State of the Union

"The Yank and the Brit could not be less prepared or more poorly positioned. They already live beyond their means. They can expect no wage gains. Their costs are rising. And with three billion Asians hard on their heels, they can’t expect a breather – prices will continue to rise; wages will not. What’s worse, the street value of their most cherished asset – their houses – is going down."
The Oil Drum