In which an empire sinks
Monday, January 5th, 2009The empire is on quicksand, or so says Paul Craig Roberts. Is he correct? Is the US sinking ever more deeply into its own demise? It would seem so from reading some on the inside and outskirts of American-libertarian circles, but at the same time, the US has seen worse crises and I’m skeptical as to whether this will be the one to bring it to its knees. Though I do hope that the current economic crisis will stop the cancer of the imperial United States of America for good, I remain unimpressed with - though hopeful for - the prospective forecasts. I think libertarians would do well to realize that evil is really quite resilient to potions and cures - even if they seem the perfect storm to sink the ship.
Then again, though, to think that a recovery from this recession will mean a recovery from the coming decade remains equally naive. Even if the US does “recover” from this longest recession since WWII, the “recovery” could be just as long and painful as the recession - probably leading to a double-dip downturn in 2012-2013. As I’ve said before, the US will probably face the same situation that Japan faced in the 1990’s, with perhaps slightly more pain and length.
