People truly do possess a herd mentality. This is what trips up all th economic models and other predictions that the learned attempt to make. When the herd moves in one direction, all follow until the heard changes it. This seems to be an overwhelming driver behind most of the events we see today. Just as in boom times, there seemed no moderating rational voice to be heard anywhere, today all we hear is doom and gloom. Some of it is actually almost comical. Read this "analysis" from a Russian economist who is predicting that America will fall and divide into 6 parts:
http://www.drudgereport.com/flashrur.htm
The part I laughed at the most was:
"He predicted that the U.S. will break up into six parts - the Pacific
coast, with its growing Chinese population; the South, with its
Hispanics; Texas, where independence movements are on the rise; the
Atlantic coast, with its distinct and separate mentality; five of the
poorer central states with their large Native American populations; and
the northern states, where the influence from Canada is strong."
Central states with their large Native American population? huh? I am afraid the professor needs to lay off the vodka, The traumatic experience of Soviet Union falling apart has clearly left this man with permanent mental scars.
So the heard is clearly in a negative mood. And it shows everywhere. Just as the Boom times outlasted the predictions of their demise, I suspect that these tough times will also last a while. And yet at the end, things will turn and go back up again. With all the excess we always add to the process, i am sure.
As for America falling apart, i wouldn't hold my breath if I were him. This country has a way of renewing itself like no other country can. It is far more nuanced and complex than he understands and will ultimately change to suit its people's needs and wishes. However, if I was China or Russia, I would be VERY concerned about the problems they have yet to overcome. They have a long way to go to reach a modicum of resilience and stability inherent in this country. Which is why when the world's economy panics, everyone runs to the same place - US $. Whatever problems we have, they will be minor when compared to those for the rest of the world. Because when we catch a cold, the world gets pneumonia.
I am off to get in touch with those "large Native American populations", wherever they may be.