Learn from history, as much as some would like you to believe it we're not all doomed
One of my favorite CAPS players, Sinc. Mentioned some excellent quotes from Andrew Jackson in his most recent blog post. It's funny that he mentioned Jackson. I'm reading great a book about him right now. No, it's not American Lion. It is Patriotic Fire by Winston Groom (the author the book that of one of my favorite movies of all time was based upon...Forest Gump).
The book is about Jackson's role in the decisive battle of the War of 1812, the Battle of New Orleans. The beginning of the well-written book contains a lot of background on the period, including a brief overview of Jackson's life. He was essentially an orphan who took it upon himself to get his law degree (or whatever it was called back then) and went on to become extremely successful.
One thing that I take away from reading history books like this is, the world has problems. It always has and it always will. Today's problems just seem worse than the ones that have happened and were solved in the past because we forget the past and we hear about today's issues over, and over, and over again in the news, on the Internet, etc...
Back during the War of 1812, the United States was literally bankrupt...it couldn't even afford to pay its army. Not only that, but the U.S. economy was in shambles because of the absurd Embargo Act that Thomas Jefferson passed several years before, which was designed to punish the British, but ended up hurting us much worse. In the end, we solved these problems...which were at least as bad as the ones that we have today. I have no doubt that The U.S. will eventually recover from today's problems.
Perhaps we will fall into a situation like that which befell the British Empire, a slow, long decline from being THE global Super Power. I wouldn't be surprised in the least if that happened, but all of this talk comparing America to the Roman Empire, and about how we are going to face massive social unrest, the complete break-down of society, blah, blah, blah are absurd.
The snap-back from a serious shock to the system and the resulting inventory build may make this look like a "V-Shaped" recovery, but I don't think that it will be. I strongly believe that we are headed for a long period of much slower economic growth than we have become accustomed to over the past several decades. Having said this, as much as some sensationalist fear mongers would like us to believe it...we're not all doomed.