George Soros declared that there is no bottom for the world financial collapse. He equates what is happening in the U.S. and elsewhere to the collapse of the former Soviet Union. For this, he earns an honorary America Doomed shout out.
This is exactly what America Doomed has been saying. This crisis is severe, very severe, and worse than the Great Depression. Unless the U.S. abandons the bankrupt notions of capitalism and Republican nonsense, there is no saving America. The Government needs to embrace democratic socialism. There is no other choice. Citizens of the U.S. have to be provided food, housing, transportation, and health care while the government figures out how to provide all able-body citizens jobs and a living wage. There is no other choice and the pain is going to continue and get much worse until President Obama and Congress recognize this fact; however, they still do not.
America is doomed.
America Doomed is right on schedule as the stock market makes new lows, unemployment increases, more money to insolvent banks, and inflation is even starting to ramp up. Even though the economy is deteroiating many of the poor and oppressed in the country have been living this life for a long time. For them they don’t even see the difference. Yet, there are more and more people who are being pushed into the ranks of the poor.
The stock market is dismissing all of the government’s effort to stimulate the economy. The stock market knows it will not work and will cause more and more debt. The crazy capitalists on CNBC think that the government shouldn’t be tryingt to stimulate the economy and the capitalist system will pull itself out of the crisis. Both the stimulus crowd and the non-stimulus crowd are wrong. The non-stimulus crowd’s approach will only lead to a sharper and faster decline. However, either path will lead to the same destruction of wealth and commerce in America.
Until people get jobs or guarantees which pay living wages, there will be no economic recovery. The government should default of its national debt and guarantee every citizen basic housing, food, transportation, and health care. The U.S. dollar should be abandoned and replaced with a new voucher system to obtain basic necessities. Jobs should be created to provide services and everybody is available for work assignments. For some it will take years for the government to figure out where they can work. In the meantime, basic necessities will be provided for every citizen.
Right now there is still way too much conservative thought controlling the country. Just look at Congress, Treasury, and even Obama and the continued idea that American capitalism can be saved. These ideas have doomed the country and continued allegiance to the same will continue the pain. American capitalism is dead forever.
Soon, there will be fervor to feed and house people — basic necessities.
America is doomed.
Today, the U.S. claims that 52,000 Americans have been hiding money at UBS illegally and violating U.S. tax law. There are $14.8 BILLION in assets. These are rich people, cheating the U.S. government and Americans. What do you bet that many are Republicans? These crooked Americans are not paying their taxes and using foreign institutions to evade taxes.
Another little factoid about UBS: remember Phil Gramm — the idiot who got laws passed that allowed derivatives to be issued by financial institutions without regulation? Well, good old “Americans are a bunch of whiners” Phil Gramm works for UBS. Phil was also #2 on Time Magazine’s list of the 25 people who caused the financial crisis. What do you bet that good old Phil is among the 52,000 with hidden bank accounts? Surprise, surprise!
If the U.S. obtains these tax records, let’s throw these 52,000 people into jail. I hope it includes most of the Congressional Republicans. If it includes a bunch of Democrats then that is ok as well. Throw them all in jail for evading U.S. taxes. What chance is there of that?
America is doomed.
Today the NY Times announced it was cutting its dividend to conserve cash — they are also selling some assets as well. All that might work temporarily. The hand writing is on the wall at the Times and it is just a matter of time before it is going belly up. The last decade or more has proven that it is a bad idea for news media to be for profit companies. Look at Fox News which is so bias because of their profit mantra. Now, on the other end of the political spectrum we have the Times fighting for its life.
It is time to nationalize the news and convert these companies into non profits; perhaps, like the BBC. Let the news organizations concentrate on quality journalism that is non-partisan, unbiased, and objective. Let all the partisan puts their spin on it with talk radio, blogs, and interviews.
The day of for profit news in America is over. Unfortunately, there are lots of companies that are going to have to go belly up before America can build a better news media.
America is doomed.
This is an interesting article that portends what is likely in store for the U.S. in the near future. As the rich are continued favored in society and the poor are oppressed, there is little option left for the disenfranchised:
A new and possibly more dangerous generation of Greek extremists is escalating attacks against police and symbols of capitalism, years after authorities believed they had stamped out domestic terrorism.
Expect to see protests on college campuses within the next year. These protests will be significant because students are just starting to realize that even with a college education, the prospects of their future is not good. Not only will the students have massive debt when they leave college but their prospects for a job which pays a living wage will not be good. The national debt will continue to grow and there will be an outcry that the younger generation has been screwed by the nation. Meanwhile, the rich will continue to prosper.
It will start on the college campuses and then proceed through the society.
America is doomed.
