Finally the boss of the American Federal Reserve confronts reality -and uses the dreaded ‘R’-Word.

How much more obvious does American decline to be to get Washington and the public to act?

The US Dollar is weaker then the Canadian Dollar.

The Euro has eclipsed the Dollar and stands good chances to become the dominant currency for reserves.

The US infrastructure is crumbling and underfunded.

The middle class is slowly disappearing, instead tent cities are appearing.

Even Wall Street and big banks are in serious trouble.

The Industrial-Military-Complex has worked in the past - but only because it employed massive amounts of people. Today’s streamlined and outsourced manufacturing no longer is a benefit to the American masses (only to the stockholders).

Who is to blame? A lazy US congress, a very bad President, the huge American deficit, the expensive war in Iraq and the total lack of good oversight of the financial markets and big business.

I wonder if most Americans will ever understand how long the Bush legacy, deficit and his idiotic war will burden their lives?

Business magazines like the great Economist already talked about a weak economy last year - and also about the chance for a recession. Sure, some indicators in the US showing signs of weakness, but overall the global economy is running quite nice.

The burst of the credit bubble was a nasty event, but still not big enough to bring the whole economic system down.

But the real  ‘panic’ started once the presidential candidates used the ‘R’ fear to get votes. Now everybody started talking and most of all worrying about a ‘Recession’.

Stock Brokers are like sheep in any other profession- they easily panic and follow the herd. Although the economy didn’t really crash or some nasty event like 9/11 happened they panicked.

The American economy might be a bit wobbly, bit it’s not bad. The rest of the world is running quite nicely - so can we please stop that panic and WORK on a better economy instead of crashing it?