by Abdelmenem Jamil Addas

It is the general view that the US economy has outperformed most of the rest of the world in the past several years. Judging by real GDP growth rates, this is true. Yet the reason why is obvious, easily explained, and disastrous in its consequences: the US credit machine has no parallel in the world. It is geared to accommodate absolutely unlimited credit for two purposes — consumption and financial speculation. Continue reading …