The capital was with them until recent past and therefore the West was benefiting while the Eastern world was toiling. Now the balance has shifted. The sleeping giant of Asia has finally awakened. The power of capital has shifted from West to the East. The west newer like to accept this reality. They called it a temporary recession. But now they have accepted the fact that they are now at the receiving end. They have no more natural resources to exploit.
The post-mortem of the Western capitalism has started. The businessinsider.com which was on time strong advocate of capitalism recently published a critical analysis of ground reality with the heading “11 Long-Term Trends That Are Absolutely Destroying The U.S. Economy”.
Following are the key fact discussed in the article. Lanka Rising has already discussed almost all of those points for years back while most of the comprador media in Sri Lanka has been keeping blind eye on those!!!
Some lumpant post colonial slaves in Sri Lanka would like to hear those bitter realities in the mouth of their masters themselves.
The article starts with following staggering statement;
" The U.S. economy is being slowly but surely destroyed and many Americans have no idea that it is happening."
You can read the full article published on businessinsider.com and feel their screaming.
Following are the key points discussed on that article.
1. The deindustrialization of America
2. The exploding U.S. trade deficit
3. The shrinking middle class
4. The growing size of the U.S. government
5. The constantly growing U.S. national debt
6. The ongoing devaluation of the U.S. dollar
7. The derivatives bubble
8. The health care industry
9. Financial power is becoming concentrated in fewer and fewer hands
10. Rampant corruption on Wall street
11. The growing retirement crisis that threatens to bankrupt America
Some noticeable quotes from the article;
Needless to say, millions of blue collar workers now find themselves unable to find jobs. Today, 28% of all U.S. households have at least one person that is looking for a full-time job and there is no sign that things are going to improve much any time soon.
According to a new study conducted by the Economic Policy Institute, if the U.S. trade deficit with China continues to increase at its current rate, the U.S. economy will lose over half a million jobs this year alone
41 million Americans are now on food stamps. One out of every six Americans is now enrolled in at least one anti-poverty program run by the federal government. Economic pain is everywhere.
The United States health care system is completely and totally broken. It has become a gigantic money making machine for health insurance companies, pharmaceutical corporations and greedy lawyers.
The truth is that corruption on Wall Street has become so common that it is almost impossible to keep up with it all. It seems like no matter what stone you turn over on Wall Street these days you find yet more corruptionRelevant posts on same topics published on lankarising.com are listed below.
References:
- 11 Long-Term Trends That Are Absolutely Destroying The U.S. Economy
Related posts published @ lankarising
- From US subprime mortgage crisis to European sovereign debt crisis – Part 1
- Measurments and indicators of public debt of countries - Part 3
- The reality of capitalism
- The political reading of American Idol
- USA - The living hell of the world
- Passing of Health Service Reforms Act- A historic win for the common people of USA over business mafia
- Buddhist Economics - Beyond capitalism
1 comments:
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I am inviting you today to
Vote for Your Economy, Now.
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When was the last time you were given that opportunity?
We don't intend to replace the prevalent system but to expend the number of your options.
We will add a significant amount of jobs, income and investment.
This is the only election in which the law of the majority is not binding on the minority.
If you don't participate you are still be making a choice:
the choice of relying exclusively on the prevalent system.
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Vote Now for the Credit Free, Free Market Economy
Add Jobs, Revenues & Investments.
Prosperous, Fair, Stable & Peaceful.
http://post-crash.com
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On September 10th at 10:00 AM EST
I will post a video on that site describing the voting process.
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Is the fulfilment of these ideas a visionary hope? Have they insufficient roots in the motives which govern the evolution of political society? Are the interests which they will thwart stronger and more obvious than those which they will serve?
I do not attempt an answer in this place. It would need a volume of a different character from this one to indicate even in outline the practical measures in which they might be gradually clothed. But if the ideas are correct — an hypothesis on which the author himself must necessarily base what he writes — it would be a mistake, I predict, to dispute their potency over a period of time.
At the present moment people are unusually expectant of a more fundamental diagnosis; more particularly ready to receive it; eager to try it out, if it should be even plausible. But apart from this contemporary mood, the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else.
Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.
I am sure that the power of vested interests is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval; for in the field of economic and political philosophy there are not many who are influenced by new theories after they are twenty-five or thirty years of age, so that the ideas which civil servants and politicians and even agitators apply to current events are not likely to be the newest. But, soon or late, it is ideas, not vested interests, which are dangerous for good or evil.
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