Aussie official: U.S. dollar may collapse

[lovuian]

http://feeds.bignewsnetwork.com/?sid=916ebc2046ada2ba

Big News Network.com Friday 25th February, 2005 (UPI)

A top Australian treasury official is warning of a global financial tsunami if there is a U.S. dollar and government bond sell off.

Treasury Secretary Ken Henry compared the flood of money pouring into the United States to support its budget and current account deficits to the stock market's dot-com bubble in the late 1990s, the Australian reports.

If money stops pouring into the United States, it would hit the U.S. economy, cut Chinese exports and lead to the end of Australia's booming mineral exports to China.

snip...
Henry is just the latest in a string of recent voices warning about a possible dollar collapse. The International Monetary Fund said Wednesday urgent combined international action is required to head off such a danger.
more...

Bush can't keep running up these deficits!!! there is a point of no return!!!

[CottonBear]

1. Disaster.

:scared:

[darkism]

2. Ugh... (a little offtopic)

"A top Australian treasury official is warning of a global financial tsunami"

Did the media EVER use that word to describe a non-weather event before December 26?

It's been coming up in a LOT of non-weather stories lately and personally I think it's tasteless.

[Rex]

4. They love death and mass destruction

If it had been a plague and not a tsunami, the media would call it a global financial plague. You know how they work - death sells better than anything else on TV.

[girl gone mad]

24. Like how everything became "terrorism"..

after 9/11.

[hvn_nbr_2]

63. I've heard that before

I suspect we notice it more now than we would have before. I also suspect they use it more than before too.

[Erika]

3. If our foreign creditors called in our debt

there would be no more U.S.A. The only way Bush can appease them is continuing his global corporatism. He is virtually selling our citizens out.

[Massacure]

9. Don't they need to wait for the bond's to mature?

I don't fear them calling in their debt too much. All they have to do is stop buying new debt and the U.S. gets the rod.

You either have to raise taxes by more than 20% or cut benefits by 400 billion dollars.

[BrightKnight]

21. deleted -n/t

posted in error

[lovuian]

65. What could be making SKorea & Japan nervous is Iran War

Can you wait till a bond matures when all hell is breaking lose... No they can't wait June is coming and they are reducing their vulnerability!!!

[aneerkoinos]

80. 400 billion

How about military budged? It's just about the right sum. Didn't even come to mind, hm? :)

[bearfan454]

5. Add to that scenario

the OPEC countries switching their oil currency from the dollar to the euro and we are wiped out.

Think about it. We could be wiped out without a shot being fired.

[hadrons]

6. ....warning of a global financial tsunami if (IF)

sounds like the guy is just trying to help prop up the dollar by reminding the world markets of what will happen if the dollar collaspes because he knows that Dumbya will do nothing to sure it up

[whistle]

7. Maybe Bush and Air Force #1 have taken a detour to Zurich,

...Switzerland to deposit all of the U.S. gold bullion reserves in private accounts there.

[ldf]

8. i'm sure the bushies are counting on just that...

other nations are going to be so afraid of that happening that they will continue to support the fraud.

bush has them right where he wants them.

[gordianot]

10. This is what will ultimately bring ** down.

Forget about Election Fraud.
Forget about lies.
Forget about ** personal problems and mental illness.
Forget about scandal.
Forget about dumping Social Security.

We are headed for the economic bone-yard. I am convinced this is why the Democratic leadership is keeping quiet in the face of all of the outrages.

The question is when it will happen and how bad will it be?

[Itsthetruth]

11. Why?

I don't get it. Why would Democratic Party leaders keep silent about or roll over on Bush's policies and appointments because of an impending economic crisis. What would they have to gain? Such an approach can only hurt the majority of American people.

[gordianot]

28. I'm taking a historical perspective.

Harding had one of the most corrupt scandal ridden administrations ever. Republicans survived this disaster to elect Coolidge and Hoover. In time Republicans created and allowed Democrats to create the New Deal as a result of Republican economic incompetence.

FDR beat Hoover by the fact he was not in the party that fostered economic disaster.

In our current situation I really wonder if the Democratic leadership needs to do or say much of anything. If the economic meltdown is as serious as what some say is coming, being the opposition party should have some real advantages.

I admit I would like to see Democrats be more vocal and stand up for what they believe. I am convinced we live in a Topsy turvy world where Democrats are becoming the party of fiscal responsibility in contrast to the No tax and spend Republicans.

[pokercat999]

39. Such an approach can only hurt the majority of American people

Most pols, and I'm including most dems here also, don't give a rats ass about the sheeple. They only care about getting re-elected and that requires that they toe the corporate line!

[BeHereNow]

12. I respectfully disagree.

This will not bring him down, quite the opposite.
It will empower them and that is the aim of destroying
the economy.
Those who want to eat will comply with Empire.
Have you not noticed that people in this country
will do ANYTHING, go along with EVERYTHING in order
to assure their personal level of comfort.
Make way for the jackboots.
Economic destruction will assure their
devotion and service to "the cause."
BHN

[Erika]

15. Money rules supreme with this administration

Yes, they will sell us out to a world global order. This is what we should be fearing, not some renegade terrorists.

We will never go to war with a trading partner such as China because global corporate profits would be hurt.

[natrat]

42. to simplify: the game is steal, distract and death squads to maintain powe

[Ian David]

19. If you want to eat, you will have to accept The Mark of the Beast

All those faith-based organizations waiting to feed you if only you'll listen to their preachifying first

[kineneb]

75. Won't need the mark or preaching

putting in garden, have a chicken, live in rural area. It is back to the land time!

I don't want to sound like the nutty survivalists, but exercising some "depression-era" thinking might be good. Even just a few plants in a container can help- spinach and radishes for starters.

[girl gone mad]

26. Just look at how Hitler came to power.

Economic chaos goes hand in hand with a culture of extreme nationalism and blind loyalty.

The people will be looking for someone to blame, and the administration will be more than willing to point them towards its percieved enemies and fan the flames of hate.

[gordianot]

31. You are correct that is how it works.

Who do you think they are going to scapegoat? The Republicans control three branches of Government.

[Pachamama]

34. That is why there will be another Terrorist Attack-Most Americans will be

so afraid and paralyzed in fear that they will believe anything Bush and the GOP say about the Economic downfall being the fault of terorists, even if its obvious to anyone paying attention now that the failed tax-cutting, out-of-control spending and ballooning deficit policies of Bush are reponsible.

[clem_c_rock]

52. And if it happens will Du'rs still fight to the death that it's not MIHOP

Look who gains the most from a terrorist event. It's never the "terrorist".

Hitler new this quite well.

[PurityOfEssence]

71. Democrats who obstructed the energy plan, ANWR, and things like that

The real problem isn't all of the programs and fiscal idiocy, it's the fault of those heroes who fought them. There must be more tax cuts.

Yes the reactionaries control all three branches of government, but they've been impeded in their plans, and those impediments must be swept aside for the greater good. One party, one god, one fucking country, you traitor.

It's happened many times before.

You don't want to ally yourself with the rabble, do you? Cool people are with the rich and successful, even if hurt by the policies of those in power. How dare anyone question this.

[kineneb]

76. but I am rabble!

I am a member of the lower classes: I have no money and no portfolio of stocks. Hand me that pitch fork.

(feeling particularly cranky this evening)

[gordianot]

77. Eventually there will be fewer rich cool people.

The ranks of the rabble will increase. Too bad Republics do not seem to last very long.

[BrightKnight]

22. The government wants to destroy the government.

This is a bad idea. The Repugs are too stupid to realize that they are stupid. Wealth has more to do with communities than with individuals. Healthy trees make the most and the best fruit.

[cliss]

30. I believe you're right.

After haunting this place for almost 2 years, faithfully reading thread after thread.....trying to figure out what's going to happen to this country.

I've read everything.....from an asteroid hitting the earth, to Nostradamus predictions, earthquakes, the earth will shift on its axis, 3 Days & Nights of Darkness, Armageddon, all the way to Steve Roach (Economist for Morgan Stanley), Harvard Business Review,CounterPunch, FromTheWilderness.com, etc etc.

I believe this is our form of poison, and it won't be too far off in the future.

Because of all the weakensses the US has, this is the most vulnerable. Recall the collapse of the Thai Baht in 1997. It caused a chain reaction that caused the Japanese Yen to almost fold. It also caused the Dollar to almost collapse. Not many people know about that. But there were plenty of bankers with huge sweat rings around their armpits those long weeks.

I REALLY believe we're going to have a currency meltdown. Look how close we are now.

[gordianot]

32. I agree "our form of poison".

I don't see how this was planned. It is the end result of greed. They do seem to understand how this may transpire much better in Asia than the Western Democracy's.

[Skip Intro]

13. Its almost as if he were doing it on purpose

If someone wanted to destroy America from the inside, they couldn't do a much better job, could they?

Collapsing our economy.

Deteriorating our defenses.

Attacking our very constitution.

Destroying decades-old alliances that have led to relative peace in many areas, our areas. Tarnishing our name.

I really want to know who he's working for/who he's serving - it sure as hell ain't the Lord's work he's doing.

[DulceDecorum]

14. George W Bush is the AntiChrist

http://mirrors.meepzorp.com/geocities.com/george-bush-antichrist/

[theblasmo]

16. Want Mythic Paranoia?

Although I don't believe in the End Times scenarios (any of them: atheist here), try putting the US in the slots reserved for the "Evil" power-state behind the Anti-Christ in the book of Revelations and it fits pretty perfectly. If they're (Bush Co.) after anything, they're trying to speed up the end of the world. What a bunch of solipsistic humans. First against the wall when the revolution comes, I say.

[Ian David]

20. You don't have to believe in Revelations. It's just Bush that has to

Bush thinks that he is The Antichrist.

That is sufficient.

[Dissenting_Prole]

29. They're remodelling!

Think of it this way....

If you're going to remodel your house, do you simply strip off a bit of wallpaper?

No. You take a sledgehammer to the walls and start fresh.

The country has been hijacked and the house is being remodelled.

The result will be something that doesn't even come close to what the original house looked like.

[aneerkoinos]

81. Not very complicated

Capitalism is by nature self-destructive, it survives only as long as there is room to expand (by military imperialism if not by other means), globalization is just about reaching the natural limits and not long after that comes the collapse...

[Chicago Democrat]

17. I dont think this will happen...

it will be gradual....



too much is at stake for bond holders.

[booksenkatz]

18. Shhhh! Don't TELL everybody, Ken!

Next thing you know, all the other countries will be wanting their currencies to plummet, too.
:crazy:

/haven't slept in a week

[lovuian]

23. We got a taste of it when South Korea tried to dump

and the stock Market plummeted... but then Japan realized it was getting crunched

Its all connected and Bush isn't going to come out unscathed here

and to pay this debt off all we have to do is confiscate the wealth of all the rich & powerful who put us in this mess and poof No debt

I'm not worried!!!

If I was rich I would be scared to death!!!

[kineneb]

78. I keep thinkin' of Janice Joplin

"freedom's just another word
for nothin' left to loose..."

When there is nothing left to loose, then the brown stuff hits the fan. I am watching from a distance, waiting for this house of cards to crumble. The economy is living on borrowed (literaly) time. We are now importing more agricultural good than we export.

Yeah, if I were rich, I think I might be just a bit...scared.

[borlis]

25. They will blame it on Clinton or 9/11.

Like they always do.:puke:

[Pachamama]

35. They will blame it on the next big attack...which will be timed to happen

right before or after economic collapse....then W can justify his war on the World...

[Anakin Skywalker]

27. Thank You, Preznit Bush!

You @$$hole!

[candy]

33. Good Lord. Scary stuff!

[agincourt]

36. Yes, but

do we have enough bibles? Pray to W and your problems just accountability moment themselves away.

[BeFree]

37. To big to fail

Is what I am hearing about America. If America falls flat it lands on everyone else.

The fall will be cushioned. In the meantime, America will be bled to near death by virtue of such spending we are doing in places like Iraq.

America pulled itself out of the 20's depression by spending. But we spent it here, not in a foreign country. Our spending spree in Iraq does little for America but much for the oil barons of the middle east.

The goal of the corporations is a one world equal playing field. Since the US now is the biggest player, it must be brought down in size, but it will not be done at the expense of the middle players unless a horrible mistake is made.

[cthrumatrix]

38. UNLESS.... it's planned ....enter One World Govt

The US citizens would never be in favor of that unless they were is dire straights.

[Solon]

40. I think the reverse would be true...

The Iraq war was a gamble, and the problem was that the Bush Administration and PNAC believed their own delusions. They did not expect that the world would oppose them as much as it did, neither did they expect the resistance in Iraq to be as bad as it is. However, despite all that, they are going through with the gamble, and will continue expanding the conflict till they get what they desire. American Dominion over the majority of oil reserves in the Middle East, control that, and you control the world.

Regardless of our delusions of grandure, United States influence has been waning for a decade at least. Ever since the USSR collapsed, we had not had an enemy present that only we could "defeat". At this point in time, it is hard to justify our defense expenditures considering the world situation. However, due to the new terrorist threat of our own creation, we have now embarked on a new wave of American Domination that will be more heavy handed than in the past.

In order to bring about this new American Dominance, two objectives need to be met, one is to find an alternative to OPEC that doesn't require a new source of energy, just a new organization to compete with it. The Second is to make sure this organization is dominated by American and British interests, and not Middle Eastern interests. With a permanent military presence in Iraq, this can be ensured, by using the heavy stick approach to Saudi Arabia and Iran, as well as direct control over Iraq reserves, then the United States could control the world economy.

This would include military intervention if necessary to ensure other major nations do not invest too heavily in alternative energy sources. That way we can set prices and even more important, use the reserves to keep the dollar solvent in the coming age. The problems are apparent in this plan, for one, we overestimate our own military strength, for two, we underestimated the rest of the world's resistance to this plan. Saudi Arabia is a wild card in this, they pay lip service to us in public, but will resist covertly. Iran, however, is totally resistant and as such would have to be dominated militarily. This is impossible to do without a large military we do not have, and possibly without using nukes, which would ruin chances of getting to their reserves if it is covered with radiation for a century or more.

So now we are stuck in Iraq, draining limited resources that we do not have. In addition, we have pissed off the rest of the world and now do not know how to adapt to the economic crisis we created. To borrow and spend in this manner is simply not sustainable for any length of time, and the question right now is when the other shoe will drop, and how the government will respond to it when it happens. The most egregious part of this is that this isn't a conspiracy, those are secret by nature. No this is a business plan and government policy, hell you can read about it on the internet if you which, go to the PNAC website, its all there, and the players are in power now.

This is why I say its the reverse of what you said, Americans would not go for a One World Government that has a Capital in New York. But they would be happy to have one, run by Bush and Gang, that is in Washington D.C. as long as Americans are in power, and the rest of the world is at their feet.

[cthrumatrix]

41. add in Soc Sec reduced .... add in jobs shipped overseas....add in

education and health care stds at risk...add in bankruptices etc...

And you can make a case that this is a decline be "design".

[Solon]

43. True, but I do believe that they wanted the cake....

and eat it too. They are still Nationalists, but in a very narrow definition. They don't think the poorest Americans are Americans at all, and wouldn't really give a shit if all died tommorow, in fact they may make that a holiday. No, the citizens they want to help are those richest 5% that hold most of the wealth in this country, they want to keep that wealth, at whatever the cost is. Things such as Peak Oil and belligerence by OPEC threaten that, so they took action to ensure their personal wealth does not become totally worthless. This includes externalizing labor costs and not worrying about common citizens.

They miscalculated, simple as that, they were too blind to their own national glory and sheltered lives that they do not realize that not only is the country going down, they will go down with it. To be honest, I think the most aggrivating thing is that they probably really believe they are good "Patriots" but only in the definition described above. Kinda like those freaks who thing any critism of Corporate America is anti-American, that's the level of discorse with them. The decline is designed by them to only effect those Americans that matter little to nothing to them, the biggest obstacles to their plans are what I described in the previous post, and of course, the fact that they actually have to be accountable to some of these "commoners". I would assume they would get rid of those obstacles soon, in order to keep power, after all what is democracy except for a stumbling block for capitalism?

[BeFree]

45. Common folks

The PNACorporation needs us. "We fill the penitentiaries, and the military too"

But they like us to be sheeple, herded from one pasture to the other without much ruckus. The problem is: American sheeple are the hungriest. Whatever pasture the American sheeple graze is left denuded and fallow. That is simply bad farming.

So, the other capitalist herders, reacting to the overgrazing Americans, are becoming alarmed at the un-sustainability and imbalance and are coming together for their own protection.

One problem: Everybody in the world has been selling the American sheeple their grazing rights for American greenbacks. That is a capitalist diet not easily given up.

Consider this: What element of the US puts us in such a powerful position? Our Navy. It is our Navy which allows us to partake of grazing rights around the world. The Navy protects capitalism's global commerce, and gives us first choice access to the whole world.

The question is: How long can we keep control? I don't see a present threat to our Navy, but I hear China is building one. 10, 20 more years?

[cthrumatrix]

46. Our ships run on OIL.... Opec countries are going away from the $$

and THIS is the issue... it could mean a "severe landing" fro the dollar OR world war III

Either way is not good ...and I see this sooner than 10-20 years.

[BeFree]

49. Opec

OPEC loves us. We are the biggest customer, they don't want to see us go down, especially since our Navy keeps the oil lanes open to commerce. IOW, without the safe oil lanes, oil would never make it from the middle east to say, China.

America is well positioned; is needed and desired. The problem is that it is a bull in a china shop and must be carefully coralled. Making it regurgitate on Iraq, et al, will slowly starve it into submission.

[cthrumatrix]

50. Iran doesn't love us....Iran is opening an Oil Market sooon

Iran, Russia and others are cutting back on dollars.

China/India will pass the US in oil needs. The days of the US being the only superpower and "resource hog" will be shared by many countries over time.

Last time I looked .... a navy does not buy our treasury bill auctions...China and Japan do.

[BeFree]

51. Hey, we agree

It is just a matter of time before we are taken down a notch. I just don't think it will happen soon, or that the impact to America will be that severe. It's too big to fail. Not even Iran wants the US to fall flat, they just want a more even playing field. If we fall flat, Iran's capitalism and it's leaders will suffer, and suffering is the last thing on their agenda: they are all living like kings.

[aneerkoinos]

82. Nope

Nothing is too big to fail. US is just too big to save.

[cliss]

67. Thanks, Solon.

I have some comments: Yes, I've always believed the Iraq war was a huge gamble. They were betting the mortgage money, and they lost. The PNAC has clearly stated its goals of dominating the world. They used the phrase "benevolent dictatorship".

If you read the PNAC documents, it strikes you how lacking the authors are about different cultures, the power of groups of people, and human relations. It's a sterile document, created by pencil-pushing bureaucrats who have sat in comfortable chairs and offices for decades.

They are more like engineers designing blueprints for shopping centers. They had plenty of time to devise their plans without every trying them out in real life.

Now once they got to put their plans into practice, it was a different story. They're not exactly good at making decisions off the cuff. I could tell the difference once the war started. When they had to improvise (like Turkey's dramatic change of heart to let the US use the country as a staging ground), they were worthless. It took forever, they changed their minds several times, backtracked, went back to the original plan and so on.

I'm assuming here RumsFailed and Wolfowitz were the main decision-makers. I think they had NO idea the war in Iraq would be as expensive, difficult and as deadly as it turned out.

As it is, we're broke now. NONE of the $300 billion is real money; it was all borrowed from the future. I would say we have another 2 years left of this kind of spending, and then we're finished.

As far as military dominance; the US has an intense need to control the oil-producing areas, like the Middle East and Venezuela and ancillary pipeline-transporting countries. Who cares about Borneo? as long as you control the oil, you control the world.

In the Middle East, all the countries are now US puppets, except Syria and Iran. And you're right: Saudi Arabia is a real Passive-Agressive oil vendor. They cause all kinds of subterfuge behind the scenes. They are our #1 enemy, along with Pakistan.

The biggest flaw with the PNAC plan is that it's based on consumption. It's not based on productivity. That's where a nation's true strength lies. That's the real reason why they will fail.

[tinfoilinfor2005]

44. I have about 80 thou in the stocks and bonds for my retirement in

four years. Not as much as they advise, but I was a slow starter. Should I pull it out now and invest in foreign markets? Exchange it for Euros or gold? Buy real-estate? Request intelligent advice, please!

[cthrumatrix]

47. diversify and keep safe

age and needs determine level of risk

If you NEED this money...then don't play with market risk. Look at laddered CD's so when rates rise you can roll over to higher rates.

If you are 65+...I would not recommend more than 20% in quality Mutual Funds

If in Mutual Funds (the above 20%)The other 80% in laddered CD's
----------------------------------------------------------------
* 50% TIPS (trasury bills with inflation)
* 10% real estate
* 10% precious metals
* 30% Balance Fund

market risk should be minimized while we go thru a "debt cleanisng in America"

by all means get "advice" from a qualified advisor and the above only serves as a potential means of being safe.

[BeFree]

48. Nice nest egg

Do you own your own land and shelter?

Really, DU is the last place to be asking for retirement advice,eh?
Find a local capitalist you can trust.

I will say that investing in American owned industries with chiefly American markets, would be a good idea.

[Lorien]

54. 2 million is the recommended retirement nest egg

sounds like a lot, but it really isn't. My dad and a good friend of mine just retired, and both were given the same advise by their respective financial advisors. That said, I've heard that Euros and gold& silver are both good ways to go right now. DU has a few financial wizards on board; maybe they have some suggestions.

[KayLaw]

55. Sounds almost impossible

The two million, I mean. Didn't I just read that the average family saves $80? Maybe it was the average worker--it doesn't make much difference. I don't think either is likely to save two million dollars.
I worry people think they're doing better than they are because of real estate values. You won't know what your house is worth until someone hands you a check at the closing, and even then, you'll still need a place to live.

[The_Casual_Observer]

60. You need to have 2 million and weigh 170 Lbs if you are 5-10

May as well tell me to jump to the moon.

[clem_c_rock]

53. Superpower to 3rd world in less than 2 years.

We're in for a bumpy ride.

All this the PNAC forsaw and wars of conquest were the way they chose to do it.

It's all connected: steal the 2000 elections, fabricate 911, start invading countries where the world's most valuable resources are, steal another election.

Not about democracy folks. That's just what you tell your public so they will send their kids off to their wars.

[gordianot]

56. That is the way I see it.

I also suspect there will be unforseen consequences even for those who have started this mess.

I have been planting fruit trees on the old family farm we maintain in the country. My Republican relatives are going to have a real hard time convincing me they deserve a room even in the workshop. They will never make it around the wood stove in the house. I intend to be a real hard ass about that.

[clem_c_rock]

57. Man - you are so lucky to have that

And don't hold back on the preparations - this could make the Great Depression look like a party.

I just landed my first adult wage job as a programmer last year at age 35. Before that, I lived a life of poverty as a social worker. I'm just getting on my feet financially and it all could crash down real quick.

Unfortunately, I don't have a farm, the only thing I can forsee is buying a van in case I have to live by some damn river.

F***ers!

[kineneb]

79. me too

We have our little chunk of land with a modest sized house, most of which is paid off. I have been putting in fruit trees, too, and raised beds for gardening. Alas, no wood stove, but that too could change. And Henrietta, the pet chicken, is good about giving us eggs.

[tom_paine]

62. Yep, Imperial Amerika IS the richest Third World Nation on Earth

For how much longer, I wonder.

Maybe awhile, but only because the next richest Third-World nation is so far behind us (Saudi Arabia? Bahrain?).

Either way, you are correct in that Amerika is incomprehensible when viewed in a Free America perspective.

But start thinking fo it like Ferdinand Marcos Phillipines, and everything suddnly makes sense.

This is no coinckydink.

[lovuian]

58. Republicans are stealing this country blind & other nations

are not going to sit there and lose money watching them do this

the dollar is the currency everybody trusted over all

no more that makes for shaky waters!!! and there dangerous sharks out there!!!

[candy331]

59. "Who will tell the children" that hey can't have their cake and eat

it too.

[Deja Q]

61. Well, if * is set on destroying America, his policies (which are

essentially Reagan Redux) are doing a good job.

Who's going to lock up those responsible for destroying America?

[gordianot]

64. Lock up or where will they hide?

Lock up may be safer. Before 1928 my Grandfather was from a staunch Republican family. Feeding four kids and a family who was broke changed that. He supported several families on his Postmasters salary even those who were Republicans. Too bad his generation is gone and cannot tell what happened.

I will not be this generous if it happens to me.

[jswordy]

66. I would say not "could" but "MUST"

It appears by our behavior in the U.S. that the only way to right the balance of world economics is for the dollar to collapse. Were it to do so (I predict sometime by end of October, this year), all the economies of the world would cool.

You see, you can be proactive and avert the crisis by stabilizing the markets yourself (government intervention, a Democratic way of thinking)...or you can go merrily along and let the marketplace decide its own fate (a Republican way of thinking).

[info being]

68. Here's the Bush plan:

- Loot the US taxpayer by pouring money into his friend's pockets
- His friends invest in Gold and foriegn currencies prior to the collapse of the dollar
- The United States defaults on its debt.

Perfect plan, the only people who get screwed are the non-billionaires.

[AnneD]

69. My memory fails me but....

wasn't there a long article written by FDR that stated that repugs had to bring the country to it's knees economically and that only the dems could salvage it (the great depression and the change to FDR). Can't remember if it was here or buzzflash but I took the time to read it and found it an eye opener and see us heading in that direction.

[jsquared]

70. A dollar and stock market crash would take SS privatization off the table

and totally discredit all Bush administration policies. For many people, it will take something like this kind of crisis to understand the selfishness and incompetence of this administration. The pendulum of history will then swing back to the left. All it takes is for one country (or set of large investors) to get spooked and the stampede to get out of US dollars and bonds will begin.

[struggle4progress]

72. kick

[Trajan]

73. Is this what they want ? ....

The collapse of the present US system so they can destroy its New Deal trappings and reconstitute it with their vision of a fascist, corporatist christian theocracy ? ...

EVERYTHING is on schedule ....

[PROGRESSIVE1]

74. .

[GetTheRightVote]

83. This is all so terrible, two countries anouncing dollar probs for US

:kick: