ECONOMIC MELTDOWN
Sorry, But We're Toast

From ZNet:

What seemed like a crazy conspiracy theory just two years ago is now a documented fact; the Bush Administration (with the help of Greenspan) is trying to bankrupt the nation and put the American people under the control of the country’s creditors. (Greenspan’s friends in the banking industry and foreign countries holding US bonds) So far, they’ve done a bang-up job by racking up another $3 trillion in debt in just 4 years by looting the US Treasury and jeopardizing the dollar’s status as the world’s reserve currency. If the world moves en masse away from the dollar (as it may, if Bush goes ahead with his twisted plan for attacking Iran) the US will rapidly devolve into a third world nation.

Currently, the dollar is underwritten by $8 trillion of debt; which explains why world banks are dumping their holdings. The only thread holding the economy together is (artificially) low interest rates, cheap oil and $450 billion of tax cuts that are sluiced back into the economy. (according to Supply-side theory) When these three buckle beneath the weight of the increasing debt load, the American dream will go up like a pillar of black smoke from a Baghdad pipeline.

From this viewpoint, it looks like Greenspan is intentionally keeping interest rates low so Bush can keep his (war) date with Iran. (probably just months away) When the Fed-chief finally pulls the rug out from under us and raises rates to save the dollar, housing will grind to a halt and America will stumble into recession, or worse.

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This is really amazing. Much of what I've been reading recently strongly suggests that the pro-business-at-any-cost policies of the last twenty five years are leading us toward total economic collapse. I've tried to talk to my financial advisor, that is, my father, about this, but all he's done is to assure me that everything's okay. In fact, that's all I hear anybody who defends the current economic order say: everything's okay. But how is that so? As the Chinese economy expands, so will the global demand for oil, which means that oil prices are going to continue to go up, which will cause upward pressure on the prices of everything. Furthermore, it looks like there is a very good chance that the dollar will soon lose a great deal of its value, especially in light of Bush's massive deficit spending, which continues to eat away at US GDP. Then there's the trade deficit, which pulls money out of our economy without replacing it with anything of substantial value. Then there's massive consumer debt, which shows no sign of easing. And, of course, looming over all of this is global warming, which stands to devastate the entire world's economy. Soon. But "everything's okay." My god, how can this be happening? How can everybody be so blind? Will I be living in a dirt hovel twenty years from now? Or maybe dead from some easily curable disease that won't be treatable because of the oncoming Great Depression?

Is this what Noah felt like?

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