Jamie Dimon And The Fall Of Nations

Excellent article here by Simon Johnson, the former chief economist for the IMF and a professor at MIT’s Sloan business school.  I think the following paragraph pretty much summarizes the root cause of America’s decline into Banana Republic status…

The historical evidence is overwhelming. Many societies have done well for a while – until powerful people get out of hand. This is an easy pattern to see at a distance and in other cultures. It is typically much harder to recognize when your own society now has an elite less subject to effective constraints and more able to exert power in an abusive fashion. And given the long history of strong institutions in the United States, it appears particularly difficult for some people to acknowledge that we have serious governance issues that need to be addressed.

Full article here.

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