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Religion Forum Index » Mormon Forum » The End of American Capitalism?...
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| Michael Fisher... |
 Posted: Fri Oct 10, 2008 7:10 pm |
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http://www.electoral-vote.com/ :
The End of American Capitalism?
Sounds pretty dramatic but that is the headline of a story on the front
page of the Washington Post today. Maybe a bit exaggerated, but that the
subject even comes up is amazing. None of the candidates are passing out
the collected works of Marx and Lenin yet, but the next President is in
for what candidates love to call (but hate to make) "tough decisions."
It is far more likely that the scary phone call will come at 3 P.M.
rather than 3 A.M. and will have to do with which other industries have
to be nationalized to save them from going belly up.
For example, General Motors stock was off 31% to $4.76 a share
yesterday. The Bush administration has turned the budget surpluses
inherited from Bill Clinton into massive deficits financed by borrowing
money from foreigners, especially in Asia. This means that Asian
countries, especially China, own hundreds of billions of dollars worth
of treasury bills. Now suppose the Chinese government decides it wants
to get into the car manufacturing business so it makes a deal with
Toyota, now the world's largest car manufacturer, to buy GM outright for
a song and move its factories to China to be operated by Toyota but
employing Chinese workers. All they keep is the U.S. dealer network and
millions of American jobs are lost. If the next President nixes the
purchase of GM, the Chinese sell their treasury bills and the dollar
collapses. This is not science fiction any more. Which candidate is
better prepared to deal with stuff like this could determine the election. |
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