U.S. Debt Crisis May Cause ‘Fall of Rome’ Scenario, Duncan Says

U.S. budget deficits will continue to pile up in the next decade, eventually reaching an unsustainable level that may result in an economic collapse, according to Richard Duncan, author of “The Dollar Crisis.”
The U.S. has little chance of resolving its deteriorating financial position because the manufacturing industry continues to shrink, leaving the nation with few goods to export, said Duncan, now at Singapore-based Blackhorse Asset Management.
In “The Dollar Crisis,” first published in 2003, Duncan argued that persistent current account deficits by the U.S. were creating an unsustainable boom in global credit that was destined to break down, resulting in a worldwide recession.    

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The End of the Information Age

One of the repeated lessons I’ve learned over the three years since The Archdruid Report began appearing is the extent to which many people nowadays have trouble grasping some of the most fundamental facts about the crisis of our times. I had yet another reminder of that a few days back, when the comments on last week’s post started coming in.

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