California, the Trend Setter and the Downfall of an Empire

The madness of the financial crisis in California is the harbinger of the collapse of the empire. The competitive edge of Californian economy does not lie in tax breaks for businesses but the fruits of its once excellent educational system. Now we are chopping down those fruit-bearing trees and when they are completely or half-gone, even if our tax rate becomes zero, our advantage will not last long.

So long to the might of California, which unfortunately is also setting a trend for the United States of America. It may be that we are witnessing the end of the American era, for better or for worse.