Phil > there has to be consequences to fiscal mismanagement and debt
And I'm sure there are. But one has to remember that the money which the US creates is not simply largesse to be dished out to anyone who rocks up. Indeed, most Americans are having a pretty hard time of things and require many jobs just to make ends meet. In fact, there is a strange paradox about the US money printing machine --- it seems to be available to anyone who doesn't give the money to the American people.
And, in the circumstances, I suppose one has to go back to Bretton Woods, after WW2, where principally the US and Britain agreed that the USD would be the reserve currency for all the CBs. It is this international agreement and arrangement which clearly legitimizes the US debt and the functioning of the "money printing machine" because no other nation can do it or is allowed to. However, and as we know, the system underwent a dramatic change when the value of the USD was "unpegged" from the gold price in 1971 and since then the creation of US debt has gone mad.
schillerinstitute.org
So, clearly, if there is a conspiracy to defraud, a ponzi scheme or simply just financial mismanagement one has to investigate and alter the international arrangements which flow from the Bretton Woods agreement.
> The US can now be held as an economic hostage, Asians can exert influence subtly or outright, and the economic weakness of the US will become apparent.
It is so. In fact, foreigners are busy buying up more and more of US asset and debt which also has to be serviced by means of interest/dividend/rental payments. Eventually, and without them even realizing it, Americans will be servants to China or Japan or whoever. But the problem is fundamentally for the American people to recognize and to solve and this they seem unable and unwilling to do. That's why I remarked about the American politicians who continue to dupe the populace instead of enlightening them --- they are no better than whores who smile at the client, take his money and then give him syphilis.
> why is Bush now humiliating himself before the UN and his despicable sworn enemies such as France & Germany, begging them for financial aid?
I don't know. It doesn't make sense particularly in the circumstance that he knew beforehand that they wouldn't give him any. He didn't have to have an embarrassing floor-show at the UN to find out where he stood --- a phone call would have been sufficient. Likewise with Putin at Camp David. He must have had some reason for humiliating himself in public which isn't apparent.
> you haven't covered yourself in glory by saying that Bush agrees with you
I see jealousy makes you nasty! |
