American financial fiasco could take down world economy

[robertpaulsen]

American financial fiasco could take down world economy
By BERT HIELEMA

Triple warnings this past week: the Royal Bank of Scotland fears a steep fall in the world stock market; the bank of all banks in the world, the BIS, Bank of International Settlements, in Switzerland, said that a worldwide depression is now a distinct possibility; Morgan Stanley, a leading American Investment firm, signaled similar pessimistic messages.

So what's happening out there? Frankly, all financial institutions are in deep trouble, and the reason is the American dollar. The situation is so dire that it's not going to make a hoot of difference who becomes the next president of the United States: it's beyond the power of the rulers of the American political and economic system to curtail severe damage to its entire economic enterprise. Neither Obama nor McCain can do anything to stem the disaster that will be fully employed by the end of this year.

Part of the cause is that the USA happens to be the most indebted nation on the planet and its people the least prepared to cope with peak oil and peak food. Even now Americans throw away up to 40 per cent of the food they buy, their high-powered and fuel-thirsty automotive park cannot be converted to more efficient vehicles for many years, while their exurban lifestyle makes car-sharing and mass transport impossible for most.

http://www.intelligencer.ca/ArticleDisplay.aspx?e=1087226

While I think the author is wrong to state it won't "make a hoot of difference" who is elected, I think the correct point is that the next president will not be able to stop the shitstorm that is currently Category One but will be Category Five by the time the Chimp responsible has returned to Crawford.

[endarkenment]

1. and the markets are headed for a closing bell plunge.

nice.

[Ikonoklast]

2. Wait till tomorrow.

Then Friday.

Ouches.

[Kweli4Real]

3. Okay, I've heard the bad news ...

What's the fix? I feel like I'm in the hospital, surrounded by doctors, residents, interns and the local clergy. Everyone is shaking their heads and telling me all about my illness and arguing about its source; but no one is offering even a hint as to the cure ... or even a course of treatment.:mad:

[tomreedtoon]

5. The Ras al Ghul Solution: Kill 90 percent of world population.

That solution will be accepted by more and more panicked DU'ers as the paranoia builds here. "Sustainability" will mean not resources, but numbers of people. Finding ways to kill off great numbers of people quickly and without ecological impact - which Bush tried to do but like everything else he screwed up - will become the main research goal for folks here on DU.

[natrat]

6. ecological impact? we missed the boat on that one, although yes it could turn into hell on earth

[tom_paine]

13. What the hell happened to you, guy? Your posts get angrier and loopier by the day.

What gives?

Are you OK?

[skooooo]

9. We'll go through some pain....

...learn to adapt, and then things will get better. I just don't think things are going to get that dire, at least in this country.

[nadinbrzezinski]

12. There are things that you individually can do

Like pay down and get rid of all your debts... yep, get rid of that credit card debt ASAP

You can start biking

And you can demand your reps (good luck right now on that one) fund things like alternate energy, such as solar, not the crap they are pulling to kill the industry (Department of the Interior to be exact)

[Demeter]

4. What Do You Mean "Could"?

It has--it just takes time for all the pieces to hit the ground.

[Liberal_in_LA]

7. "Americans throw away up to 40 per cent of the food they buy"

True.

[bemildred]

8. A trillion here, a trillion there, pretty soon you're talking about real money. nt

[irislake]

10. Thanks

[midnight]

11. When I read about the economic hit that was pulled on America,

all I can think is restitution. Then I think we have some good attorney's in this country that should wake up and stop this disaster via taking back all their profits.