Posted on: 29-12-10 17:53:27
http://rt.com/usa/news/america-economy-military-holidays/
America spends as much as every other country combined on their defense, yet the American people continue to suffer without jobs and hope. With Wall Street receiving record bonuses, what can be done?
It is the time of year when millions of Americans are celebrating the holiday season with their families. However, many of them are doing so without a job and as unemployment continues to rise, it does not look like the New Year will be met with much optimism.
Many Americans fear a double dip recession due to the amount of unemployment coupled with falling housing prices that make for a weak economy. On the flip side, there are many Americans who are doing very well for themselves and in the process are earning record profits and will live in luxury this holiday season.
Wall Street tycoons, who received billions in a taxpayer bailout that pulled them out of bankruptcy, are experiencing historic profits and shelling out ridiculous bonuses. Many in the media were playing up the fear of allowing the banks to fail and creating a mindset that what is good for Wall Street will be good for the rest of America.
But Professor and Economist Michael Hudson disagrees. He says, “This poverty and this crisis is not built into the universe, it doesn’t have to be this way but it’s that way because the press and the media are not telling people that there is another alternative, put main street before Wall Street, it seems simple enough”.
America has continued to bail out banks and invest in the military instead of its own people. In fact, the US government invests more money in the armed forces than all of the countries in the world combined. The country is being dominated by a war machine that is spending at all time highs and continues to go unquestioned.
Michael Hudson adds “All of the public opinion polls say that people would rather spend on social security, pensions and infrastructure than on more defense spending. Yet the politicians follow what the campaign contributors say and both the defense industry and Wall Street say give money to military spending. The job of the politician today is to deliver their constituency to their campaign contributors.”
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A Delhite in Toronto
AshedFC,
What happens in 2014 with regards to USD being devalued. With 10% and 20% USD devaluation what is the scenario for CAD.
2011 could see two major upheavels.
-the municipal bond market where so many states and cities have guarante.
ed loans and they will be unable to meet their commitments.
- Student education debt which apparently is as big as the US credit card industry.Too much deliquenices and fraud in the last 5 years.
This scenario has also been discussed by our guru "Glenn Beck".I give him credit at least he puts all these issues together and talks about it.(:-))
Do not worry.
In 2012 the world will come to an end anyway.
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You know you are a desi when ........ You spew forth the virtues of India, but don't want to live there...............You've never had a tanning salon membership
Its been ages since I heard anything positive from the Financial Industry ? I believe it is part of the strategy in capitalism.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
who says they will return all that debt. Has any country himmat to collect on USA.
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You know you are a desi when ........ You spew forth the virtues of India, but don't want to live there...............You've never had a tanning salon membership
Quote:
Originally posted by Loser
who says they will return all that debt. Has any country himmat to collect on USA.
That's true. All this debt talk is only on paper. Even US knows the fact that they are not answerable to anyone. What would happen if all this debt keeps accumulating on US'shoulders? Nothing. Last I checked they still rule the world - diplomatically, militarily, and believe it or not financially even with a trillion dollar debt. And, he who says it's days are numbered must get them checked seriously.
The upcoming so-called superpowers, China and India are entirely dependent on US business. Take all the call-centres, BPOs, and IT projects out of India and you'll have nothing but doom/gloom. If US falls big time, it makes sure the industry/manufacturing, which is currently being flourishing in China would go down as well. Anyway, what would China manufacture if US consumers back down and stop spending. Where would India be - have you guys ever thought about it? Don't tell me Europe is the better alternative, as we have already seen the fate of Euro with half of it's member countries on real decline. Doesn't take an Economist, Financial Analyst, or Rocket Scientist to see this all. Australia can't feed China for a simple reason of it's small sized economy (the same as Canada). So, who left? Japan is already down and China has always been hesitant seeing eye to eye with Japanese. So, in a nutshell it's only US, that makes sure Chinese and Indian news media will keep propagating that each one of them are the 'upcoming superpowers' to de-throne US. I would say, keep dreaming.
Yes, I completely agree that no country in the world could mess with US - regardless of double, triple, or multi dip recession.
I guess all this capital and economic doom/gloom was always there during the earlier times as well. The only difference being, we are bombarded with the information day in and night nowadays.
So, loosen your seat belts. As much as someone must have survived in the old days if they spent wisely and saved, the same theory applies today as well.
We have too much information on our fingertips these days, and all this doom/gloom theories have been arisen out of it. Thus, all this panic. Use a common sense while spending/saving and no amount of recession could scratch you.
And, who says Glen Beck is a 'masiha'. People like him are the reason for whatever is wrong with America today. Talk about scare tactics, huh!
Take it easy!
