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Posts Tagged ‘devaluation’

Going Broke: Veterans of a Post-American Economy

Last week: A late-model Qantas A380 jet engine disintegrates mid-air, with passengers lucky to have survived the ensuing in-flight trauma. This week: A two-year-old Carnival cruise ship is towed into a San Diego, California port after an engine crankcase spontaneously splits open, erupting in fire. Passengers in this case, too, were lucky that the worst they suffered was cold food, limited electrical power and non-operable toilets. And in what would have been shocking 10 years ago, news of contaminated meat, recalled produce and unsafe drugs are now so routine that most of us shrug it off.

In such situations, the finger-pointing tends to be brand, manufacturer or supplier-specific. Indeed, it is tempting to chalk up such news to a series of unfortunate flukes. But is that the best and brightest lesson we can draw — or does our mainstream news media tend to downplay or disregard the Big Picture?

 

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It has been called the “dirty little secret” that everyone in Washington knows.

“We suffer from a ‘fiscal cancer’. It is growing within us. And if we do not treat it, it can have catastrophic consequences for our country.”

Assume those are the words of Congressman Ron Paul, M.D.?

Think again. Those are the words of David Walker, top accountant in the nation.

The U.S. Comptroller General of the Government Accountability Office hit the streets to warn Americans that the long-anticipated Economic Perfect Storm is not only brewing, it made landfall January 1, 2008. Walker began sounding an alarm last year “like an Old Testament prophet” according to CBS “60 Minutes”.

So is Congressman Paul an isolated alarmist — harping as he does on the precarious state of our “monetary system“? Or a modern-day Paul Revere? (more…)

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