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IT COULD HAPPEN HERE
In the midst of a severe economic downturn, the US is whipsawed by news of stock market drops, layoffs, foreclosures, and bailouts. The mortgage and housing bubble are blamed, and everyone only looks backward and forward a few months or a year at a time. But what if the underlying economic crisis is much deeper and more fundamental? What if it began in...
In the midst of a severe economic downturn, the US is whipsawed by news of stock market drops, layoffs, foreclosures, and bailouts. The mortgage and housing bubble are blamed, and everyone only looks backward and forward a few months or a year at a time. But what if the underlying economic crisis is much deeper and more fundamental? What if it began in the 1970s, and shows no sign of easing despite massive government intervention and political change in Washington? Bruce Judson began this book with two contradictory beliefs. First, inequality in America has reached historic highs that have been intolerable throughout human history, leading to violent political change. Second, America will never face a revolution because it's politics are peaceful. These two beliefs cannot both be true. Which one is stronger? In "It Could Happen Here", Judson makes a plausible case that revolution is possible here, triggered by some kind of unexpected shock - and he proceeds to make the most disturbing case yet for why our economics are leading us inevitably toward a crisis. The last time inequality reached anything close to current levels was in 1928, just before the Crash and Great Depression. Today, we are in worse shape, based on a trend that has been increasing since the mid-1970s. Government bailouts and budget gimmicks won't do a thing to reverse this trend. And as Judson shows, America's inequality rivals that of the Soviet Union prior to its 1991 collapse, and that of France in 1789. Time to stop worrying about any single bailout or tax increase - and start worrying about the existential threat of America's collapsing middle class, and the plutocrats who are the sole winners.
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