Net result?
A vortex.
This writer is arguing contrary to the current pronouncements of Goldman Sachs and the significance is that if this author is correct we are going to see a huge drag on the world economy with no engine anywhere to pull it out of the vortex. Europe is on the verge of disintegration or, at best, life-support and the United States is hurtling toward not just taxaggedon but a very real fiscal crisis.
The only real remedy for the American problem is growth but growth is not to be found anywhere in the world. To the contrary, Europe and China might produce drag rather than growth. I am sure the rest of the world is looking at the United States and fearing that we will be the drag.
If we are fortunate enough to have a Romney take office we might somehow emerge from a time of pain with our political and economic system relatively intact. Nevertheless, Romney will get the blame for any hard times and will be unable, unlike Obama, to blame his predecessor. If Obama keeps his office or if events simply overwhelm Romney, we will probably lose our precious and unique legacy.
In other words we are talking about our fundamental liberties, not just our standard of living, being swept away by an economic tidal wave.
