Book Reviews | Gordon Campbell | News Flashes | Scoop Features | Scoop Video | Strange & Bizarre | Search

 


Land Of The "Free-Money"- Home Of The Broke

Land Of The "Free-Money" - Home Of The Broke


- “Full faith and credit” in US is latest domino to fall, along with dollar
By Dan Spillane
The Liberty Whistle

(SEATTLE) 11/30/04 - Years from now, historians will struggle to explain how so many trusted US institutions fell so quickly with the dawn of the 21st century, and the election of Mr. Bush. A series of Wall Street scandals--running for years--marked the start of a dizzying sequence of what might have been a wakeup call to the American public. Next, in short order, came major failures of US intelligence and governance at the highest level, leading to an attack on US soil, followed by a largely unfounded (and expensive) attack against Iraq. And then to top it off, record deficit spending by the American administration, even as the American public was strung along by a series of false promises--for stocks, for pensions, for wars, for the FDA, even for elections (what's left?). Indeed, the promises made within America seemed to fall just as exports and jobs bearing the “Made in America” label tumbled.

So historians will probably find little surprise in what happened next, as the few remaining items bearing “made in America” were brought into question, and fell to the wayside. That is, faced with historically high producer inflation, rising competition, and collapsing confidence in what was once the “full faith and credit” of the United States, foreigners dumped the US dollar and US Treasury notes, slowly at first, and then more quickly as fears grew that terrorist groups might strike at the financeers of US attacks abroad, rather than the US perpetrators. Historians will ask, “If the Iraq war were so important, why didn’t George Bush issue war bonds…why did he instead give tax breaks to the wealthy, and run the US Treasury dry, taxing Americans for generations to come?”

But there will be no good answer; it will be further noted that Mr. Bush spent the rest of his life “serving” multiple lucrative appointments--on the boards of major oil companies, who didn’t have to lift a finger to rake in trillions due to the Iraq “mistakes” (an amount, number crunchers will muse, which curiously mirrors the trillions raked OUT of the US Treasury).

Indeed, some future accountant may ponder why the wrenching adjustment to US finances took so long. A gaping US trade deficit, a budget deficit with no end in sight, and a mammoth federal deficit--not to mention, trillions of dollars in (ahem) “guaranteed” but “off balance sheet” US mortgage debt liability--did in fact finally open jaws wide enough to chomp into the perception of the published “triple A” credit rating of the US.

Sadly, future financial poets might reflect, what was once the “land of the free” became the “land of the free money” which rapidly transformed the “home of the brave” into the “home of the broke”--and left more than a few faithful creditors feeling anything but "full."


ENDS

© Scoop Media

 
 
 
 
 
Top Scoops Headlines

 

Werewolf: Living With Rio’s Olympic Ruins

Mariana Cavalcanti Critics of the Olympic project can point a discernible pattern in the delivery of Olympics-related urban interventions: the belated but rushed inaugurations of faulty and/or unfinished infrastructures... More>>

Live Blog On Now: Open Source//Open Society Conference

The second annual Open Source Open Society Conference is a 2 day event taking place on 22-23 August 2016 at Michael Fowler Centre in Wellington… Scoop is hosting a live blog summarising the key points of this exciting conference. More>>

ALSO:

Buildup:

Gordon Campbell: On The Politicising Of The War On Drugs In Sport

It hasn’t been much fun at all to see how “war on drugs in sport” has become a proxy version of the Cold War, fixated on Russia. This weekend’s banning of the Russian long jumper Darya Klishina took that fixation to fresh extremes. More>>

ALSO:

Binoy Kampmark: Kevin Rudd’s Failed UN Secretary General Bid

Few sights are sadder in international diplomacy than seeing an aging figure desperate for honours. In a desperate effort to net them, he scurries around, cultivating, prodding, wishing to be noted. Finally, such an honour is netted, in all likelihood just to shut that overly keen individual up. More>>

Open Source / Open Society: The Scoop Foundation - An Open Model For NZ Media

Access to accurate, relevant and timely information is a crucial aspect of an open and transparent society. However, in our digital society information is in a state of flux with every aspect of its creation, delivery and consumption undergoing profound redefinition... More>>

Keeping Out The Vote: Gordon Campbell On The US Elections

I’ll focus here on just two ways that dis-enfranchisement is currently occurring in the US: (a) by the rigging of the boundary lines for voter districts and (b) by demanding elaborate photo IDs before people are allowed to cast their vote. More>>

Ramzy Baroud: Being Black Palestinian - Solidarity As A Welcome Pathology

It should come as no surprise that the loudest international solidarity that accompanied the continued spate of the killing of Black Americans comes from Palestine; that books have already been written and published by Palestinians about the plight of their Black brethren. In fact, that solidarity is mutual. More>>

ALSO:


Get More From Scoop

 
 
 
 
 
 
 
Top Scoops
Search Scoop  
 
 
Powered by Vodafone
NZ independent news