Will 2013 Mark the Beginning of American Decline? - Bloomberg: "So while no country will rise up to take America’s place as the world’s leading economy, its global position is indeed threatened -- by its own reluctance to have an honest conversation about the federal budget and by the unwillingness of its political leadership to confront powerful interests on Wall Street. Sooner or later, it will be America’s turn to fall out of favor with investors and to see its own interest rates rise. It is hard to know when that day will come, or precisely what pressures the country will face. Let me only venture one forecast: We will not be ready.
(Simon Johnson is a professor at the MIT Sloan School of Management and a senior fellow at the Peterson Institute for International Economics. He is co-author of “White House Burning: The Founding Fathers, Our National Debt, and Why It Matters to You.” The opinions expressed are his own.)"
Read the full article above for more. I disagree with the author on one thing. The beginning of American decline began with the administration of George W. Bush--what a disaster: 2 wars (1 completely unnecessary), vast expansion of government and government spending, government incentives that led to creation of economic bubbles and subsequent crash, lack of oversight, deficit spending, complete lack of discipline, stewardship, and wisdom--the most important ingredient of governance.
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