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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction
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To: Lazarus_Long who wrote (15506)9/6/2004 9:38:56 AM
From: Rarebird  Read Replies (1) of 90947
 
<Bush has taken us in the wrong direction>

At present, the US stands with a huge global military preponderance. The problem is that economically, it cannot keep this force going for long, based upon its own INTERNAL economic resources. This is illustrated by the fact that it is the rest of the world which produces most of all the consumer goods which Americans currently consume. In addition, the US is now so externally dependant on oil and (increasingly) natural gas imports, that if it were to try to sustain itself on its own internal supplies, it would falter in short order. Monetarily and financially, the US would stand globally next to monetarily naked IF the rest of the world chose a different reserve currency or a commodity currency.

If the US were to face an event of near global unacceptability for its US Dollar as a reserve currency, the current US capacity to continue to borrow about 80 percent of the rest of the world's monetary savings would end immediately. The consequent crash in international value of the current US Dollar would be an immense event. Once it was over, Americans would have to pay the real economic cost of desired imports instead of just borrowing to buy them or printing more US Dollars to "pay" for them.

On a global basis, the US is already a busted flush. It now requires an inflow of about $US 2 to 3 Billion every day simply to continue to function financially as well as economically and to postpone the day when it will have to meet its own total financial needs solely from its own internal financial resources.

Here's the Bottom Line:

The Bush Administration's policy cannot succeed. The economic means to sustain it are NOT there.
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