Professor Elam

Bertrand Russell observed that the big change in his life, from the late 1800s till after WW II, was the decline of his country, England, in influence and power in the world.  I suspect we are at that point for the US. Pat Buchanan  lays out what has to go in this column.

Is this so far from the study of accounting, not at all. During the Depression, the US was actually a net creditor nation, they owed us. That is hardly the case now, we owe the world.  As students living paycheck to paycheck realize, when you owe them, you have little say in who controls your life.

I am not sure how much wealth has already vanished in the market meltdow, Pat says $9 B but that numvber improved yesterday. At any rate, a substantial sum. I think this big meltdown is the vote of no confidence in the existing monetary system, and the US Dollar is surely the heart of that system as the world reserve currency. We are witnessing a move away from that system established at Bretton Woods.  Click to read about that agreement if you do not remember, your life wil undergo considerable change as that agreement  falls apart the next few years. New players will take center stage, and already have. Their imprint is already all over Africa. I posted the link to the extensive Fast Company story on China in Africa If you have not read it I suggest you do so, this is not the story of the Rotary club stamping out polio in the Phillipines through volunteer efforts. It is the story of an amoral government making deals with dictators to the disadvantage of Africans.

IN class I see students casually chatting as though none of this really affects their lives, trust me, Bob Dylan was not kidding, these times are changing and there will be little the next President can do about it.