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Er, well it's the first time they've had serious competition if a) you ignore Europe/Japan/Australia etc b) you think China is serious competition
As I said they'll be a recession, but at the end of it we'll be in the same position we are now. There won't be massive riots, or the collapse of the monteray system, the US won't descend into bloody chaos, and we won't be having to shoot looters in the street. That's my predicition and we'll see who's right.
The difference being ...there are new kids on the block where there never were before.
What is the basis for your faith that although everything is different it will all turn out as it did before or do you realy believe that the world and its problems are the same as they were in the recent past?
Wouyld you seriously invest money in the U.S economy right now ...where more experienced people won't at the moment?
No I wouldn't invest money in it, but saying we're heading for a recession isn't the same as suggesting there is going to be blood on the streets.
The new kids on the block are as interdependent as the rest of us.
There's not a wicked Fu Manchu like character sitting in China and cackling with wicked glee as the US economy explodes and he can set in place his plan for world domination.
What there is are some Chinese business men scratching their heads and wondering who'll buy their products during the depression and how many people they'll need to lay off to remain profitable
Shorthand
I think we'll have to differ for now Flash ...lets wait and see and hopefully ...your right.
It's here, it's real.
It's either total collapse of the banking system or hyperinflation. As this collapses, the various nation states will vanish into history, with a huge amount of kerfuffle all around. Nation states can only exist as they are because they can force their populations to pay via inflation and deficit spending. That is ending right now as you read this and it's not coming back. All the infrastructure and employments that depnds on this will cease.
The numbers are astonishing - hundreds of trillions of dollars, pounds, euros and yen.
As the US dollar is the world's reserve currency, this means this will happen everywhere on earth, apart from those countries that are already basket cases anyway or dictatorships like China.
The traditional way out of this has been for the elite bankers to start a war with someone..this time the nukes say no, because they would die as well, so instead of dishing out destruction overseas, it's coming home.
All things must end, and this is the end of a financial system and everything that depends upon it and it alone will cease.
i went out into the real world and decided it was safer back here!
Another 30,000 posts of tripe on the way Jim.
http://www.counterpunch.org/sale02222005.html
... and that's really the point. The US had huge purchasing power, the biggest consumers, and so when they "head south" in a big way then the whole world will - for a short time.
No-one is "fucked"
I don't want to be cynical, but that's someone wishlist masquerading as analysis.
Of course not, hell it's not like they did before is it?
Oh... er... hang on...
Wishful thinking is not fact Mr Roll, you know better than that.
Worldwide banking failures.
Soon, Joe Public will go to the hole in the wall to get his months wages out to go shopping and the computer will say "no".
same as it ever was is wishful thinking.
It will just be another recession, possibly (at worst) a depression. These things happen and we get through them.
That's is partly why they happen.
Yes, this is to save the banking system at the expense of everyone else.
It will lead to hyperinflation.
http://www.bloomberg.com/apps/news?pid=20601087&sid=akLj06eaEzHg&refer=worldwide
What they will do is invade South America and possibly ...Canada ...yers it sounds ridiculous at the moment but ...