[Ray76]

You might find this article interesting.

http://www.plata.com.mx/mplata/articulos/articlesFilt.asp?fiidarticulo=194

[Will88]

Not sure I'd blame so much on fiat money, but I do agree with this statement:

The de-industrialization (of the West) was masked with credit expansion facilitating consumption, not production, which was un-economic under the globalization scheme. Stagnant or falling wage earnings were supplemented with easy credit for the masses.

And I'd definitely add: Stagnant or falling wage earnings were also supplemented by ever expanding social welfare programs, which added greatly to deficit spending.

These trends can't go on forever.