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Surprise! Welcome to the Third World, Des Moines!

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Headlined to H3 9/27/09

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I've been working on an essay for several months -- ruminating mostly; rolling things round in my head looking for supporting or counter-arguments. The gist of the piece is that the United States is becoming or - more nefariously - is being turned into a Third World economy.

From personal observation, I've seen my friends and family, by necessity, change from manufacturing jobs or occupations as skilled workers to service jobs, losing pay, perks, union representation, and a sense that the situation will improve with time. Associating those numerous anecdotes, with the dismantling of social services and the disintegration of infrastructure, I wondered what other element would further the affect the USA's slide from First World to Third World economy in this depressing scenario.

(n.b. Scenario construction like this is one, is a technique I employ to control my natural ebullience.)

Since the time last March when this dismal thought first occurred to me, the US economy has imploded; the huge no-strings-attached bail-out funds of TARP have mostly been distributed and dispersed to some of the largest corporations on the planet. Unemployment has risen unofficially to nearly 20% and officially in double digits. Home foreclosures and bankruptcies are pandemic. The missing element that would precipitate the change in the US from a First to a Third World economy became evident; massive debt to foreign creditors. Being heavily indebted to foreign entities is an economic characteristic of all of the poverty-stricken nations of the Third World.

The unknown trillions of dollars borrowed from the Fed, the PRC, France (and who knows where else) hemorrhaging from the U.S. Treasury to pay war profiteers (e.g. Halliburton, Blackwater, et al.), Defense Contractors, corporate subsidies, and the out-and-out wholesale bail-out of the most morally destitute, most conniving, self-serving, rapaciously avaricious swindlers, scammers, hornswogglers, flim-flammers and thoroughly destructive bunch of crooks seen in nearly a century would, I judge, qualify as over-bearing burden of debt. A perfect shitstorm of financial hanky-panky, two never-ending wars and the continuing slavish dependence on petroleum just might be the fulcrum by which the middle class of the USA begin to empathize with the citizens of Nicaragua and Colombia.

This postulation was an apparent orphan, though, as far as I could tell -- a depressing day-dream but nothing more. I found little real evidence supporting the idea and that offered some relief.

Until I saw a segment of "Real Time with Bill Maher" from Friday, September 25th, that is. In that segment, Paul Krugman, a Nobel Laureate in Economics said, "On bad mornings I wake up and think that we are turning into a Latin American country," Krugman said. "If America was officially a Third World country, the international monetary fund would come in and say, "You've got to break the power of your oligarchs. Those banking interests; they have too much power. You've got to end all of this crony capitalism" We're not in good shape."

He went on the say that while the American dream is not totally dead, it is "dying pretty fast," particularly when it comes to social mobility.

Sometimes, I surprise myself. I only wish that the surprise was a more pleasant one.

Right this way, Mr and Mrs America. Your hovel is waiting.


Read more at: http://www.huffingtonpost.com/2009/09/26/krugman-the-american-drea_n_300702.html

http://en.wikipedia.org/wiki/Paul_Krugman

 

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After years of professional starvation as a 'working musician', DC found his way to Taiwan where he has lived and taught English as a foreign language for 18 years - fourteen of them married blissfully to Yashan 'Linda' Huang. "Having lived (more...)
 
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that in addition to going from the world's #1 cred... by John Sanchez Jr. on Sunday, Sep 27, 2009 at 8:45:50 AM
As you cite, Americans have no rule of law. You ha... by Jason Paz on Sunday, Sep 27, 2009 at 8:54:22 AM
I didn't go so far to equate Michigan to Michoacá... by DC Rapier on Sunday, Sep 27, 2009 at 9:57:09 AM
Jason Paz,You have not lived in the US and in no c... by abe ramsay on Tuesday, Sep 29, 2009 at 8:59:14 AM
In my study of Am Govt 101, I gleaned the idea tha... by Margaret Bassett on Sunday, Sep 27, 2009 at 9:39:42 AM
Warmongers in Washington are preparing the mood fo... by abe ramsay on Sunday, Sep 27, 2009 at 6:39:01 PM
it's going to be invading Iran after all you think... by Robert Hoogenboom on Monday, Sep 28, 2009 at 8:40:24 AM
They are made to happen. Lenin was no accident, ne... by abe ramsay on Monday, Sep 28, 2009 at 11:33:01 AM
Keep it up. Some people have a hard time believing... by Nick van Nes on Sunday, Sep 27, 2009 at 7:06:04 PM
Thanks for your essay. I am originally from Iowa a... by Dennis Spain on Monday, Sep 28, 2009 at 3:23:17 PM
Thank you Dennis Spain. we would... by abe ramsay on Monday, Sep 28, 2009 at 11:00:38 PM
A tremendous transfer of wealth takes place from t... by Simple Truth on Monday, Sep 28, 2009 at 5:38:27 PM