This is a good article as it enables lay people like me to understand the big picture. The USA has been collectively borrowing more than what it can pay for. I recall that in India, 20 to 30 years ago, we never borrowed, we made ends meet with what we had,and i am sure most Indians reading this will agree. For common people, economics in not reflected in GDPs, Growth and Exchange rates, or even knowledge of the fundamentals. From the perspective of the common man economics relates directly to security. After all none of us would like to drive around in a Ferrari purchased with credit, we would prefer to see our children get a better education. I have come to the conclusion that this whole economic illusion is just created to ensure that ordinary citizens "feel good". In the final analysis, human happiness is founded on faith in the system which he/she inhabits. I have more respect for a farmer who toils in the field and is carbon neutral, than for the CEO of a transnational corporation who jets across the world in a Learjet.
