Casey Dougall <[email protected]> wrote: > When Moody's Investors Service revised its outlook on Japan's AAA-rated > sovereign debt to negative from stable in 1998 -- similar to what S&P did to > the United States on Monday -- the yen sank to its lowest level in six years > and government bond prices fell sharply.
We have an international economic *system* that is broken in that each constituent (country, company, entity, and individual) acting in his/her own best interest kills the system as a whole. What we've been seeing for the last 15 years is this system slowly break down with its various boom/bust contractions getting worse and the ability to contain their damage diminishing. The globe as whole is very near the point where one more crisis - possible spurred by some natural event - is no longer recoverable. Even without that, I'd say that before the decade is out we'll be having a new Bretton-Woods type conference. The killer for the US was the 2000-2010 cycle where we went from surplus to insane levels of debt. And this is not a party or an individual's fault, but the fault of all of us who all played our role, acting in our own best interest (borrowing cheap money, buying cheap imports w borrowed money) including small businesses, corporations, and the government. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:336409 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
