There's a whole slew of info here, grim, grim forecasts of the American economy here at this article at 321Gold.
A Week with Richebächer in CannesMake of this what you will.
KR: "The idea of an economic recovery with such a huge trade imbalance is utterly ridiculous"
This refrain was heard at least a dozen times, sometimes out of left field, from Kurt's lips, spoken with dismay, even disgust. By the third day, the quote evoked my laughter, from mere repetition. By the fifth day, I reminded him that it had been over 24 hours since he last uttered the line, which evoked his laughter. How on earth can a nation expect or realize an economic recovery when $500 billion is sent abroad to pay its trade bills? The cost can support millions of jobs. Since the jobs are not returning to our shores, how can the economy recover? It cannot, yet Americans buy into the nonsensical notion of a "jobless recovery." He sees debt rising, consumption continuing, and jobs that are generated going to Asia. I called it a hemorrhage of capital, with jobs following the capital flow. He agreed. We talked about how Americans have been conditioned to regard trade gaps as normal, big federal deficits as normal, large debt levels as normal. I made an analogy regarding debt, whereby American households sit on living room couches, with the water level rising to within one foot of the ceiling. The couch floats up, but the breathing room is severely restricted. He nodded. I told of stories in the mid-1970's when the first $100 billion trade deficit was registered. Back then, economists warned that the capital loss was dangerous, while foreign dependence possibly could lead to instability. Such concerns are not now evident.