Go to any university, any center of equities trade, any meeting place for
financial academia, any fiscal think tank, and they will tell you without the
slightest hint of doubt in their eyes that the U.S. economy is essential
to the survival of the world. To even broach the possibility that the
U.S. could be dropped or replaced as the central pillar of trade on the planet
is greeted with sneers and even anger. Whether it's deleveraging, spare
capacity, dollar debasement, productivity gains, or just plain old obesity, in
real purchasing power terms, an hour of your time has never been worth
less. In the 40 years since Nixon's 1971 fiat-fiasco, the value of the
average hourly earnings for US citizens has dropped 90% in terms of Gold.
Since the peak in 2001, 60 minutes of your valuable time has lost
81% of its purchasing power! Is this what globalization looks
like?
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