Assisted Suicide of the American Superpower
Not long ago, in 2000, the United States ran a surplus. In 2009, it ran a deficit of $1.4 trillion—10 percent of the economy. The 2011 deficit is projected even higher.
The national debt is surging toward 100 percent of GDP. The greatest creditor nation in history is now the world’s greatest debtor.
In the first decade of what was to be the Second American Century, a net of ZERO new jobs were created. Fifty-thousand plants and factories shut down.
Late in 2010 came news that 41.8 million Americans were on food stamps. By December 2010, 42.9 million Americans were on food stamps. And in Washington, D.C. more than a fifth of the population was getting food stamps. One in seven Americans cannot feed himself.
The Federal Reserve, which controls the money and every financial crisis is a monetary crisis, has escaped indictment.
And “the very people who devised the policies that produced the mess are now posing as the wise public servants who will show us the way out,” writes Tom Woods, whose Meltdown traced the Fed’s role in every financial crisis since the creature was spawned on Jekyll Island.
[From Suicide of a Superpower: Will America Survive to 2025 by Patrick J. Buchanan]