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In my view, the only sustainable solution is to have a massive redistribution from the uber-wealthy to the middle and lower income categories through a strong tax reform and fiscal policy. Is there any chance that will happen?

The first indicator will be if we can at least halt the extraction of wealth from 95% of the population by the financial sector, which has been the great engine of wealth extraction by and transfer to the top 1%.  At present the policy remains "All Money to the Banks!"  Even retired people with modest savings cannot safely earn a meaningful return from them and have to draw down their savings instead.  Meanwhile those still working who have any debt are getting massively ripped off by the banks with the encouragement of the Fed.  The Obama Administration seems to have no real concern for any but the very large banks.  Not encouraging.  My advice to Europe is: "Don't count on US!"

Worse, we are to financial predation as Somalia is to piracy.  Better that the rest of the world should insist that we clean up our own pirates.  That would make growth easier.  Best would be to resolutely move to a sustainable economy not based on growth of non-renewable resource consumption.  

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Aug 19th, 2009 at 10:16:03 PM EST

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