Suffice it to say, Europe & North America are in big trouble not far down the road. We are just in the preliminary stages of this phenomena. I see no real leaders anywhere out there that will demonstrate the fortitude to tell the populace of our respective countries the truth of our collective economic situation & the need to tackle it now. Our longstanding 'sense of entitlement' is killing us.
I think you are right. If you happen to believe in economic cycles 2013/2014 are the years to watch. It continues to surprise me to see how long the chicken can run with its head cut off.
Us Canadians are sitting up here all smug because our banking system didn't collapse, all the while loading up on debt. Consumer debt in the US is actually inching down and the banks are ever so slowly de-leveraging. Not so in Canada where we are sooo much better than that.
We live in a democracy. If you want to know who is really ruining it for us, look in the mirror. That would involve taking responsibility though...
