Anonymous
The Decline of the U.S. Into Third World Status Now Official
Thu Jan 8 12:28:57 2004
67.1.155.93


The powerful people that operate George W. Bush have had the model for
their kind of society before them, in the form of undeveloped and
developing countries.

In those countries, you see a ruling elite who use both their laws and the
ways of the mafia to control and steal the wealth of the nation. The term
"standard of living" does not even apply to the masses that are ruled by
them. Many among the masses are undernourished, even dying of starvation
and infectious diseases typical of corrupt regimes.

What penalty, what punishment do these criminals of the ruling elite suffer
in their lifetime?

And thus the basis of the thinking of those in power controlling GW Bush
and his agenda. Who will sit in judgment of them when they eliminate the
middle class (already well on its way) and the Constitution? Societies can
be controlled by fear much better when they are bankrupt financially as
well as morally.

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IMF alarmed by U.S. foreign debt
Elizabeth Becker and Edmund L. Andrews/NYT
Thursday, January 8, 2004
Washington

With its rising budget deficit and ballooning trade imbalance, the United
States is running up a foreign debt of such record-breaking proportions
that it threatens the financial stability of the global economy, the
International Monetary Fund said in a report released Wednesday.

The report - nearly 60 pages of carefully worded analysis - was unusually
harsh, raising a loud alarm about the shaky fiscal foundation of the United
States and the rapid decline of the dollar.

It also questioned the wisdom of Bush's tax cuts and warned that large
budget deficits pose ''significant risks,'' not just for the United States
but for the rest of the world.

The report warned that the United States' net financial obligations to the
rest of the world could be equal to 40 percent of its total economy within
a few years, creating ''an unprecedented level of external debt for a large
industrial country'' that the Fund said could play havoc with the value of
the dollar and international exchange rates. The dangers, according to the
report, are that the United States' voracious appetite for borrowing could
push up global interest rates and slow global investment and economic
growth.

The report added that an excessively steep decline in the dollar ''could
possi bly lead to adverse consequences both domestically and abroad'' given
that U.S. net external debt is at record levels and an abrupt weakening in
investors' faith in the dollar, the ''abrupt weakening of investor
sentiments vis-a-vis the dollar,'' the IMF said, according to Agence
France-Presse.

White House officials dismissed the report as overly alarmist and said the
IMF had been wrong before in criticizing the wisdom of Bush's tax cuts.
They said they were already bringing down the budget deficit and were not
worried about the declining dollar.

Though the IMF has criticized the United States on its budget and trade
deficits repeatedly in the past few years, its latest report was unusually
lengthy and critical.

http://www.iht.com/articles/123915.html

--

The world is too dangerous to live in---not because of the people
who do evil, but because of the people who sit and let it happen."

--- attributed to Albert Einstein