Impacts of the Financial Crisis: The U.S. Is Becoming an Impoverished Nation

http://www.globalresearch.ca/index.php?context=va&aid=10271

 

oh come on rat stop all your fear-mongering. your beginning to sound like alex jones...

 

We became an impoverished nation when we promoted offshore/multinational growth over national production and interests. When we promoted privatization by multinationals and corporations only interested in profit, without looking at the ultimate costs. We shipped our tech and skilled jobs oversees. Our talent and skilled workers were laid off, or temporarily employed to train their own replacements in third world countries. We reduced our military only to expend more on no-bid contracts with private companies to pick up the slack. The whole thing makes no sense.

We shut down the lumber mills here in my area, sold the equipment to foreign countries and then sold them the rights to harvest our timber. We now pay more, for a local resource..

The whole image of prosperity has been a mirage for a long time. We no longer have tangible assets in this country. We've sold them all off at margin. And some have become very wealthy through the practice.

It wasn't Joe Blow buying a bigger house than he could afford that got us in this mess. It was traders trading nothing more than thin air and promises that created this mess. Traders who were undercapitalized promising to protect or minimize the risk of other traders who were undercapitalized. Where were the audits the controls?

Someone should have turned their autoteller machines off a long time ago.

 

Its interesting that a surge in protectionism is widely considered to have contributed to the depth and length of the great depression, and yet the same populist urge arises with every downturn.

 

How many downturns do we have to experience before we find the cure? Seems we have to pick this free market up and give it mouth to mouth every so often just to keep it going. Perhaps, it's time we scrap the whole idea of it.

What you didn't say was what caused the great depression, it wasn't protectionsism. It was unregulated speculation and greed.

I'd rather go for a slow recovery like from measles if it conferred immunity, once a victim. But it seems this disease reoccurrs if the patient isn't diligent.

Soon the greed/disease will be antibiotic resistant. What then you live with the inevitable like an AID's patient with their high priced chemical coctail?

 

So if China ends up owning us are we all going to have to start doing state-regulated exercises and stretches before we march off to work in the morning?

 

China is long way from owning us. China is used to justify many things they aren't responsible for. China is blamed for our high gas prices but their market has little or no impact on the gasoline sold here. It will be another 20 or 30 years before that. And by that time, perhaps we won't be using gasoline or petroleum for so much. But yes we shouldn't have transferred all of our manufacturing to them. We overloaded their capacity. That's obvious by the current toxic products coming from there.

We created their sense of capitalism: Make it cheap and sell it fast with no concern for safety. That's what we've taught them. We should be so proud.

China does own a huge chunk of our debt, but who's fault is that? I think I'd point my finger once again to Wall Street. Just like in the 80s Reagan sold us to Japan. But I wonder if our economy is so great and prosperous, why is it based on credit and debt and not on tangible assets or production?

You can't sell air for long before the rest of the world discovers they can harvest it for cheap too.

 

You are right about the selling air part for sure. But you need to know the system is about to change and most people won't know it being done again because all the rules will change. This is the elitist way. All they know are three ways; periods of time, the classic, the dark and the middle. Do you know where we are right now?