George W Bush's folksy claims that God is with him and that anyone
against him is a troublemaker - if not part of an empire of evil - is
irksome to genuinely religious people.
The Roman empire was finally brought down by costly wars on its
periphery.
At the end of the day, China, Japan and India will have their
factories and their production lines and will have people who are
richer and able to afford the goods they are producing, and even be
able to trade with each other.
The Americans will have their debts and lots of dollars to testify to
a great capitalism whose virtues they ignored.
http://www.thestandard.com.hk/news_detail.asp?pp_cat=20&art_id=12204&sid=6702481&con_type=1
A dangerous empire of US debt
News about the US accounts with the rest of the world should cause
grim pause for thought.
They show that the United States is digging itself deeper and deeper
into debt, with the potential for the global financial equivalent of a
nuclear meltdown growing ever closer.
By KevinRafferty
Friday, February 17, 2006
News about the US accounts with the rest of the world should cause
grim pause for thought.
They show that the United States is digging itself deeper and deeper
into debt, with the potential for the global financial equivalent of a
nuclear meltdown growing ever closer.
Trade figures for 2005 show that the US deficit soared to reach more
than $725 billion, thanks to rising oil prices and the growing influx
of imports from China.
The deficit with China alone was $202 billion.
US imports are almost 60 percent larger than exports and the trade
deficit is 5.8 percent of US national income.
The current account deficit, a more comprehensive measure of financial
flows, is larger still at a whopping 6.5 percent of US national
income.
New estimates of the budget deficit showed the government also going
deeper into hock, thanks to the swelling costs of the war in Iraq.
The budget deficit is likely to reach $400 billion.
__________________________________________________________
The Bush White House predicts the deficit will reach $423 billion.
Harry
http://www.brillig.com/debt_clock/
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 17 Feb 2006 at 02:09:40 AM GMT is:
$8,240,945,031,390.97
The estimated population of the United States is 298,545,465
so each citizen's share of this debt is $27,603.65.
The National Debt has continued to increase an average of
$2.21 billion per day since September 30, 2005!
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