Hey U.S., welcome to the Third World

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Trooper_IHB

Trooper_IHB

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<em>Dear United States, Welcome to the Third World!



It's not every day that a superpower makes a bid to transform itself into a Third World nation, and we here at the World Bank and the International Monetary Fund want to be among the first to welcome you to the community of states in desperate need of international economic assistance. As you spiral into a catastrophic financial meltdown, we are delighted to respond to your Treasury Department's request that we undertake a joint stability assessment of your financial sector. In these turbulent times, we can provide services ranging from subsidized loans to expert advisors willing to perform an emergency overhaul of your entire government.</em>



<a href="http://www.latimes.com/news/opinion/la-oe-brooks18-2008sep18,0,6908905.column">An Opinion piece in today's LA Times</a>
 
I would argue that much of Southern California is already Third World and has been for at least a decade and probably longer.
 
[quote author="ABC123" date=1221803334]I would argue that much of Southern California is already Third World and has been for at least a decade and probably longer.</blockquote>


Could you please elaborate why you think that is?
 
Found via <a href="http://londonbanker.blogspot.com/">London Banker</a>:



<strong>Denninger warns of US political failure </strong>

Every now and then I have enjoyed reading Karl Denninger's Market Ticker on current events. His most recent video, which he warns may be his last, warns that the line crossed by the Treasury and Federal Reserve in creating new money to bail out Wall Street will - if unchallenged - lead to the political failure of the United States and its constitutional government as a representative democracy. He makes some very good points.



Unlike most people, I knew in 2002 and early 2003 that the United States was determined to attack and occupy Iraq because I have a long memory for bank failures. I knew that Ahmad Chalabi was the same forger, embezzler and fraudster who had looted Bank Petra of $300 million before fleeing Jordan, almost causing the collapse of the Jordanian economy. Since all the intelligence fabricated for the war emanated from Chalabi's Iraqi National Congress, I knew the whole thing was being orchestrated by authorities.



I get the same queasy feeling today about events on Wall Street, and like Denninger, I wonder what the plan really is for the nation as more and more lines are crossed with extra-legal executive authority. I did not expect in 2002 and 2003 that war for oil in Iraq would lead to black sites, renditions, torture, Blackwater deployed in New Orleans, and other proximate results of a lawlessness and unaccountability that remained unchallenged and unchecked. I do not know what to expect of the USA in the years to come. That worries me deeply.



<a href="http://market-ticker.denninger.net/archives/584-The-Potential-End-Of-Americas-Government.html">http://market-ticker.denninger.net/archives/584-The-Potential-End-Of-Americas-Government.html</a>

(paints an ugly picture)
 
If our financial system were to collapse w/o this government RTC II ...we'd be on the express lane to 3rd world status.



People need to get off their high horses and realize this alternative is BETTER than the likely outcome.
 
[quote author="optimusprime" date=1221862022]If our financial system were to collapse w/o this government RTC II ...we'd be on the express lane to 3rd world status.



People need to get off their high horses and realize this alternative is BETTER than the likely outcome.</blockquote>


Actually, this alternative is the WORST of all possible outcomes.
 
[quote author="awgee" date=1221863795][quote author="optimusprime" date=1221862022]If our financial system were to collapse w/o this government RTC II ...we'd be on the express lane to 3rd world status.



People need to get off their high horses and realize this alternative is BETTER than the likely outcome.</blockquote>


Actually, this alternative is the WORST of all possible outcomes.</blockquote>


No Awgee, it isn't.



We've had 6 years of the entire country living way beyond their means.



The Piper is here.



. .. . .. ---
 
[quote author="awgee" date=1221863795][quote author="optimusprime" date=1221862022]If our financial system were to collapse w/o this government RTC II ...we'd be on the express lane to 3rd world status.



People need to get off their high horses and realize this alternative is BETTER than the likely outcome.</blockquote>


Actually, this alternative is the WORST of all possible outcomes.</blockquote>


LOL....right. The full collapse of the financial markets is better.



You got a spare shotgun, some butter, and bomb shelter?
 
Basically we are just building a nice movie set

in front of a still burning building. It looks pretty but until the

fundamentals are fixed and all the debt flushed out of the system through loss

its just going to delay the inevitable.



Until some controls are put on Credit Default Swaps.

The Hedge funds will keep playing "Heads I win"

"Tails I dont lose". Thats the 800 Lb Gorilla.



Risks must be taken. But to reward the risk even if it is a lose

will just bring more risks to be taken. All this will do is

incentivize those that are ruining the system to make further abuses.
 
[quote author="optimusprime" date=1221865041][quote author="awgee" date=1221863795][quote author="optimusprime" date=1221862022]If our financial system were to collapse w/o this government RTC II ...we'd be on the express lane to 3rd world status.



People need to get off their high horses and realize this alternative is BETTER than the likely outcome.</blockquote>


Actually, this alternative is the WORST of all possible outcomes.</blockquote>


LOL....right. The full collapse of the financial markets is better.



You got a spare shotgun, some butter, and bomb shelter?</blockquote>


No and I don't need them because it takes money to build any of these things.



More likely would be sticks, water and a shack.
 
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