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Not this current financial crises, the next one.  When the next economic collapse comes you can be sure that I will say, “I told you so.”

I have been screaming this everyday for two years, and now that everyone believes we are coming out of the last recession, I believe we are setting the table for the worst economic meltdown ever.  Globalization which is inevitable, happens to different countries at different times.  We had our modernization occur for the last two hundred years and have consistently been ahead of every other country.  Now, they are by sheer force nature catching up.  We should know we are helping them do it.  Everytime, Nike opens a factory in a third world country we are not actually just exploiting the local work force.  Not at all, because people only work in sweatshops if there is no other jobs. There are in fact no other jobs.  But this fact, that the factories are opened gives these countries a chance to grow which will inevitably get them to the point where they can shut down the sweatshop and build their own Nike corporation.  Then Nike, will have to go to another country and do the same process for the umpteenth time.

Our heyday is in fact finished.  All countries and economies will in eventuality come to some sort of equilibrium unless we figure out a way to be like our ancestors and forcibly enslave, which to be certain I am not definitley not advocating.  So we will have to get used to living without country clubs and yachts for millions of people as it is now the turn of other countries such as China to get yachts and country clubs for their elite politicians and business people.

China is actually smarter economically then we are.  They live in a basic kind of dictatorship where their government does things that might be economically painful but will eventually lead to economic and technological advancement for the whole country.  Once China catches up to us, and they will, they will have artificially kept their currency deflated while our inflates ever so quickly and they will be in a position to buy and sell us like Indonesian prostitutes.  In effect, they are right now!  They have so many US dollars and treasuries that it is safe to say they have as many dollars as we do.  Of course in the scale of things it doesn’t matter as we also owe them so much money it is hard to understand the number.

In any event there are many other factors that are going to lead to our nations economic collapse including the fact that we manufacture nothing anymore.  All those sweatshops and international customer service centers where we outsource to now produce the basic commodities that are necessary in a service based economy such as ours.  One day, and I hope not in my lifetime China will open a sweatshop right here in Boca Raton and I will hopefully not have to work in it.