Views: 23119|Replies: 124

US already third world economy   [Copy link] 中文

Rank: 3Rank: 3

Post time 2014-1-12 05:11:49 |Display all floors
US already third world economy: American economist

A prominent American economist says the United States has already become a Third World economy as the world superpower continues to offshore its gross domestic product (GDP).


"If jobs offshoring continued, the US would be a Third World economy in 20 years,” Paul Craig Roberts wrote in a column for the Press TV website on Thursday.

America is in the toilet, and the rest of the world knows it,” he wrote, noting, “More small businesses close, as memberships decline in golf clubs, as more university graduates return home to live with their parents, who are drawing down their savings to live.”

“With the world moving away from using the dollar to settle international accounts, as the Federal Reserve prints more dollars, the rate at which foreign holders of dollar assets sell off their holdings will rise,” wrote Roberts.

The economist added that the US neocons who rule in Washington and their Israeli ally are, however, determined that “Washington start yet more wars to create Lebensraum for Israel.”

A new jobs report released on Tuesday showed the US economic recovery continues to be sluggish and many economists warn that the constant fiscal fights in Washington only threaten to make the situation worse.

The US economy added 148,000 jobs in September while the unemployment rate dropped slightly to 7.2 percent, federal economists reported Tuesday. The report fell short of expectations as economists had estimated the number of jobs added would come in at 185,000.

“The decline in the dollar’s exchange value and the domestic inflation that results will force the Fed to stop printing. What then covers the gap between revenues and expenditures? The likely answer is private pensions and any other asset that Washington can get its hands on,” noted Roberts in his article.

Analysts say that the recent US government shutdown could cloud the value of the next two monthly reports, meaning that a clear picture of the jobs market may not appear until the December report is released in January.

Use magic tools Report

Rank: 8Rank: 8

Post time 2014-1-12 10:52:37 |Display all floors
If the US is a third world economy, does this make China's economy 4th world, since china likes to call itself a second world economy.
Stan, you're holding a gun to God's head. I can't think of a metaphor that's better than this.

Use magic tools Report

Rank: 4

Post time 2014-1-12 11:34:29 |Display all floors
Indeed, you can't measure quality of life, freedoms, and having the best of everything to how much junk you sell the world. The U.S doesn't need to sell alot of junk (pirated products) to the world in order to grow it's economy. This stealing of products is the only reason China is able to develop any form of economy. The U.S still leads the way in science, innovation, technology, medicine, equality, opportunities, ingenuity, creativity, home ownership, freedom to travel, you name it. Chinese will never be able to experience anything close to the quality of life that is available in the U.S regardless of how much GDP they have. They simply do not have the mental capacity to create anything original, they're afraid to spend money domestically, and lag far behind the rest of the world in everything from medicine, to education, to equal opportunities. China is still the land of the have and the have nots, nothing in between. The few are getting wealthy off of govt contracts and stealing products, while the masses struggle to keep pace with rapidly rising costs of everything from food, housing and basic needs.

For sure, if the U.S. is already a 3rd world economy, I wonder what that makes all of this so called "progress" that Chinese like to snoot about. Building buildings and bridges won't change the quality of life for the masses. It takes a fair and balanced system where a "nobody" can take an idea and be somebody. As long as Chinese continue to think is such a flawed manner, they'll never be more than 3rd world charlatans emulating the U.S. in person, place and thing.

Use magic tools Report

Rank: 8Rank: 8

Post time 2014-1-12 11:47:34 |Display all floors
Paul Craig Roberts.....


His main complaint .....America's outsourcing of jobs to China.


Is that also your main complaint, buddy?





I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

Use magic tools Report

Rank: 8Rank: 8

Post time 2014-1-12 11:54:47 |Display all floors
All these internet critics......

Another main complaint of his is the FED's operations.
Well......the Fed operations have kept interest rates low at a time of low inflation.


As for the government deficit.......this is in the best position since 2009 and improving very fast.


In short, this Craig Roberts is just an internet sensation and lies in the fridges with no real expertise.




I've made my living, Mr. Thompson, in large part as a gambler. Some days I make twenty bets, some days I make none. There are weeks, sometimes months, in fact, when I don't make any bet at all because ...

Use magic tools Report

Rank: 6Rank: 6

Post time 2014-1-12 12:04:15 |Display all floors
Amazing how people can't stay on topic

The post was about the US
Yet in reply more words were written about China.
If my cat had kittens I'm sure posters here would write about how China is tied into it.
ExJ.H

Use magic tools Report

Rank: 3Rank: 3

Post time 2014-1-12 12:08:41 |Display all floors
"A prominent American economist says" LOL...........

Use magic tools Report

You can't reply post until you log in Log in | register

BACK TO THE TOP
Contact us:Tel: (86)010-84883548, Email: blog@chinadaily.com.cn
Blog announcement:| We reserve the right, and you authorize us, to use content, including words, photos and videos, which you provide to our blog
platform, for non-profit purposes on China Daily media, comprising newspaper, website, iPad and other social media accounts.