Steven Pearlstein wrote in The Washington Post on Friday:
The global economic system is rebalancing itself after years in which the United States was not only allowed but encouraged to live beyond its means, consuming more than it produced and investing more than it saved. Now the bill for that is finally coming due — all the clever and seemingly painless ways for postponing that day of reckoning have pretty much been played out. The only question now is what form that payment is going to take. Will it be an extended period of subpar growth and high unemployment, inflation that erodes the purchasing power of our income and the value of our assets, a deflationary spiral that grinds down wages and salaries and increases our debt burden — or, as I suspect, some combination of all three?
George Soros said in Vienna last Thursday:
The collapse of the financial system as we know it is real, and the crisis is far from over. Indeed, we have just entered Act II of the drama.
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