- Registration time
- Last login
- Online time
- 184 Hour
- Reading permission
Always is a very long time, and an empty assertion, not to mention an unfounded arrogance not supported by facts. US can maintain some illusions of wealth by borrowing, but that is already problematic too. Do you know the interest on our debts is over twice what we spend on our entire educational system? No wonder why we import brains from elsewhere.
You really need to read “Running on Empty”, since your tone suggest that you really don’t know how bad things are, and that the worst in yet to come. If you look at the history of fallen Empires, they follow a similar pattern.
1. Get some power, then get greedy and want more hegemonic power
2. Military buildup to continue the war machine and conquer more territory. Today, it is not necessarily territorial conquest, but sponsoring client states around the world, which gives it similar influence
3. Increase spending to extend influence, even incur obscene debts at the expense of the domestic needs
4. As the Empire starts imploding from within because there aren’t enough financial resources, (human resources, despite conscriptions) the Empire tries to maintain hegemony as long as it can
5. Empires usually collapse and implode economically, because extending influence is very costly. Empires should learn the lessons from previous fallen Empires. Force may conquer territory, but it cannot conquer human nature. Any doubts about which is more powerful, just look at human history littered with cadavers of fallen empires, and yet human nature is alive and well.
frothow, save the unfounded arrogance and get real. US is showing many of the above signs so if you are not worried, then you are not truly aware of the current and forthcoming problems.
Record Debts, high reliance on foreign financing
Consumer Credit Debts at very high levels, spending to maintain illusions of wealth and lifestyle it wants, but truly cannot afford, with record number of bankruptcies prior to changes in the law
Current Account Deficits
Unfunded Liabilities greater than US net worth (Social security, Medicare)
Massive wave of retirements to start in 2008 as baby boomers begin retiring
Unfunded and under funded pensions
Central Bankers around the world holding enough dollars reducing US leverage
Real questions about US ability to maintain the dollar as a world reserve currency, and getting to banana republic status, if not already, since Argentina actually had lower percentage of CAD before it imploded
Real questions about whether US can continue to enjoy the bounty of petrodollar recycling when the momentum is moving away and towards Euros, and perhaps other baskets of currencies, or bypassing currency risk all together with barter agreements, and other types of uniformed exchanges and transactional mechanisms
Blowback from too much hypocritical foreign policies, which means more money spent reacting to terrorism
Lost moral credibility around the world since US is viewed as hypocritical
Frothow, this is only a brief list, and it is already daunting enough. I don’t know if you truly see the problems now and ahead, but talk and asserting US superpower isn’t going to change these facts. Recognizing the problems and working to solve it sooner rather than later, is best.
What can US do?
Get real and stop living in the past, since you cannot fix what you don’t see as a problem
Reform taxing policies to balance the budget, with a mandate to not incur any more deficits
Cut wasteful government spending, with better oversight, and accountability (something better and stronger than GAO)
Americans must save more money. This would be a double benefit as it reduces debts, and narrow the trade deficits.
Have a real commitment to alternative energy and reduce dependences on foreign oil
Be committed to pay off the debt and return this country to a creditor nation
Be committed to fund education so our next generation has the skills to compete with the rest of the world, instead of importing the brains elsewhere
Reset our priorities. Something is very wrong when our kids have sports stars and entertainment stars as role models, and not teachers and educators as role models.
[ Last edited by raymondusa at 2006-3-20 12:27 AM ]