” Western ideology was triumphant, “it is almost impossible to imagine ‘a world after’ ” without Washington/Wall Street dominance, “where ‘Anglo-American’ would not necessarily mean ‘modern,’ and where the dollar would no longer be king.”
Neither our media or leaders “imagine the unimaginable.” They’re “too busy trying to make us ‘forget the unforgettable,’ in particular, the socio-economic consequences of the crisis throughout the world.” It creates problems and “unprecedented opportunit(ies) to rebuild a ‘world after,’ provided” challenges can be seized and dangers avoided. One thing’s certain. New world ways will supersede one olds, for better or worse. Buckle up. Things may get bumpy along the way.
Real Analysis, What Wall Street Pundits Eschew
Nearly daily from Canada, economist David Rosenberg provides some of the best. He offers far different commentaries than corporate-sponsored deception, extolling a recovering economy, claiming clear sailing ahead, and hiding how Western workers are harmed.
A recent Rosenberg chart analysis compared America’s economic decline/malaise to Japan’s since the late 1980s. He began quoting St. Louis Federal Reserve Bank President James Bullard last July saying:
“The US is closer to a Japanese-style outcome today than at any time in recent history.” Perhaps ever, in fact, given the level of past excesses, creating a monstrous debt overhang.
Rosenberg’s visual analysis showed a frightening post-bubble decline in both countries by the numbers: