Nothing but a pack of cards

[andrewducker]

If you have eny economic knowledge, or interest in such, read this, which demonstrates that the US has no got itself into such huge debt that it's only floating because other countries are afraid to let it sink and so keep lending it money.

All it's going to take is a move to other currencies for internation trade (say, the Euro, for instance) and the whole thing will come crashing down.

The next few years should be very interesting...

Comments

[heron61.livejournal.com]

That's one crash I'm very much looking forward too. The whole "free trade" economy is a humanitarian disgrace, especially given that the US could be far more self-sufficient.

[thepaintedone.livejournal.com]

Sadly if the world economy bombs you can guarantee that the less well off countries and people will be affected far more than the well off.

In a recession its mostly the poorer elements of society who are laid off and suffer, the same is going to be true on a global scale.

[heron61.livejournal.com]

True, but if the US get mostly out of foreign trade, some of those nations might be able to boot out their kleptocrats, throw out the World Bank and create something closer to healthy economies. As long as short-term problems are both not too horrible and produce long term benefit, I have far less trouble with them.