darkknightkryta said:
Yes, but why hasn't the U.S. dollar depreciate to crap like it should have already? What's keeping it up? |
The US isn't totally in the shitter. It's just trending in the wrong direction. There is still lots to love about the US, and it's still way better than most the world. I think of it like a small town that lost a major industry that was in business for 200 years. The town doesn't instantly die. There are people collecting employment insurance. There are retired folk that can live on their pensions for decades. There people that did other things, and people that are willing to kick around town making much less than they made working at the industry so long as they can stay. Eventually the impact will be felt of the closer, but not for decades. There will be less money coming in, less wealth but it takes time to see it.
That is the US right now. There is lots of accumulated wealth. Much of the meat and potatoes manufacturing is gone, and every year more wealth is funnelled out of the US and into China with every pair of sneakers purchased. But it takes a long time for China to become rich and the US poor. The nature of capitalism probably means that before the two nations are equal, the flow of wealth will slow or reverse, but major damage is done each day, slowly.
