For too long, US has been indulging in finacial engineering out of bankrupt companies. Those in this trade get away with millions. These shenanigans have moved overseas including India. The huge bucks invoved have attracted talents away from hard core engineering disciplines. The old fashioned way of prudence and hard work have given way to sleek marketing.
The reality is staring at US. This could be the beginning of a slide into utter chaos. They are running trillion dollar deficits by printing money and issuing treasury bonds. The derivative instruments runs into trillions. Even Europe is infested now with one rogue trader ruining Societe Generale, the big French Bank.
US has no clue how to rein in on splurging as if there is no tomorrow. They are living on borrowed time. These gun slingers will face reality soon. The politicians do not want the public to know the truth or afraid of facing it themselves.
Who will pay the bills ultimately, not the Americans than I know of?
