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America's Nightmare: Economic Collapse

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posted on Oct, 10 2005 @ 04:41 AM
According to a new report written for the Council on Foreign Relations by Menzie Chinn, the United States must confront the alarmingly high federal budget and current account deficits. Currently, the deficit or debt trends show no evidence of being reversed and will lead to a precipitous collapse in the dollar and an economic depression.
A combination of huge tax cuts, an insatiable appetite for foreign imports, especially oil, and record government spending is steadily eroding US independence and freedom of action, according to a "special report" released Thursday by the influential Council on Foreign Relations (CFR).

The dangers of a dollar collapse and an economic recession, according to the study, have become more acute as a result of Hurricane Katrina, the recovery from which may cost the government as much as US$200 billion. Some economists have also predicted that the storm could reduce the rate of economic growth by as much as 0.5% for the year. Coupled with the combination of record oil prices and US dependence on imported oil, the pressure on the dollar grows ever stronger.

Please visit the link provided for the complete story.

When the CFR trumpet blows will they listen or do we go down in financial flames?

Ali Bushi and the DC Hill Spendthrift Bandits already raided and bankrupted the Federal treasury, so it better be a good plan or is it a get-away plan?

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[edit on 16-10-2005 by asala]


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