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Philip Greenspan, "Eat, Drink And Be Merry, For Tomorrow..."

"Eat, Drink And Be Merry, For Tomorrow..."

Philip Greenspan, Swans

The sole superpower's economic condition continues to deteriorate to levels that can only presage major problems ahead. The once number one creditor has now descended to the number one debtor. Last year's trade deficit hit an all-time high of $725.8 billion. The savings rate — there ain't none — has become negative, at minus 0.5 percent. Americans are now digging into their capital or are borrowing more heavily, spending $42 billion more than they earn. Only twice before in the depths of the depression, 1932 and 1933, did the savings rate become negative for an entire year. Bankruptcies rose to an all time high. The federal deficit with the increasing wartime expenses keeps soaring as well, now exceeding eight trillion dollars.
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