I've taken some excerpts from an article by Conrad Black, a Canadian National Post writer. His article is a bit of a summary of the Nov. 2012 election, and also a synopsis of the state of America today. I have been feeling more and more anxious these last few months about the state of the US's finances, and that no one seems to care! This is a major issue in my mind, and something CAN be done about it. The first thing to do though, is convince people that there IS a problem. Thus this post:
Conrad Black | Nov 10, 2012 12:01 AM ET
Public health and education standards have collapsed (though not those in the private sector); the whole country is being terrorized by a fascistic prosecution service; and the number of food-stamp recipients and the number of people with criminal records are coursing neck and neck toward 50 million apiece, a shocking figure in each case. The wealthiest country in history is bankrupt, with 50 million citizens in poverty and the entire middle class on an economic knife-edge.
In the terrible year of 1968, with 550,000 draftees in Vietnam, 200 to 400 coming back in body bags every week and the assassinations (Martin Luther King and Robert Kennedy) and race and anti-war riots all over the country, Lyndon Johnson, Hubert Humphrey, Kennedy, Nelson Rockefeller, Richard Nixon, and Ronald Reagan all ran for president. Historically, when America has needed leadership, its greatest leaders have come forward. Not this year.
This president has converted the $10-trillion of national debt accumulated in 232 years of American history (from 1776 to 2008) into $16-trillion now, and has financed most of it by selling bonds to the Treasury’s 100% subsidiary, the Federal Reserve, in exchange for bogus cyber-notes. This violates George Washington’s injunction to defend an indissoluble Union militarily and with a strong currency. It isn’t debt at all; it is just a money supply increase of incendiary inflationary consequences, with a delay-fuse provided by the proportions of the economic slow-down the official extravagance has failed to alleviate, in which the 25% annual gasoline price increase and double-digit food and milk price increases are disguised by collapsed housing prices and minimal interest rates, and the recessionary pricing of manufacturers. It is a giant shell game, but there is nothing under any of the shells.
The United States runs up additional debt of $188-million per hour, this President has added $17,000 of new debt for every man, woman and child in the country, and given no hint of how he proposes to prevent the U.S. currency from becoming toilet paper. And there are five million fewer Americans working than four years ago. The greatest and wealthiest nation in history is sliding into a more profound bankruptcy than any serious country has had since Weimar Germany, and almost the whole country seems to be in a delusional fantasyland. The whole American project is under threat as it has not been since 1933, if not 1861. It had the swiftest ascent, and is now nosing into the steepest dive of any great power in history.
Nothing short of higher taxes on discretionary transactions to shrink the deficit, lower income taxes to promote growth and recovery, a serious spending review including entitlement reform, a bi-partisan assault on medical costs (more than twice what they are in other advanced countries such as Canada, while providing inferior care for a third of Americans, a state of affairs that will not be much altered by Obamacare); and a radical reconstruction of the education and justice systems, will restart the long-inexorable rise of America. There is no sign of any of this being considered or that it is even politically possible.
Canadians who are rejoicing today should not imagine that the ripples of the American crisis will replicate a day at the beach when the ripples from it land on our shore. There is an opportunity for Canada and Germany and a few other countries that have played their cards relatively wisely (and China is not particularly one of them), but the geopolitical vacuum incarnated by Barack Obama, Mitt Romney and the Republicans who sat the race out, will create a powerful and dangerous vortex. These will be perilous times.
Original article here.