Seeds of Its Own Destruction, Essay

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" America 'absorbed' 70 of the world's prosperity as oil supplies grew, and personal debt skyrocketed while inequities between rich and poor grew more chasm-like than ever before.

Wolf says that to address the systemic problems, the governments of the major economic world powers will need to separate commercial from investment banking and prevent financial institutions from growing too big to fail. The American government will also have to assume more control over the economy in general, as the difference between monetary and fiscal policy as been effectively collapsed, now that interest rates are effectively zero. Enthusiasm for government, rather than market-driven pensions has increased amongst the public, the demand for taxes upon the wealthy has risen, and the argument that it is more dangerous to interfere in the economy in the face of a bubble of speculation than weather the fall-out will likely not be advanced again -- until the ideological pendulum swings the other way, as it seemingly always will, given the short memory of politicians, the public, and even economists.

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