The current issue of the Atlantic Monthly (July/August 2005) has a fascinating bit of sooth saying courtesy of James Fallows. In an essay complete with intriguing foot notes Fallows paints a painful picture of economic decline that resonates with the headlines from today.
Fallows examines the upcoming economic crisis by looking back at America from the election of 2016. In his treatise, the strength that once was American industry and commerce seems smited by world events, much of which seem to be playing out in 2005.
Gas of course continues it ever upward spiral peaking at the articles end at 9 dollars a gallon, so one assumes our Sunday driving days are soon to be gone. Gone will be GM and Ford, apparently debt loads and poor sales (yikes that's from the headlines!) turn it into a fat acquisition target for Toyota.
The war in Iraq will continue to rage on by 2016, but possibly only as a sideshow to the real activity in Saudi Arabia and Pakistan where American troops will be bogged down in their quest to track down terrorists. Speaking of which, Osama will finally become a trophy, captured by American commandos in 2011 just before Christmas. The will quietly attack, rousting Bin Laden from his sleep in the Saudi desert. The General in charge of the mission, in fact will join in on the extraction, gagging the Al Qaeda leader and taking him into custody, leading his crew into the heroic battle he will then parlay the Ike moment into a bid for the Presidency. Shades of Tom Clancy with your Paul Krugman.
It's a comprehensive piece this bit of future shock composed by Fallows and does seem to cover the current financial machinations in the US which are leaving quite a few feeling very uneasy about the nation's financial health. 11 pages in total it brings forward many of the current players on the World scene, bad news for Fidel as his days apparently will soon be dwindling, but for fellow traveler Hugo Chavez the future is not so dire. The Venezuelan leader will strengthen his hold on the South American oil industry, denying America over 8% of its oil requirements, which will be transferred over to soon to be new nemesis China.
Countdown to a Meltdown is a pretty frightening glimpse at the future, one which can be changed according to the author, but only if steps are taken quickly and messages not missed at key times.
Check it out at your local news stand or library or if you feel the urgent need to review it, you can always subscribe to the website. Regardless, it's a must read. If nothing else it will bring the current financial state into perspective and leave you with a very nervous feeling as you watch gas and interest rates rise and housing prices and employment rates drop. Hopefully Fallows prognostication will remain in the fiction category and not one day hailed as something worthy of George Orwell.
Right now though, after reading Countdown to a Meltdown I'm feeling awfully 1984ish!
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