The International Writers
Now or never: Comment
Crash of '08 is coming
driven by Chinas need for natural resources, is not keeping
up with demand. There are not enough freighters to transport
essential commodities like iron ore and liquefied natural gas.
As a result freight prices are rocketing through the roof, adding
to inflationary pressures.
Meantime, the dollar is collapsing. One euro now costs $1.38 American,
which translates to a $5.00 Coke for American travelers in Europe.
The American Federal Reserve chief, Bernenke, another one of Bushs
loser appointees, refuses to even address the collapsing dollar, stating
before congress, I dont comment on the dollar.
Let me put it in terms that even a college freshman can understand.
Ten years ago the biggest problem this country faced was what we were
going to do about all the surpluses we were raking in. The Republicans,
who were the main beneficiaries of all this largess, instead of kissing
Bill Clintons butt, tried to impeach him and throw him in jail.
All they could think about was looting the treasury, which they did with
Bushs tax cuts.
But that didnt go far enough. They then took us to war against
Iraq, borrowing the money by selling government bonds to foreign dollar
holders. As though that werent enough, they then tried to
loot Social Security by pushing through private retirement accounts, which
would have thrown trillions more into the pockets of mutual fund salesmen
and investment banks, and we all know how ethical these guys are.
Fortunately, when people saw even their Social Security being ripped off
they forced congress to put it off limits.
Nevertheless, all the stealing has bled us dry as a nation. The
Republicans came up with a scheme to sell houses to people who were already
broke, bundled the worthless mortgages together and used them as collateral
to sell bonds. Now the sub-prime mortgages have collapsed, with
delinquency rates (people unable to make their mortgage payments) at a
staggering 12%. If you hold bonds backed up by these mortgage payments,
like the two funds managed by Bear Stearns, those bonds are worth exactly
zip! And its only a matter of time when real bonds
backed by real assets also collapse, when people get scared and pull their
money out of the markets.
Oooh, we are sinking fast into a world of shit! Oil is at $76 (21.07.07)
a barrel, when under Clinton it sold for $20. A very smart analyst
predicts it will go to $120 a barrel, and I believe him. Remember,
Bush is beholden to the oil interests.
When the dollar collapses we will be paying $20 for a quart of milk and
people will be driving out into the countryside and butchering cows in
the pastures to bring home meat for their children, like they did in Argentina.
I would rather be writing comedy, but this shit aint funny.
We have the Republican leadership to blame for this disaster, and all
the blame should be laid at their feet. The only thing that might
restore world markets confidence in the American economy would be
to impeach Bush now and replace him with somebody credible, and not for
the Iraq war, which is just the outward manifestation for a deeper sickness.
The Iraq war is just a joke. Its a stupid herpes sore.
The real sickness is the willful destruction of the American economy by
a bunch of insane bozos who think they were anointed by God and believe
that they are above accountability for all the asshole blunders they have
committed through sheer arrogance.
Next year will be too late. The stock market historically collapses
in September or October, when the smart money starts back to work and
seriously begins to size things up. If there isnt some meaningful
effort to replace Bush now, during the summer, it will be too late and
the whole world will suffer a crash that will last for years.
© Dean Borok July 21. 2007
But for a balanced look at the
historical trend of oil prices see here
has a huge nuclear arsenal to prevent Chinese penetration, but with China
now a nuclear power too, can a Sino-Soviet standoff over the Russian far
east be far in the future?
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