Update to a graph i’ve posted a few times. It makes the point that the current “recession” isn’t like previous recessions for Amurikans. You can see over time how the recovery period for jobs spreads. This would appear to reflect the trend of replacing expensive americans with cheap asians (and a healthy slosh of oil, and hence the inexorable rise in crude prices, despite the moribund economy).
Given that there is essentially zero jobs growth in the states right now, it begs the question: where is the new normal? If the jobs continue to be exported to where ever is cheapest, as surely they must in a ‘free market’, the West will become more like China (and China more like the West).
If the CEOs / presidents are the new lords, the executives are the princes, middle management are the courtiers, the professionals are the clergy… not sure who gets to be the merchants, maybe the small business owners? And, the rest? Peasants / serfs. Welcome back to middle ages feudal society!
Looking on the bright side, the peasants revolt has already started in a few places…