The United States of America (USA) is a constitutional republic in North America since 1776.
By most measures, the U.S. economy is the largest in the world, owed largely to an active science and technology sector that powers an extremely diverse collection of industries.
In 1995, the U.S. Federal Reserve Bank promised to back (insure) subprime mortgage bonds.
In 1997, velocity of the dollar peaked3), and likely will never reach the same levels. The growth of the mortgage bond and more generally debt markets all but ensured that outcome.
The phrase “green shoots” was used to describe the rebuilding of pieces of the U.S. economy in the wake of the mortgage bond collapse, but that looks optimistic in retrospect.
Tim Geithner promised a “recovery summer” in 2010, but that never really took shape.