America on Sale

rollingstone.com/politics/news/17390/222206#

The book is out soon too, should be good.

There are two ideas on this, not necessarily mutually exclusive:

  1. In exchange for Oil (OPEC), manufactured goods (China) and toys (Japan) the West has sold them most of its valuable assets and so the most recent generation has sold off its future for a luxurious lifestyle.

  2. In exchange for Oil (OPEC), manufactured goods (China) and toys (Japan) the West has sold them a load of dodgy financial instruments and non existant investments and so we have effectively lived off their labour by means of a sleight of hand.

Either way, without a sharp rebalancing towards domestic fuel and manufacturing in the West, it can’t go on indefinately.