21 Jan. 2008

The US Economy Is Dead

Mike Whitney has a message for Kevin Rudd:
As the stock market continues its inexorable downward plunge, foreign central banks and investors need to reevaluate the present situation and aggressively pursue legal alternatives. They should initiate a boycott of all US financial products until an appropriate settlement for the hundreds of billions in losses due to the “structured finance” swindle can be negotiated. That is the best way that they can serve their own national interests and those of their people.

Deregulation has annihilated the credibility of US markets. There is no oversight; it's the Wild West. The assets are falsely represented, the ratings are meaningless, and there's a clear intention to deceive. That means that the stewardship of the global economic system is no longer in good hands. There needs to be a fundamental change. As the “nightmare scenario” of global recession continues to unfold; we need new leaders in Europe and Asia to step up and fill the void.