Though few may have noticed, the past few weeks may be regarded as a global economic turning point. Evidence is mounting that the United States is entering a recession, with increasing signs that it could morph into a depression. While the current US administration appears resigned to bailing out or nationalizing large tracts of American commerce, the presidential candidates have been drifting towards the Great Society era spending proposals of Lyndon Johnson, US president in the 1960s. At the same time, America's principal economic rivals appear to be charting courses that are not in line with US interests.
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