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The US now has the lowest savings rate in our history since the 1920's. Plus, both our personal and government debt are going through the roof. In other words, in a few years, all the nastiness is gonna hit the fan-- this is basic economics at work here.
It's funny cuz I was talking to an old friend of mine who's now working as an economist, about the best way to prepare for the economic perils within the next few years. His response to me: "Take some courses or buy some tapes and CD's to learn French or German or another big EU language. Find a friend who's worked in Europe and try to get some connections with a company there. Then move there as fast as you can, early, before everything comes tumbling down on this side of the Atlantic." This really scared the crap out of me, because this guy was one of the most sunnily cheery, patriotic types back in college, a sort of gregarious fraternity type, I never thought he'd talk like that. But he said he's already started using the Pimsleur series to get fluent in French (which he never took in high school), since his company has some connections with partners in Marseilles and he could easily get a job there once his French gets better. He's actually been a mostly Republican voter, but says he's so furious at Bush that he considers him quite possibly the worst President in US history, who's damaged the US more than any other leader.
He said that all the English-speaking countries in general are headed downward because this stupid Iraq War has ensnared almost all of them (and Canada's so closely wound up in the US economy that it would collapse as well once the US goes down). The debt levels from the war are unsustainable and the US, Britain, Australia and other allies are about to be dragged even further into the mire with other Middle Eastern conflicts and, importantly, the posting of our bases throughout the Middle East which inflames the natives. We've all now become perceived by the Muslim world as enemies-- that's 1.5 billion people, and it'll take decades to undo the damage. It's a long war that we can't win and that bankrupts us more every day.
I asked him about whether Europe's economy would suffer with ours, and he said that it would feel a pinch, but that the EU is much less reliant on us, with a steadier internal economy and far higher savings rates, plus increasing business with China, India, Russia, the Middle East and South America. Even with its current problems, the EU has a much more rock-solid foundation than the US. (In fact, he said Europe's current problems are in part because the people there are much more realistic about dealing with debt and unsustainable defense budgets, among other things.)
So that's the lesson for today folks-- get some course materials from Pimsleur, Berlitz, Instant Immersion or one of the other language companies, and start learning some French or Spanish or German. Or maybe even Chinese or Japanese or Hindi if you're so inclined. Because here, things are about to head south fast.
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