Here's a sobering opinion piece from Davos, Switzerland, where global political leaders and business people gathered last week for the annual World Economic Forum. Hat Trick Letter editor Jim Willie furnishes the lede:
The World Economic Forum took place in Davos Switzerland last week. The global picture enabled a nice snapshot of sentiment, fault for the crisis, blame doled out, the vacuum of leadership, the perks for blunderers in a country club setting (instead of prison), and warnings on a potential situation that could spiral out of control. Amidst all the finger pointing, surprisingly little blame was given to themselves, the corporate chieftains in attendance. Let’s be clear! The Davos Forum was a funeral wake, and Putin rode in on a white horse to announce there is a new sheriff in town!! Davos afforded a unique opportunity for Russian self-styled leader Vladimir Putin to storm the forum stage and to steal the show. Putin presented a basic Blueprint for what should be called ‘The Post-US World’ as the United States and United Kingdom have lost the mantle of leadership and control. They lost it from failed economic policy, wrecked banking systems, fraud-ridden bond markets, corrupted debt ratings agencies, abuse of IMF & World Bank, and the severe backfire of economies that depended upon housing bubbles. Inflation turned on its haughty financial engineers! Nations with insolvent banks, insolvent households, corporations in liquidation, economies in near collapse, they tend not to be good owners and custodians of the global reserve currency!!!Read the rest of this not-so-cheerful article below:
• Putin: Post-US World BlueprintAmong other things, Mr. Willie warns of this:
Not only will the US Dollar not provide the global highway for all to travel, but new barter systems will be dominant soon in working around the commodity price systems dominated by the US-UK corrupt price discovery systems. The other painful consequence to the new system soon taking root is that the global commodity supply routes will bypass the US destinations, enough to create mammoth shortages. Such is the fate of a nation thrust to the Third World. Its people and its leaders still do not realize it, as denial is ensconced in hope. The US credit supply has already been severed and cut almost completely off. Reliance upon the printing press to finance its own debts is a primary trait of a Third World nation, a shocking fact soon to be recognized.WCF economics wonks are going to most certain want to give this story a good long read. It's definitely NOT the sort of stuff they'll find in their local American newspapers. Our world trading partners apparently grow restless, as the U.S. becomes an international financial pariah, and congress and the Obama administration prepare to rev up the fiat money printing press.
And if there's even an ounce of truth to what Mr. Willie is predicting (and we believe there is,) we wonder how much longer these silly folks will manage to keep those equally silly smiles on their faces:
Fascinating (and dangerous) times we're living in.
So what say our gentle readers about all this?
10 comments:
I think suggesting the US is headed to third-world status is a bit much.
The US may be going down, but the rest of the world will go down even more. We'll all be worse off. But the US will still be better off than most of the rest.
Take Putin for instance. He's one to talk. Russia is in serious trouble, is going right up onto the rocks and may sink altogether.
As far as the picture in the article of the Washington sleazoids: of course they're smiling. They get their pay and perks regardless of what happens - even if they get voted out. They must laugh quite often about it.
Having just returned from a pleasure trip to northwest Europe, we say it is about time the USA got its comeuppance.
It has been dropping steadily in quality of life indicators for over a decade.
Compare Stockholm with, say Detroit.
What, did the USA think it was going to keep the crown whilst abdicating from moral reasoning and sound financial stewardship?
The humorous part of the "fall of the USA" as Cassandras have been spouting for years, is our nukes.
From our cold dead fingers they will be pried.
And not without shooting off a couple of dozen, as our twisted "third world" corpse heaves and sighs.
Danny,
The whole world will be in a third world country status so I am not comforted with the idea of the U.S. being on top in a state-controlled fascist system.
It will be the oligarchy you so deftly called our attention to with your YouTube links.
Phenabot SMith : ” Extraordinaire Blog ne trouvez-vous pas Perkins ? vous devriez prendre exemple cher ami.
E.Perkins : Sans aucun doute Mr, sans aucun doute. “
Translation:
Phenabot Smith: ”Extraordinary Blog don't you find Perkins? you should take a friendly example."
E.Perkins: "Without any doubt Mr. Phenabot, without any doubt doubt at all."
Weber County Forum is one badass community blog!
One of a kind, I'll volunteer.
Nice dancing, Danny.
We're screwed because none of our US suppliers or financiers trust us any longer.
American politicians (and the US banker puppetmasters) have succeeded in hiding the truth from the American people.
The rest of the world knows we're broke.
Ameiricans will eventually learn the truth "the hard way."
The mafia wouldn't have had the sack to do what Wall Street inflicted upon the American economy during the past ten years.
I say keep Guantanamo Bay Prison alive.
Send the "Muslim Jihad Prisoners" back to US federal prosons, where they can rot in concrete solitude 24 hours a day..
Send the Wall Street "Masters of the Universe" to Guantanamo with life sentences... where these greedy bastards can do the same in tropical heat.
As long as we are throwing stones don't foget to aim some at Utah's 2 senators who have been in Washington for a quarter of a century.
On this general topic, I highly recommend Fareed Zakaria's book "The Post American World." Just out.
"I think suggesting the US is headed to third-world status is a bit much."
While I do agree with you Danny, that Mr. Willie's predictions may be at least slightly hyperbolic, I'll also say that it's pretty clear to me that US financial interests have been severely impaired by the burst of the housing bubble, and the associated revelations running from Wall Street malpractices, which extend even to deliberate ratings agency misconduct.
While Mr. Willie may overstate the problem, I believe we still need to keep a close eye on developments, with Mr. willie's warnings in mind.
As for references to our nation's being propelled into "third world status," I took the phrasing to be a sound and pointed warning against the Obama administration's possibly inevitable resort to the fiat currency printing press, which is of course the tactic of many notorious third world nations. Take Zimbabwe, as the most recent historical example.
And while I'm on the subject of Zimbabwe, a third world nation which has repeatedly introduced new fiat currencies in the face of runaway inflation, here's something all of our readers should at least check out:
Hal Turner muestra el Amero
While I'm not necessarily endorsing the views of Mr. Turner, who at time tends to come off as something of a "fringe wacko," I think the above video is something that everyone ought to at least take a look, and file it in their mental "filing cabinet.".
We're pretty much in economic uncharted waters at this point; and we'll never know who's going to turn out to be right until the smoke clears.
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