"IT'S HARD TO IMAGINE today, but there was a time when Cisco ( CSCO) was the world's hottest stock. Twelve years ago it would have been included in nearly every discussion about the U.S. economy and most certainly every mention of the U.S. stock market." [more]
Canada and the U.S. have signed a troop-swap agreement, which allows each nation to call on the other for help during "civil emergencies".
The 10 economic charts that you are about to see are completely and totally shocking. If you know anyone that still does not believe that the United States is in the midst of a long-term economic decline, just show them these charts. Sometimes you can quote economic statistics to people until you are blue in the face and it won’t do any good, but when those same people see charts and pictures suddenly it all sinks in. What is great about charts is that you can very easily demonstrate what has been happening to the economy over an extended period of time. As you examine the economic charts below, pay special attention to what has been happening to the U.S. economy over the last 30 or 40 years. The truth is that what is wrong with the U.S. economy is not a great mystery. All of the economic problems that we are experiencing now have taken decades to develop. Hopefully the charts in this article will help people realize just how nightmarish our economic problems have become, because until people start realizing how incredibly bad things have gotten they will never be willing to accept the dramatic solutions that are necessary to fix our financial system.
In the wake of the Nasdaq collapse a decade ago, a Goldman Sachs analyst coined the term “BRIC” (Brazil, Russia, India and China) and made the case for investing in these fast-growing economies. The research ushered in a true golden age of emerging markets investment that few could have imagined back when Cisco and Microsoft were seen as the only stocks one needed to own.
Once upon a time, the United States was the greatest industrial powerhouse that the world has ever seen. Our immense economic machinery was the envy of the rest of the globe and it provided the foundation for the largest and most vibrant middle class in the history of the world. But now the once great U.S. economic machine is being dismantled piece by piece. The U.S. economy is being gutted, neutered, defanged, declawed and deindustrialized and very few of our leaders even seem to care. It was the United States that once showed the rest of the world how to mass produce televisions and automobiles and airplanes and computers, but now our industrial base is being ripped to shreds. Tens of thousands of our factories and millions of our jobs have been shipped overseas. Many of our proudest manufacturing cities have been transformed into “post-industrial” hellholes that nobody wants to live in anymore.
Meanwhile, wave after wave of shiny new factories is going up in nations such as China, India and Brazil. This is great for those countries, but for the millions of American workers that desperately needed the jobs that have been sent overseas it is not so great.
In a column today, titled, "
Is Egypt Hopeless?", Dan Henninger suggests another measure of nations’ competitiveness: the percentage of the population employed by the state. [more]
Lots of the same Jim Rogers stuff, but some interesting points as well.
Unless the Winter Olympics are on television or someone is clubbing baby seals, Americans don’t pay much attention to what’s happening in Canada. It’s as if we live in a house with a set of quiet, orderly neighbors on one side and a bachelor pad with drunken parties, girls in the hot tub and occasional gunshot eruptions on the other. To whom would you pay more attention?