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UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of ten of America's presidencies and who has edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. We get over 5 million article visits a year. See prorev.com for full contents of our site

March 2, 2010

FIRST AMERICAN REPUBLIC AUTOPSY REPORT

Seven years ago, we first suggested that the First American Republic had fallen, Now that this is becoming a more accepted view, we thought we would compile, in occasional series, some the major causes for its downfall - followed by a list of things we can do about it. Today's selection:

An economic shift from making things to gambling on them

When you move from being the world's greatest producers of things to the world's great financial gambling casino, you're in trouble. When you have some of the largest financial institutions in your country betting on the probability that part of your economy will fail, you're really in trouble.


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