Every student in their study of economics should have a certain epiphany. I remember having this epiphany out of nowhere while teaching myself economics. After gaining a certain threshold of understanding of economics, my brain came to a sudden realization:
Holy shit, the United States is fucked! Completely economically fucked!
This realization came out of the blue. I didn't quite believe what the doom-and-gloomers like Peter Schiff and others were saying about how the US economy was on borrowed time, and eventually we would face an economic reckoning as bad as the Great Depression. It was only after I studied economics, and began to understand the nature and magnitude of the economic problems that we face that I came to this realization.
Most economics students will have a similar epiphany as they study the subject. As they begin to learn how the Federal Reserve works and how it has no good exit strategy from its policy of endless QE, and as they learn about the massive state, local, personal and national debt, massive unfunded liabilities, and debt racked up for unproductive purposes, they will quickly come to the conclusion that the United States is economically fucked. The only reason why we haven't been forced to deal with our severe economic problems is because the rest of the world is still willing to loan us money, and the Fed can keep the smoke and mirror tricks up for years before it doesn't work anymore.
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