We are all, rather, 'The West', on a locked train, heading toward global 'Wage Poverty Siberia'.
The EU has tied the hands of its European captives on this train, precisely as Krugman describes, has happened to Spain.
Greece, Portugal, Ireland, Spain, today,
who else tomorrow?
The US has similar constraints, imposed on it by globalization, not just by a currency union;
lack of control over its separate currency, especially amid fiat currency wars;
no expansionist levers amid globalized environment except ever more globalization..... down 'the slippery slope';
government stimulus ineffectual for the same reasons;
tariff or embargoes, now useless for similar reasons.
I would call this the real
THE ROAD TO SERFDOM
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