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What I worry about is climate change, because that would have untold effects that we can't even measure yet.
This erosion of the middle class is happening all over the place. The opening of a wider gap between rich and poor is always accompanied by such a process.
I used to work a lot on food issues and every time somebody predicted that production would be inadequate they got egg on their face a year or two later.
Much of what is called investment is actually nothing more than mergers and acquisitions, and of course mergers and acquisitions are generally accompanied by downsizing.
Debt is such a powerful tool, it is such a useful tool, it's much better than colonialism ever was because you can keep control without having an army, without having a whole administration.
What you need if you want jobs are small and medium sized enterprises, local initiatives, labour intensive work, community development, service providers and the like.
Redistribution of wealth would require enormous amounts of investment. The only time an elite has accepted this has been during crises, such as in America in the 1930s under Roosevelt.
Markets cant think about anything beyond about three months. This is very long-term for markets, which is why the important things in life have got to be taken outside of the marketplace.
If we wait for the U.S. to do something, we will be waiting for a very long time. It's Europe, it's Australia, it's the other developed and middle developing countries that have got to do the job.