Before writing my review, I read many of the others and Robert Steele's is best. I agree with him in many particulars, especially since the situation has worsened dramatically in the four years since the first edition was published. Everyone should purchase this book.
Both of author Peterson's twin towers of deficit worsened since 2004. The federal budget deficit became dramatically redder; however, the politicians attempt to spin the numbers as percentages and counting or not counting various segments or overlooking contingent liabilities. One is reminded how our dependence on foreign oil went over 50% in 1978 (Oil & Gas Journal 1978 Annual Report), whereas our politicians managed to cook the books for almost another 20 years before having to admit domestic sources accounted for less than half of our crude oil consumption.
The 2007 trade deficit for the US was 791 billion (The Economist, Pocket World in Figures), almost nine times that of the second place finisher, Spain, at 83 billion. Only eleven nations ran a deficit of over 10 billion. Japan, Germany and China ran by far the three largest surpluses, and it must be remembered that only China enjoys significant natural resources of those three.
But even more telling than those two deficits, is the velocity with which dollars are being repatriated to the US through the purchase of public debt, American corporations, and American land and resources, one of the aspects of the problem skipped over by Peterson. In the 1980s, the Japanese manipulated Congress with a heavy hand based on their control of Federal short term paper, but now they have been joined by Germany, China and Saudi Arabia. Take a look at [...] for a breakdown in the two trillon that has come in to establish control over American industry since 1978.
So what do our feckless politicians do? Apply misdirection and misdirection. Politics is a game of mirrors and doubletalk. Keep the public focused on abortion, gay rights and other minor issues so the anointed can get elected one more time. And of course, they talk about health when they mean health insurance, and offer nothing to affect the critical situation in Social Security and Medicare. If I hear one more politician talk about a "social security trust fund" I'm going to barf.
So why don't I give this book five stars? Because the author offers a few palliatives that he says will solve the major problems. So the reader can be justly shocked by the facts, but feel comforted when he goes to bed believing that there is and will be a solution. We can't scare the American public too much, can we? And we need to confiscate their guns before they rise up in rebellion.
So what is the solution? There isn't one, just a resolution. That will probably be a division of the US into at least five countries, none of which will assume a dime of the US debt, and all of which will re-organize their entitlement programs on a pay-as-you-go basis. Some may even nationalize or confiscate corporations and resources without compensation to their former owners. Yes, Virginia, these is a Santa Claus, but he's the Grinch. So mode it be.
Those of us unfortunate enough to experience this cataclysm in the mid-21st century will look back at the 20th as America's golden age. But no one, certainly not our politicians or author Peterson, will tell us this. I guess we simply aren't ready for the bad news that we're all emperors without any clothes.
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