If one could say in past decades that "what was good for GM was good for America", today one could argue that the US Government is Goldman Sachs and conversely. Yet, there is no evidence that Obama is doing anything to defend the "crown jewel" of Wall Street and some voices are in fact suggesting that the White House is letting the storm rise despite angry calls from above to crush the popular revolt. It remains to be seen whether in the coming months the collapse of what is left of Wall Street is synchronized with the meltdown of US imperial power, leading to the downfall of the global neo-liberal system.
If the American financial house of cards comes tumbling down in the coming months or years, we can expect the US Government to, in effect, default on the claims held to its domestic assets by foreign governments and companies. Indian analyst Vivan Sethi who has predicted this possibility, advises that other countries could then in response repurchase US assets under their jurisdiction with the Dollars that they hold in their reserves. A scenario of global economic warfare is to be anticipated and regional blocs or single countries will close their doors to protect themselves against the storm.
July 2009
CCG
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