The Tea Parties argue yes, but these two chaps from the Wall Street Journal argue no. It's less than 3 minutes long and is worth watching.
I would argue that a Japanese implosion will be the wakeup call for all of us and that will happen within the next few years. The reason that will wake us up is that Japan holds so much of our debt. They'll sell their bonds and add to the cataract of debt being issued by the Obama Administration. That will kill our bond market and freak out everyone.
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They are starting to wake up - but the anti-Tea party denigration is keeping the full awakening from occurring - escalating unemployment will lead to more and more people waking up, but it has almost gotten too big to be dealt with, and by that I mean the entire issue of what has gone wrong.
I think it is too late to fix it.
For example, Global warming is now coming apart at the seams, but no one is talking about the need to reverse the many programs, fees and restrictions that have been put in place in its name.
We were a great nation. The best the planet has ever seen. We were tolerant, and giving. And we are killing ourselves. We are at a tipping point, One way will enable us to survive, thrive and bring everything good about our system to the rest of the world - the other way lies the destruction of our freedoms, our nation, a police state and a government with dictatorial powers that will make Big Brother look like a quaint nursery rhyme.
I'm no longer optimistic.
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