When the pivot is unstable, children on the seesaw can get badly hurt. Like it or not, America has become the unwobbling pivot of the world system. In every one of the six recessions the pivot had become wobbly. When that happens the owners of capital get scared. They put their money into bonds, not stocks.
Businesses fold and workers are laid off.
The mother of all recessions was the Great Depression of the 1930s. It lasted ten years. The reason is that the wobbly pivot was quickly repaired. All Rights Reserved. Please do not reprint our stories without our permission.