United States' present traumatic situation is very much the outcome of the globalisation which has given rise to a global realignment of wealth from the developed nations towards the new emerging markets, especially those in Asia.
This global trend is inevitable as more Asian developing nations open up their economies for investments and developments, thereby speeding up the rate of growth.
In the process, the emerging markets with the advantage of low cost become the world's manufacturers, churning out cheap goods for the developed nations. This has the suppressive effect on the rich nations' inflation.
The tolerable inflation rate at about 2% has been criticised to be politically cooked to look comfortable. In the past years, this officially released low rate gave Federal Reserve a free hand to maintain loose mometary policy to prop up growth.
The ultraloose monetary policy generated huge cheap funds for the market, leading to property inflation in USA.
When the real estate bubble burst, the whole market is going to slump into a possible recession.
The present economic woes in the States are the outcome of lavish consumption, low savings and cheap credit. In the process, the wealth and influence have been shifted to China and some other emerging markets.
This is a global trend and it is an on-going process for many more years to come.