Tuesday, September 16, 2008

Our Waterloo

The Worst Financial Crisis Since the Great Depression by Nouriel Roubini:
This financial crisis signals the beginning of the decline of the American Empire; over time the relative economic, financial, military, geostrategic power of the US and reserve role of the US dollar will significantly decline.
And so George W. Bush and Richard B. Cheney will go down in the history books as the people who broke the United States of America. Thanks, guys!


mapaghimagsik said...

You know, thank heavens this American Empire thing is over.

Now can we get over it and concentrate on making sure most our population doesn't live in shacks, sick with cholera, trying to gum on already chewed corn cobs with three teeth?

Can we?

ellroon said...

Sure! I'll give it up right now! Just hope that the other countries that are coming to the fore as superpowers haven't been taking notes on what we've been doing for the last century or so....

Anonymous said...

The other silver lining is with so many banks and other companies failing, there will be an opportunity to make a massive green public works initiative. Not that economic collapse is a good thing, and many people will be harmed by it, but every disaster is in some sense a chance to rebuild fresh.

ellroon said...

Every generation needs a new revolution--Thomas Jefferson.

I understand what you mean, Mahakal, but massive changes are often frightening. We need to focus on returning the US to the rule of law and the restoration of the Constitution. Checks and balances, federal oversight, regulations. We now know what people do when they think they won't be caught.

These financial institutions need to crash, you're right. Let's just hope that people have learned something from this to not turn around and do it again in thirty years.