Nonsense. Real, substantial, measurable wealth was created. What is changed is the people in power in this country are intent on bringing that power to bear to destroy that wealth.
Then, in 1913, we established the Federal Reserve, the Income Tax, and the popular election of senators. The federal government thereafter absorbed all the money, sapped much of the freedom and creativity of society, and gave the mob whatever the mob clamored for.
The 20th century was a lost century. Close-up, to the people living it, I suppose it looked good. But the reality is that we did a whole host of things wrong.
And so far, it looks like the 21st century will "fix" the problems by making it all 100x worse.
Those Freepers who think that the economy was ticking along smoothly until the Democrats got Congress in 2006 would be well advised to read it.
Well, a good reason for the huge surge in the U.S. economy was the ending of World War II, we were the only major player that was almost untouched by the war. Germany, France, Italy, Russia, Japan and to a lesser extend but still significant, the UK were pounded into rubble. This helped us to be “king of the hill.” The Cold War helped us to stay there against a rival USSR. I would say that our most prosperous time was from 1945 to 200x with 1950 to about 1980 as our true “golden years.” Before that, you had things that were common like “multigeneration households,” only rich kids going to college (or you really had to work hsrd) and so on. I think we are headed that way again.
That would mean that a bubble is pretty much all I’ve ever known being 49yo. That is a scary thought.
This is one of the most interesting, and informative, threads I’ve read in a long time. I have always been fascinated by the rise and fall of empires and it does seem to me that ours is about to end, if it hasn’t already.
Applies to everything. What if summer temperatures seem warmer over my insignificant lifetime. OOPS, must be do to man. Never mind the 6 billion years before that...
We have some extremely long economic cycles, and of course how can you compare what comes after dropping the gold standard to what comes after. There is a shift. Your lifetime observed “normal” may be anything but.
I agree.
btt