How Financial Triumphalists Destabilize the US Economy

As long as the Wall Street triumphalists’ unreflected “why worry?” thinking remains the norm, the urgently needed pursuit of a U.S. economic reform agenda will go nowhere.

 
With the rise of China, Americans’ penchant to resort to triumphalist rhetoric about the United States is becoming ever stronger.

 
Triumphalism and the elites

Triumphalism serves as an opioid for the Washington establishment. It can breathe easier if the — once upon a time justified — claims about the United States’ economic superiority are endlessly repeated.

Such recitations have traditionally also served as an opioid for the masses. Things might not be so great for oneself, but at least “we as a nation are still number one.”

That this predictable, but ill-advised reaction pattern simply kicks the can of overdue reform down the road, and even accelerates the very decline that triumphalists categorically deny is even conceivable, evidently does not concern many of the elites and their appointed soothsayers.

They have no interest in reconsidering elements of the “established” order.

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Πηγή: theglobalist.com