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America’s prosperity was destroyed by the Soviet Collapse in 1991.  The reason is that the Soviet Collapse convinced China and India, with their massive underemployed work forces, that capitalism, not socialism, was the future, and they opened their economies to foreign capital.

Wall St forced American corporations under threat of takeovers to move their manufacturing abroad.  This occurred and collapsed the growth of US consumer income and the tax bases of former manufacturing cities and states, many of which, like Detroit, became highly publicized ruins 

  • (see, for example,
    Paul Craig Roberts, The Failure of Laissez Faire Capitalism).

It was not competition from abroad, from China, India, Russia, that stopped the growth of American real incomes.  It was the short-sighted, self-serving policies imposed by narrow economic interests, such as Wall St, that knocked America off its perch.  

Today the American economy is a marketer of goods made by American firms abroad with foreign labor.  Americans do not receive the income from the manufacture of the goods that they consume.  Billionaires, such as Sir James Goldsmith and Roger Milliken, and a few economists, such as myself, made this completely clear for years to no effect. In America Greed, not facts, rules.

Greed prevailed over the public interest and what was good for America.

Now we have a country that cannot even produce its latest jet fighters without Chinese parts and whose consumer goods have Chinese labor costs and not American. 

A country that has destroyed itself in this way is so poorly led that a revolution is long overdue.

Trump tried to show us what was happening to us, but so far Americans have proven too stupid to save themselves.

The  incompetence of America is perhaps the reason Putin does not concern himself with the American interference in his Ukrainian operation.

As Putin faces a totally incompetent West, Putin, despite his own shortcomings, will prevail.  And so will China.

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