{"id":5749,"date":"2014-12-15T18:36:04","date_gmt":"2014-12-16T01:36:04","guid":{"rendered":"https:\/\/myfutureamerica.org\/?p=5749"},"modified":"2014-12-15T18:36:04","modified_gmt":"2014-12-16T01:36:04","slug":"us-consumes-far-more-than-it-produces-threatens-global-division-of-labor","status":"publish","type":"post","link":"https:\/\/myfutureamerica.org\/?p=5749","title":{"rendered":"US Consumes Far More than It Produces. Threatens Global Division of Labor"},"content":{"rendered":"
\n

<\/h1>\n
\n

Portends a world of regional blocks with little trade between them<\/p>\n<\/div>\n<\/div>\n

\n
\n
\n
Mikhail Khazin (Interview)<\/div>\n

OPINION<\/span><\/span> <\/span>8 hours ago | <\/span><\/span>626<\/span><\/span> <\/span>4<\/a><\/span><\/span><\/p>\n

<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n
<\/div>\n

<\/a>in<\/span><\/span>Share<\/span><\/span><\/span><\/span><\/span><\/div>\n

\n

\n
\n
\n
\n
\"\"<\/span><\/div>\n
\n
Made in China, consumed in the US<\/div>\n<\/div>\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n
\n
\n
\n

Mikhail Khazin is an extremely popular intellectual in Russia, who speaks mostly on economic and geopolitical matters.<\/em><\/p>\n

His ideas are important because they influence thinking in Russia, and interesting because they are original.<\/em><\/p>\n

They are far different from both the ideas that hold sway in the West, and the ideas the West imagines are attractive to Russians.<\/em><\/p>\n

Our contributor The Saker was able to secure a long Q&A session with Khazin that was translated<\/a> by a team of his volunteers.<\/em><\/p>\n

We are presenting exceprts from the discussion in a series of articles. T<\/em>his is the final, fifth installment. This way for the first<\/a>, second<\/a>, third<\/a><\/em> and fourth<\/a>.<\/em><\/p>\n

This material originally appeared<\/a> at The Vineyard of the Saker<\/strong><\/em><\/p>\n

\n

The situation with industry in the US in the past couple of years has somewhat improved.<\/p>\n

There are two reasons: changing energy prices in the US (and here we must say good words for the Obama administration), and the rising cost of production in China.<\/p>\n

However, the main factor for long-term growth – private demand \u2013 is in decline. This suggests that growth in the US does not even have a medium-term prospect.<\/p>\n

The drop in private demand is the main impact of the economic crisis, which has continued since 2008. Nothing can be done here, because the main mechanism of its stimulation – the refinancing of private debt in an environment of a decline in the cost of credit – is no longer working.<\/p>\n

Recall that the discount rate of the US Federal Reserve, which was 19% at the beginning of the \u201cReaganomics\u201d policy (the main tool of which was increasing lending to households), declined almost to zero by December 2008.<\/p>\n

\n