Laird, Zeev, that is the most erudite and succinct synopsis of the current US financial situation I have ever read.
I have little to none of the economic education or knowledge of Mr. Auerback so I am sure my opinion of his thoughts matters little. But, where I have put in some effort for a number of decades is in the study of philosophy, which is really no more than the study of how a person can best conduct his affairs during this brief sojourn on the little blue sphere we call Earth.
I believe that many of the techniques that a person can employ in life can also be used effectively by Nations; I am afraid that the United States has been breaking far to many of the most basic of those rules for far too long. Thank God we have been generous as well, for I doubt that we would be as well off as we are right now if we were not. But I feel even that wonderful trait will not be enough to carry the day if we do not quickly come to some changes in how we function as the most powerful Nation in the history of Mankind.
If we do not see a number of critical, LONG-TERM, National, initiatives being at least considered by our brightest and most enlightened, we will not stop the steady decline of our Country--a decline which has already started in my opinion.
The initiatives needed are not complicated nor are they elusive nor do they require very deep thinking: They have to do with honor, decency, self control, attention to detail and morals. We need to care for and protect all our children and train them properly to care for themselves using those techniques. This may take several generations to accomplish.
For too long we have been the Nation of sit-com solutions. By that I mean for many years we have tried to solve too many of our serious problems with the quick fix, the easy answer, the catchy phrase. This can't go on forever and it won't. The question is, will the United States be the first country in the history of mankind to pull off the neat trick of not letting absolute power corrupt absolutely. I for one hope so, but, on a National scale, I don't see anything being done to make it so.