Under the Bretton Woods System, the US Dollar was backed by gold. Then it was backed by nothing. Ever since then, the world seems to be getting both more complicated, and more chaotic. Why is that, and how did we get here?

This is the story of how our politicians, bankers, and economists, lost control of the global economy in an attempt to bring stability to the world. In dong so, the American dream has become a nightmare…(read more)

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America, once a global economic powerhouse, now finds itself in the midst of an economic crisis. How did this happen? Many experts point to a number of factors, but one of the most significant reasons is how America doomed its own economy through a combination of short-sighted policies and misguided priorities.

One of the main ways in which America doomed its own economy was through its over-reliance on debt. In the years leading up to the 2008 financial crisis, Americans were encouraged to take on more and more debt in order to fuel economic growth. This led to a bubble in the housing market, which eventually burst and triggered a severe recession. Despite the lessons learned from the financial crisis, Americans continued to accumulate large amounts of debt, both at the individual and government level. This has only served to weaken the economy, as debt has reached unsustainable levels and has stifled growth.

Another way in which America doomed its own economy was through its focus on short-term profits over long-term sustainability. Many American companies prioritize maximizing shareholder value above all else, often at the expense of investing in their workers, communities, or the environment. This has led to a hollowing out of the middle class, with stagnant wages, rising inequality, and a lack of investment in critical infrastructure and education. As a result, America has fallen behind in key areas such as healthcare, education, and technology, which are crucial for long-term economic growth.

Additionally, America’s approach to globalization has also played a role in dooming its own economy. While globalization has brought many benefits, such as access to new markets and lower prices for consumers, it has also had negative consequences for American workers. Many jobs have been outsourced to countries with lower labor costs, leading to job losses and economic insecurity for American workers. Instead of investing in retraining programs and support for workers displaced by globalization, American policymakers have largely ignored these issues, further exacerbating economic inequality and social unrest.

Finally, America’s failure to address climate change has also had a detrimental impact on the economy. As extreme weather events become more frequent and severe, the costs of inaction are becoming increasingly clear. America’s reliance on fossil fuels has not only contributed to environmental degradation but has also left the economy vulnerable to the effects of climate change. From hurricanes to wildfires, the costs of climate change are mounting, and unless action is taken soon, the economy will continue to suffer.

In conclusion, America has doomed its own economy through a combination of short-sighted policies and misguided priorities. From over-reliance on debt to prioritizing short-term profits over long-term sustainability, America’s economic woes are largely of its own making. Moving forward, policymakers must prioritize investments in education, infrastructure, and sustainable industries in order to rebuild a strong and resilient economy for future generations. Failure to do so will only lead to further economic decline and social unrest.