US Economic Failure?
Big trade/fed deficit, dotcom/house/credit bubble, all these are signs of US economic failure?
One thing is intresting, all the bad happened in the last ten years. But in these ten years, US has a big step ahead other developed countries. To compare with Japan, Germany, ..., US did a good job I have to say.
So what exactly goint on?
The jungle food chain changed. Before the mid of 1990s, the chain is developed->developing. After that, it is US->other developed->china->other developing. So the traditional theory failed.