The Bottom Line
Once the US economy was based on gold. Later it was based on silver. For the last few decades it has been based on debt and bullshit but it looks as if reality is catching up quickly. The borrowing and spending spree of the last eight years has led to a crisis that will bring the US Empire to a grinding halt. We have buried ourselves. Asia and especially our main lender, China however, is in good shape and will remain ascendant for some time. The only thing the US has left is a broken military in a world where militarism of the classic variety is increasingly irrelevant.
What does this mean for most of us working stiffs? Hard times. Jobs are harder to get and hold and salaries don't keep up with costs. Construction will grind to a halt as the overproduction of the last decades has left us with a glut of houses, condos, strip malls and big box stores based on delusional projections.
As popular desperation turns to anger, the already built and legislated police state will be used to keep us from doing what we have to and to protect private property even as many are forcibly removed from their foreclosed homes. This will happen no matter which corporate candidates win the present selection. We will have to unite as a class to take care of each other. We will have to rebuild a system that works for us. We will have no choice.