Sections I2D2 - Debt and Development For All Its Ills, Warts and All, the United States Is Still the Engine that Drives the World Economy
| For All Its Ills, Warts and All, the United States Is Still the Engine that Drives the World Economy |
The “I.O.U.S.A.” and the “IOUgoslavia” Series (Part II)
The producers and writers of the coming film documentary “I.O.U.S.A.” portray the United States as a country that needs to “stave off a financial crisis and it must climb out of a $53-trillion (spelled with a T—emphasis mine) fiscal hole.” While I have not seen it, the film makers will probably depict the U.S.A. as the biggest debtor in the world, which it probably is. But will they tell that the U.S.A., American banks and financial institutions happen also to be some of the biggest creditors and lenders on Earth?
Will the “I.O.U.S.A.” film makers tell that the bulk of America’s public-debt papers is in the hands of American citizens, pension funds and financial institutions? This means that most of the interest and principal that the American government pays its creditors remain and circulate in the United States – to fuel more domestic business, trade and commerce. Will the film tell that actually the United States is the modern-day equivalent of Switzerland, where many foreign countries and alien investors now keep their deposits, gold bullions and treasury-note certificates? Why? Because the United States – despite the 9/11 terrorist attacks – remains the most-stable country in the world. Many foreigners are allowed to own real estate and company equity in the United States, which practice is prohibited in many foreign countries.
The American economic engine is humming – despite the greed of captains of American industry in outsourcing their business and manufacturing concerns, in spite of the mortgage meltdown, real-estate crisis and what not – because it is the economy of the American people, by the people and for the people. The Americans have demonstrated successfully that not only should the government but also the economy must follow the Abraham Lincoln people-based doctrine.
Actually the United States is the modern-day equivalent of Switzerland, where many foreign countries and alien investors now keep their deposits, gold bullions and treasury-note certificates.
For all the financial ills, the budgetary deficits of the federal and state, county and/or city governments, warts and all, the United States is still one of the most-affordable countries to live in. This is aside from the fact that the United States has still the biggest and still most-dynamic economy in the world.
Food is the cheapest and most-varied commodity in American groceries and supermarkets in the entire world. Prices of many commodities, as compared to the minimum wage, are some of the lowest worldwide. It is also because the United States is one of the biggest producers in the world of many food items – from grains to fruits, dairy products and meat. A lot of the imported food like bananas and pineapples is actually grown in foreign plantations owned and operated by American corporations.
Here is what I wrote in another article about the so-called “Burger Economics:”
“For all the hype about the robust economy of the Philippines and the much-publicized strength of the Philippine currency, the Filipino homeland is failing badly what this writer calls the ‘Burger Economics’ (BE) test. This test refers to my burger-based analysis of a nation’s economy, where its strength depends on how many ‘double cheeseburgers’ a minimum-wage worker can buy with his daily wage. Hopefully, this “BE” test will replace someday the ‘Gold Standard’ being used by economists throughout the world. Perhaps this theory will be known someday as the ‘Burger Standard’ of an economics theory.
“Yes, Filipino national leaders flaunt the supposed strength of the Philippine peso and mock the weakness of the American dollar. But according to my ‘BE’ test, an American minimum-wage worker can buy between six (6) to seven (7) double cheeseburgers at most American fast-food chains with his one-hour pay (net of taxes and social-security contributions) . . .”
To read the article in its entirety, please click on this link:
The Philippines Is Failing Badly the Burger-Economics Test
Be it gasoline or other fossil fuel, the United States has still some of the lowest energy prices in the world. And the U.S.A. has substantial deposits of oil, shale oil, coal, gas that ultimately it will be one of the few countries left with abundant supplies once the world starts to run out of crude oil. But the world is betting on American technology to make the combustible-engine obsolete in the foreseeable future and be replaced with a machine that does not use fossil fuel.
Talking
of healthcare, there are more-than 40-million Americans who lack health
insurance or are underinsured. But this means that there are more-than
260-million Americans who have adequate healthcare coverage, principally by
HMOs. Compare the said percentages with the most-populous countries in the
world such as China, India, Russia, Indonesia, Bangladesh, Pakistan, Mexico and the Philippines. The United
States is way ahead in healthcare – system,
providers and insurance coverage. In fact, this writer has penned two articles
that suggested innovations for the American healthcare-and-hospital industries.
The links to the article: Reinventing the
American Healthcare Industry
and Reinventing the American Healthcare Industry (Part II)
The United States is way ahead in healthcare – system, providers and insurance coverage than many of the world’s industrialized countries. In fact, many anti-American leaders of foreign countries come to the United States to have their ailments treated or surgical needs done. Some Arab leaders continue to despise the U.S.A. but they also go often to America for health needs because it has become the “Mecca of Medicine” (pun intended).
For all the hypes and hopes about the much-vaunted Canadian healthcare system, the American version is better, especially in cases of humanitarian assistance. Please read again the case of a Filipino caregiver in Canada who was almost deported because she would be a burden to the Canadian healthcare system. The story is in these links, Cancer-stricken Filipino Caregiver Will Be Allowed to Stay (and Probably Die with Dignity) in Canada and Dying With Dignity: The Case of the Filipino Caregiver in Canada
Talking of the environment, American cities like Los Angeles (California) are much-cleaner now that many cities in the world, especially in the industrialized and developing countries. Beijing, China, has apparently displaced Los Angeles as the “smog capital of the world.”
(To be continued . . .)
Jay Leno wrote this; it's the Jay Leno we don't often see...
'As most of you know I am not a President Bush fan, nor have I ever been, but this is not about Bush, it is about us, as Americans, and it seems to hit the mark.' The other day I was reading Newsweek magazine and came across some Poll data I found rather hard to believe. It must be true given the source, right?
The Newsweek poll alleges that 67 percent of Americans are unhappy with the direction the country is headed and 69 percent of the country is unhappy with the performance of the President. In essence 2/3 of the citizenry just ain't happy and want a change. So being the knuckle dragger I am, I started thinking, 'What are we so unhappy about?'
A.. Is it that we have electricity and running water 24 hours a day, 7 days a week?
B.. Is our unhappiness the result of having air conditioning in the summer and heating in the winter?
C.. Could it be that 95.4 percent of these unhappy folks have a job?
D.. Maybe it is the ability to walk into a grocery store at any time and see more food in moments than Darfur has seen in the last year?
E.. Maybe it is the ability to drive our cars and trucks from the Pacific Ocean to the Atlantic Ocean without having to present identification papers as we move through each state?
F.. Or possibly the hundreds of clean and safe motels we would find along the way that can provide temporary shelter?
G.. I guess having thousands of restaurants with varying cuisine from around the world is just not good enough either.
H. Or could it be that when we wreck our car, emergency workers show up and provide services to help all and even send a helicopter to take you to the hospital.
I.. Perhaps you are one of the 70 percent of Americans who own a home.
J.. You may be upset with knowing that in the unfortunate case of a fire, a group of trained firefighters will appear in moments and use top notch equipment to extinguish the flames, thus saving you, your family, and your belongings.
K.. Or if, while at home watching one of your many flat screen TVs, a burglar or prowler intrudes, an officer equipped with a gun and a bullet-proof vest will come to defend you and your family against attack or loss.
L.. This all in the backdrop of a neighborhood free of bombs or militias raping and pillaging the residents. Neighborhoods where 90% of teenagers own cell phones and computers.
M.. How about the complete religious, social and political freedoms we enjoy that are the envy of everyone in the world?
Maybe that is what has 67% of you folks unhappy.
Fact is, we are the largest group of ungrateful, spoiled brats the world has ever seen. No wonder the world loves the U.S. , yet has a great disdain for its citizens. They see us for what we are. The most blessed people in the world who do nothing but complain about what we don't have, and what we hate about the country instead of thanking the good Lord we live here..
I know, I know. What about the president who took us into war and has no plan to get us out? The president who has a measly 31 percent approval rating? Is this the same president who guided the nation in the dark days after 9/11? The president that cut taxes to bring an economy out of recession? Could this be the same guy who has been called every name in the book for succeeding in keeping all the spoiled ungrateful brats safe from terrorist attacks? The commander in chief of an all-volunteer army that is out there defending you and me?
Did you hear how bad the President is on the news or talk show? Did this news affect you so much, make you so unhappy you couldn't take a look around for yourself and see all the good things and be glad? Think about it......are you upset at the President because he actually caused you personal pain OR is it because the 'Media' told you he was failing to kiss your sorry ungrateful behind every day.
Make no mistake about it.
The troops in Iraq and Afghanistan have volunteered to serve, and in many cases may have died for your freedom. There is currently no draft in this country. They didn't have to go. They are able to refuse to go and end up with either a 'general' discharge, an 'other than honorable' discharge or, worst case scenario, a 'dishonorable' discharge after a few days in the brig.
So why then the flat-out discontentment in the minds of 69 percent of Americans?
Say what you want but I blame it on the media. If it bleeds it leads and they specialize in bad news.. Everybody will watch a car crash with blood and guts. How many will watch kids selling lemonade at the corner? The media knows this and media outlets are for-profit corporations. They offer what sells, and when criticized, try to defend their actions by 'justifying' them in one way or another. Just ask why they tried to allow a murderer like O.J. Simpson to write a book about how he didn't kill his wife, but if he did he would have done it this way......Insane!
Turn off the TV, burn Newsweek, and use the New York Times for the bottom of your bird cage. Then start being grateful for all we have as country. There is exponentially more good than bad. We are among the most blessed people on Earth and should thank God several times a day, or at least be thankful and appreciative.' 'With hurricanes, tornados, fires out of control, mud slides, flooding, severe thunderstorms tearing up the country from one end to another, and with the threat of bird flu and terrorist attacks, 'Are we sure this is a good time to take God out of the Pledge of Allegiance?'
Jay Leno
Sent by Gil Vargas to the
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