I went to check the news as per usual on a few different sites and was amazed to see that there was little to no mention of the G8/G20 summit in Canada this weekend. However, I know that Lady Gaga is having trouble with her driver and that her and Obama are in a facebook war. Fascinating...
Not to give props to our former kingdom, but BBC was the only news site that had a front page mention of it. Considering that this summit comprises of the worlds 8 biggest economies (except for the biggest, China) and the G20 which is a group of finance ministers and central bank governors overseeing the world economy, I'd think major news organizations would give just two more shits about that than Gaga's employee problems. But I guess she looks hotter in a machine gun bra than Obama would...
As far as what is going on at the G8/G20 summit, so far it's been a lot of Big Brother condemnation of what other countries are doing wrong, a playground pow-wow between the big kids about what the little kids should be doing. For example, the North Korea/South Korea ship incident, the North Korean and Iranian arms development, and suggesting that the Gaza situation is unsustainable.
Well, having an erection for a day is also unsustainable but what does that have to do with the price of rice? Interestingly enough, this seems to me to be regurgitation of earlier arguments just with more big wigs in a different place. We are sticking our nose in other peoples business while simultaneously doing nothing about it. We shove Afghanistan and Iraq under the rug as if they're the embarrasing stepchildren and focus on the countries we haven't started wars with yet.
The G20 summit is another can of worms being that you have 19 different countries and then the EU that sit there and argue about how to unfuck the current economic situation. It reminds me a bit of when I was in Switzerland and was asking a French man and a German for directions, having no idea what they were saying or who was right...needless to say, I got lost and tried again with a happily found Brit. Unfortunately, I don't think the same strategy will work at the G8/G20 summit. Decisions need to be made and we can't afford to get lost and hope for the best.
It also doesn't do to sit and discuss who did what wrong when you're involved in two wars and have an arsenal of nuclear weapons. Leaders lead best by example. As always, talking is cheap, actions are not. Best of luck in Canada everyone.
Showing posts with label world economy. Show all posts
Showing posts with label world economy. Show all posts
Saturday, June 26, 2010
Saturday, January 30, 2010
Video
An introduction to the group and the blog, and some quality face-to-face time.
Also available on youtube under Rooftop Revolutionary.
Tuesday, January 26, 2010
The rise of the rest
If you're like me, you'll go out on 4th of July with sparklers, sing a few patriotic songs, eat some bbq and feel proud to be American. Like I tell all my friends overseas, I love my country, just not what it's become.
Looking back on what brought us to today, looking forward to $6 trillion debt over the next ten years, debt is the key word.
Since the 1980s, Americans have spent money that they didn't have, bringing us to the current statistic that the average household now has an astounding 13 credit cards with an average debt of $120,000. Going up the step ladder, we see that politicians urged them to carry out the American dream, as they themselves borrowed using imaginary money gained from future taxes and lottery earnings. At the top, the federal government makes the average shopaholic look like a miser. Considering that today, the National Debt Clock in New York has run out of room, the only thing the feds are doing to combat that is to install an expanded clock, like fixing traffic issues by expanding a highway. Sorry, won't cut it.
Now, here's where the interesting parts come in. Who were we borrowing money from? If we, from top to bottom, left to right were a nation of moochers and debtors, who put up the cash?
Well, here's the title of my post: the rise of the rest.
China currently owns $2 trillion worth of foreign currency reserves, most of it being U.S. dollars. China has an IOU slip from us, holding more than 10% of our outstanding debt. China spends $40 billion a year on sending money abroad. Like a little kid getting allowance, we grab the cash, run outside and spend it on whatever toys we can find first. But we have to grow up. Eight other nations are climbing up the rungs as we sit here, arrogantly clutching the "city upon a hill" ideal while we spend money to support our American dream.
That has to change. Like I press in all my posts, the easiest place to start a chain reaction of change is by doing it yourself. I don't mean to take blame off the state or federal governments, because after all, they owe way more than $120,000. However, they're looking to repay their debt with our money. They're covering their tracks with our footprints and we have to be the ones to stand up and say no.
The world doesn't look at us like the big brother, superpower anymore. We're losing touch with reality and it starts very much with economic faults. Stop spending and make sure Washington does too. Bailouts, wars, frivolous spending has got to stop. It's time to worry about the people, you know, like the constitution says: OF the people, FOR the people and BY the people.
Looking back on what brought us to today, looking forward to $6 trillion debt over the next ten years, debt is the key word.
Since the 1980s, Americans have spent money that they didn't have, bringing us to the current statistic that the average household now has an astounding 13 credit cards with an average debt of $120,000. Going up the step ladder, we see that politicians urged them to carry out the American dream, as they themselves borrowed using imaginary money gained from future taxes and lottery earnings. At the top, the federal government makes the average shopaholic look like a miser. Considering that today, the National Debt Clock in New York has run out of room, the only thing the feds are doing to combat that is to install an expanded clock, like fixing traffic issues by expanding a highway. Sorry, won't cut it.
Now, here's where the interesting parts come in. Who were we borrowing money from? If we, from top to bottom, left to right were a nation of moochers and debtors, who put up the cash?
Well, here's the title of my post: the rise of the rest.
China currently owns $2 trillion worth of foreign currency reserves, most of it being U.S. dollars. China has an IOU slip from us, holding more than 10% of our outstanding debt. China spends $40 billion a year on sending money abroad. Like a little kid getting allowance, we grab the cash, run outside and spend it on whatever toys we can find first. But we have to grow up. Eight other nations are climbing up the rungs as we sit here, arrogantly clutching the "city upon a hill" ideal while we spend money to support our American dream.
That has to change. Like I press in all my posts, the easiest place to start a chain reaction of change is by doing it yourself. I don't mean to take blame off the state or federal governments, because after all, they owe way more than $120,000. However, they're looking to repay their debt with our money. They're covering their tracks with our footprints and we have to be the ones to stand up and say no.
The world doesn't look at us like the big brother, superpower anymore. We're losing touch with reality and it starts very much with economic faults. Stop spending and make sure Washington does too. Bailouts, wars, frivolous spending has got to stop. It's time to worry about the people, you know, like the constitution says: OF the people, FOR the people and BY the people.
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