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  In Part I of this series, I examined the 1992 best seller entitled “Bankruptcy 1995”,which had predicted that the US would become unable to service its national debt as early as 1995 due to soaring budget deficits.  So dire and well-documented was the warning that it affected the outcome of the 1992 presidential election, helping to elect Bill Clinton.  In light of new looting of the national treasury by George W. Bush and the Republican Congress, I re-read the book to see if any of its predictions were now coming true.  I posted those predictions, and the book’s thesis that continued budget deficits would drive up interest rates and lead to “Death by Hyperinflation” or “Death by Panic” in Part I.
    But “Bankruptcy 1995” obviously didn’t happen, in spite of the fact that deficits have continued to be run nearly every year since then.  Only part of the reason was the fiscally responsible Clinton tax and budget plan that began in 1993.  In this diary I examine how a long-term, continuous decline in interest rates has actually reduced the carrying costs of the National Debt, and why that means the sky isn’t falling –…

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What a surprise, when the nation is about to go over a cliff a little squeak comes from The Federal Reserve chairman.   Ben S. Bernanke, said today that a global “savings glut” has helped keep interest rates low, but he warned that
major trade imbalances between emerging and industrial nations may prove “counterproductive” to the global economy over time. That’s one roar in full battle gear to fight economic Armageddon huh?

Notice he talks about a global savings glut. Well, that means everyone but us. I’m so glad the United States Federal Reserve Chairman is noticing the rest of the world and failing to mention the U.S. savings rate is negative.

Economist Paul Craig Roberts wrote a damning article today, American Economy:  R.I.P.  The entire article is full of damning statistics and this paragraph stuck out:

When US companies offshore their production for US markets, the consequences for the US economy are highly detrimental. One consequence is that foreign labor is substituted for US labor, resulting in a shriveling of career opportunities and income growth in the US. Another is that US Gross Domestic Product is turned into imports. By turning US brand names into imports, offshoring has a double…

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A new study from Bond University says almost two-thirds of the 240 participants in an online survey said the local workplace tyrant was either never censured or was promoted for domineering ways. From Bad Bosses Get Promoted.

Even the BBC is asking what is going on with America’s economic policy by the article question The end of the American dream?

The AFL-CIO is having a My Bad Boss Contest Here is just one story:

My boss knowingly hired my stalker
Stalked at Work, Maine

My boss made me wait on a dangerous stalker and then knowingly hired him to bus tables on my shift. It happened about 13 years ago, when I was waitressing full-time at a well-known national chain. Working conditions were pretty terrible, but I was struggling to support myself and needed the job

From Fast Company’s Is Your Boss a Psychopath?

This view is supported by research by psychologists Belinda Board and Katarina Fritzon at the University of Surrey, who interviewed and gave personality tests to 39 high-level British executives and compared their profiles with those of criminals and psychiatric patients. The executives were even more likely to be superficially charming, egocentric, insincere, and manipulative, and just as likely to be grandiose,…

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