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04/10/2005 Archived Entry: "The Economic Tsunami"

I have so much to say on economics -- and what I believe to be a fast-coming collapse -- that I find myself at a loss to know where to begin. As a substitute, I direct you to a disheartening but insightful article by Mike Whitney from CounterPunch, which predicts an Economic Tsunami. Whitney writes, "It seems that there are a growing number of people who believe as I do, that the economic tsunami planned by the Bush administration is probably only months away. In just 5 short years the national debt has increased by nearly 3 trillion dollars while the dollar has continued its predictable decline. The dollar has fallen a whopping 38% since Bush took office....The administration is currently putting as much pressure as possible on OPEC to ratchet up the flow of oil another 1 million barrels per day (well over capacity) to settle down nervous markets and buy time for the planned bombing of Iran in June." I recommend you read the entire article. Also...

Thanks to Lee K for directing me to an online, on-going discussion of Whitney's article. I agree with one poster who states, "I don't think there is a greater plan to bankrupt America. These wingnuts in power are just very delusional, greedy, irresponsible and feeling very allmighty just like a drug addict. Reality does not bite to these people, somebody else is always paying the bills and cleaning up the mess. " I am always reluctant to ascribe conspiracy to situations that can be explained by ignorance and/or arrogance. I do not dispute the 'fact' that conspiracies occur -- tho' the problem is how do you prove 'em, how do you prove the existence of something secret. I just don't find conspiracy theory very useful. Meanwhile, the on-going discussion is a bit more pessimistic than I am about society's collapse. I think the North American economy -- and particularly the US -- has a terrible road ahead but I don't think there will be a revolution or collapse of instiutions any more than there was in the Great Depression. The suffering will be more individual than that. At least, IMHO.