Mohan Guruswamy | What is the prescription for America’s many ills?
Deccan ChronicleAbout a decade ago, Tom Friedman and Michael Mandrelbaum wrote a long lament titled “That Used to be US. The American crisis began unfolding when Richard Nixon disengaged the US dollar from the gold standard. This had gone on for over 40 long years and the birds came home to roost in the wake of George W. Bush’s wars in Afghanistan and Iraq, leaving Barack Obama to reap the wages of profligacy and to bail out the US banks. Candidate Clinton, while accepting the Democratic Party’s nomination, promised a home for every American, and vowed that he will make the banks make available credit for first home buyers. When the economic boom began tapering off, as everyone who read Paul Samuelson’s two introductory economics books knew, home prices began to drop due to oversupply and loss of wages.
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