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Date: Mon Dec 19 13:21:13 2005 From: hendo at hendohome.com (Dennis Henderson) Subject: .An uncontrolled fiscal crisis.. America.s futureunder George Bush. <Spraying Full can of Bullshit Repellent on this>. Total crap.. If you believe any of this, you probably day-trade your 401k... Move on people... Nothing to see here... > -----Original Message----- > From: J.A. Terranson [mailto:measl@....org] > Sent: Monday, December 19, 2005 2:26 AM > To: Full-Disclosure > Subject: [Full-disclosure] .An uncontrolled fiscal crisis.. > America.s futureunder George Bush. > > > While we're debunking George... > > > http://www.dissidentvoice.org/Apr05/Whitney0411.htm > > The Economic Tsunami: Sooner Than You Think by Mike Whitney > www.dissidentvoice.org April 11, 2005 > > Send this page to a friend! (click here) > > > > > > > .If the world's central bankers accumulate fewer dollars, the > result would be an unrelenting American need to borrow in the > face of an ever weaker dollar -- a recipe for higher interest > rates and higher prices. The economic repercussions could > unfold gradually, resulting in a long, slow decline in living > standards. Or there could be a quick unraveling, with the > hallmarks of an uncontrolled fiscal crisis.. > > -- New York Times editorial, 4/2/05 > > It seems that there are a growing number of people who > believe, as I do, that the economic tsunami planned by the > Bush administration is probably only months away. In just > five short years the national debt has increased by nearly $3 > trillion while the dollar has continued its precipitous > decline. The dollar has fallen a whopping 38% since Bush took > office, due largely to the massive $450 billion per year tax > cuts. At the same time, numerous laws have been passed > (Patriot Act, Intelligence Reform Bill, Homeland Security > Bill, National ID, Passport requirements etc) anticipating > the need for greater repression when the economy takes its > inevitable nosedive. Regrettably, that nosedive looks to be > coming sooner rather than later. > > The administration is currently putting as much pressure as > possible on OPEC to ratchet up the flow of oil another 1 > million barrels per day (well over capacity) to settle down > nervous markets and buy time for the planned bombing of Iran > in June. Like Fed Chief Alan Greenspan.s artificially low > interest rates, the manipulation of oil production is a way > of concealing how dire the situation really is. Rising prices > at the pump signal an upcoming recession (depression?) so the > administration is pulling out all the stops to meet the > short-term demand and maintain the illusion that things are > still okay. (Bush would rather avoid massive popular unrest > until his battle plans for Iran are carried out) > > But, of course, things are not okay. The country has been > intentionally plundered and will eventually wind up in the > hands of its creditors as Bush and his lieutenants planned > from the very beginning. Those who don.t believe this should > note the methodical way that the deficits have been produced > at (around) $450 billion per year; a systematic and orderly > siphoning off of the nation.s future. The value of the dollar > and the increasing national debt follow exactly the same > (deliberate) downward trajectory. > > This same Ponzi scheme has been carried out repeatedly by the > IMF and World Bank throughout the world; Argentina being the > last dramatic illustration. (Argentina.s economic collapse > occurred when its trade deficit was running at 4%; right now > ours is at an unprecedented 6%.) Bankruptcy is a fairly > straightforward way of delivering valuable public assets and > resources to collaborative industries, and of annihilating > national sovereignty. After a nation is successfully driven > to destitution, public policy decisions are made by creditors > and not by representatives of the people. (Enter Paul Wolfowitz) > > Did Americans really believe they could avoid a similar fate? > > If so, they.d better forget about it, because the hammer is > about to come down big-time, and the collateral damage will be huge. > > The Bush administration is mainly comprised of > internationalists. That doesn.t mean that they .hate > America,. simply that they are committed to bringing America > into line with the .new world order. and an economic regime > that has been approved by corporate and financial elites alike. > Their patriotism extends no further than the garish > tri-colored flag on their lapel. The catastrophe that middle > class Americans face is what these elites breezily refer to > as .shock therapy.: a sudden jolt, followed by fundamental > changes to the system. In the near future we can expect tax > reform, fiscal discipline, deregulation, free capital flows, > lowered tariffs, reduced public services, and privatization. > In other words, a society entirely designed to service the > needs of corporations. > > There are a number of signs that the economy is close to > meltdown-stage. > Even with cheap energy, low interest rates and $450 billion > in borrowed revenue pumped into the system each year, the > economy is still barely treading water. This has a lot to due > with the colossal shifting of wealth brought on by the tax > cuts. Supply side, trickle down theories have been widely > discredited and Bush.s tax cuts have done nothing to > stimulate the economy as promised. Now, with oil tilting > towards $60 per barrel, the economic landscape is changing > quickly, and shock waves are already being felt throughout > the country. > > The Iraq war has contributed considerably to our current > dilemma. The conflict has taken nearly one million barrels of > Iraqi oil per day off line (the exact amount that the > administration is trying to replace by pressuring OPEC). In > other words, the astronomical prices at the pump are the > direct result of Bush.s war. The media has failed to report > on the negative affects the war has had on oil production, > just as they have obscured the incredibly successful > insurgent strategy of destroying pipelines. This isn.t a > storyline that plays well to the American public, who > expected that Iraq would be paying for its own reconstruction by now. > Instead, the resistance is striking back at the empire.s > Achilles heel (America.s need for massive amounts of cheap > oil) and it's having a damaging affect on the US economy. > > Just as the economy cannot float along with sharp increases > in oil prices, so too Bush.s profligate deficits threaten the > dollar.s status as the world.s reserve currency. This is much > more serious than a simple decline in the value of the > dollar. If the major oil producers convert from the dollar to > the euro, the American economy will sink almost overnight. If > oil is traded in euros then central banks around the world > would be compelled to follow and America will be required to > pay off its enormous > $8 trillion debt. That, of course, would be doomsday for the > American economy. But, a recent report indicates that > two-thirds of the world.s 65 central banks have already > .begun to move from dollars to euros.. The Bush plan to > savage the dollar has been telegraphed around the world and, > as the New York Times says, .the greenback has nowhere to go > but down.. > There.s only one thing that the administration can do to > ensure that energy dealers keep trading in dollars.control > the flow of oil. That means that an attack on Iran is nearly > a certainty. > > The difficulties facing both the dollar and the economy are > not insurmountable. The world has been more than willing to > compensate for America.s wasteful spending as long as America > shows itself to be a responsible steward of the global > economy. However, the administration.s military and economic > recklessness suggests that some of the key players on the > world stage (particularly Russia, Iran, Venezuela, Germany, > France, China, Brazil) are collaborating on an alternate > plan, a contingency plan. > If Iran is bombed in an unprovoked act of aggression, we will > certainly see this plan activated. The most likely scenario > would be a quick switch to the euro that would have grave > implications for the American economy (Russia has already > indicated that it will do this). For Iran, an attack would > justify arming disparate terrorist organizations with the > weaponry they need to attack American and Israeli interests > wherever they may be. > In any event, an unprovoked attack will dispel the remaining > illusions about Bush.s war against terror and confirm to > everyone that we are engaged in a new world war; a conflict > for global domination. > Tough Years Ahead > > The neoliberal chickens have come home to roost. America has > become the latest staging ground for the eccentric economic > policies of the Washington Consensus. The towering national > debt coupled with the staggering trade deficits have put the > nation on a precipice and a seismic shift in the fortunes of > middle-class Americans is looking more likely all the time. > The New York Times summarized the country.s prospects like this: > > .The economic repercussions could unfold gradually, resulting > in a long, slow decline in living standards. Or there could > be a quick unraveling, with the hallmarks of an uncontrolled > fiscal crisis.. > > .An uncontrolled fiscal crisis.. America.s future under George Bush. > > We are facing years of collective struggle ahead. If there.s > a quick fix, I have no idea what it might be. > > Mike Whitney lives in Washington state, and can be reached at: > fergiewhitney@....com. > >
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