Wake up and Smell the Coffee

We are watching, before our very eyes, the demise of the great nation of the USA. I could write extensively about the deterioration of the ideals of the founding fathers, but I came across this bit of information that shows just how far down the road to bankruptcy the once great nation has come. Here is a quote from financial reporter Joel Bowman who is based in Shanghai, China.

"While the developed world spent the better part of the last two decades buying knick-knacks they did not need with money they did not have, China Inc. got busy both producing those same products and lending the world's consumers the money with which to buy them. The result is one of the world's largest trade imbalances in modern economic history. At a staggering $2.4 trillion the middle Kingdom's foreign reserve stockpile is by far the largest in the world."

Contrast that with this paragraph from the Washington Times this week.

"The one day federal deficit increase for June 30 totaled $165,931,038,264.30 - bigger than the entire annual deficit for fiscal year 2007 and larger the $140 billion in savings that the new Health Care Bill will produce over its first ten years! The figure works out to nearly $1500.00 for every US household, or more than ten times the median daily household income." 

Anybody who draws breath knows that this cannot go on. The commonly used term is 'unsustainable'. And yet the economic gurus (Geitner, Bernanke, Obama) of the nation insist that deficit spending will help in the recovery. What recovery? There is no recovery from this. When will the leadership (what leadership?) wake up and smell the coffee?