The Economic Pendulum Swings from West to East

by Jeff Nielson
Bullion Bulls Canada

The term “American Century” was triumphantly proclaimed in a famous editorial in Life magazine in 1941 in the early phase of World War II, before the United States had even entered the war, to describe the system publisher Henry Luce saw dominating the postwar world after the fall of the rival British Empire.

The American Century has lasted a mere seven decades if we date from the end of the war. Its record has been one of dismal failure on balance. The industrial base of the United States, the predominant leading industrial nation and leading scientific innovator, today is a hollowed, rotted shell with once-booming cities like Detroit or Philadelphia or Los Angeles now burned-out ghettos of unemployed and homeless.

– William Engdahl

Undoubtedly Engdahl’s assessment of “the American Century”, past and present, will be viewed by many to be overly harsh and pessimistic. Such readers are either living in the past, or they simply spend too much of their time reading the pie-in-the-sky reporting on the U.S. economy from the mainstream media.

According to the mainstream media, and the U.S. government itself, the U.S. economy has created 14 million net new jobs during the (near) eight years of the Obama regime. In the real world, however, the actual number of Americans with jobs has declined by roughly 3 million people over this period of time, as reflected by the civilian participation report.

Continue Reading at…