We are privileged to witness the end of the era where the world is dominated by US economic and military power since the end of WW1. The main indicator is the largest national debt ever in human history (the current number is $9.4 trillion).
The pivotal point, as we will see in 2009, is the collapse of the dollar-based global finance system.
Since 1990s, US has been relying more and more on finance industry to boost its GDP, while outsourcing its manufacturing industry. Thanks to the stock bubble, the Clinton Administration maintained a seemingly balanced budget. Bush Administration not only revealed the hidden financial turmoil, but worsened it by waging a 5-year (and counting) war.
Mounting debt and long lasting warfare are typical symptoms of every declining empire (looking at the end of empire of Spain, Dutch and Great Britain).
Much human atrocity will follow: widely spread wars, riots and famine are no longer just in the apocalypse. They will become daily news. The world as we know it will never be the same.
OK, I am very pessimistic, but so do the 50% of the US population according to the latest CNN poll or 81% of the US population according to latest NYTimes poll.
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