The American economy can be explained very simply: We went broke in 1970, and so we went off the Gold Standard, got the world to agree to use USD as reserve currency, and then just started printing money on an as-needed basis to fund gov't spending, and also for banks to hand out [basically] freely to investors, which pumped up the stock market (and all other assets) USD valuation to crazy insane levels.
All this free money also caused inflation and so everyone holding assets saw those USD valuations rise accordingly. Basically the baby boomers indebted the nation by stealing $36T from all future generations, and every one of them will all be long dead before one nickle of this debt is paid down, if it ever is, and no one even thinks it ever will be.
All this free money also caused inflation and so everyone holding assets saw those USD valuations rise accordingly. Basically the baby boomers indebted the nation by stealing $36T from all future generations, and every one of them will all be long dead before one nickle of this debt is paid down, if it ever is, and no one even thinks it ever will be.