I'm a little bit out of the loop with things going on the US because of distance, but everyday I try to read the news and today, article titles abound really frightened me and set me off with exclamation marks!
"World on U.S. Debt Default: ‘Frightening,’ ‘Huge Panic Globally’"
I hope that most of you guys have been following the US's government's financial situation because it seems to me one of the most crucial moments of modern history.
Why do I think its so important? We'll have to start with 2008. In 2008, the economic downturn was the result of lax lending on the part of the homeowner industry, or to put it more simply the result of a seemingly growing American habit of "spending more than you have and making up for the difference in borrowing." In the end, when housing prices came to a plateau, people could only default on their debts and allow banks to take back their homes and sell them as foreclosure homes (I happened to be working in office of a mortgage consultant--one who helps to sell these foreclosed homes--in the summer of 2008, when this was happening).
This totally irresponsible habit on an individual level and on an institutional level (let's not forget the banks) has proved dangerous for the US and the world, sinking both a whirlwind of economic downturn, but now there are serious talks in Congress (proposed by Republicans to scare America into cutting its spending budget) of the US government defaulting on its 15 trillion dollars of debt. Apparently, the lesson of how defaulting on debt in America can disastrously send the world into economic chaos, destabilize governments, create unemployment and poverty around the world was not learned (I should think that it cannot have been forgotten after just 2 years).
Reading news headlines from the US (I begin to wonder if I should read news at all; there seems to be an abundance of unpleasant scandals), I can't help but look at America with incredulity. Perhaps the safety of home and the normality of Santa Barbara's exclusive bubble will assure me, but from a global perspective, America needs to get its act together.
In a conversation with my dad, nearly a year ago last August, I remember him positing the potential benefits to the US if it were to engage in war with China, with the first major benefit being that the US could default on its debt to the enemy country. I laughed out loud and brushed aside the possibility as totally improbable. First, how could a gargantuan superpower like the US default on its debt? Second, there is no way that they would do enter into war with China just to default on debt--it's so dishonorable. But it was always set uneasily with me as the US economic situation continued to worsen. The US has entered in a few wars in our recent times without any real justification (all under another name of course may it be liberation or WMDs). It is plain to see that the war in Iraq is largely because of oil, but it was still done and it is still going on. If the security of cheap oil is worth a war with Iraq, is 3 trillion US dollars worth a war with China (perhaps it could be under the banner of Taiwan liberation? Human Rights? democracy for the Chinese people?)?
This is all silly talk and hypothetical's over brunch, but our current political leaders don't give me much material to be confident in. I like to keep up with Royal Gossip from the UK, but lately, I don't even need to read those trashy tabloids because there is plenty of scandalous buzz just from the US. While Royal Gossip, I would contend makes little impact on the state of the UK (they kind of seem like silly hat-wearing figureheads in comparison to the actual legislative powers), the gossip and scandals surrounding US politicians is much more serious because these are our democratically elected leaders who vote on legislation that affects the course of the nation. If one after the other, they can't be counted on to be faithful to their wives and families, how are we suppose to have trust in their "claimed" moral character? John Edwards cheated on his wife who had incurable breast cancer, while running for Presidency ( I repeat, PRESIDENCY) on the FAMILY MAN ballot--holy fuck, how did he live with himself and his inconsistencies?
Arnold cheated with the nanny and had a kid, and then continued to employ her in the household for 13 more years! Just imagine how must his wife have felt, knowing that she (and Arnold!) lived for 20 years under the same roof as the woman who he cheated on her and had a kid with and also allowed her to be the caretaker of their kids!
And now we have an extra-special Congressmen like Mr. Weiner who likes to partake in the hobby of sending pictures of his crotch to females over the internet. He, amazingly enough has been married for less than a year! I'm not saying that men don't cheat on their wives, because it seems like it happens a lot, but the ones who do are scums and definitely should not be the leaders of the US. Get your act together American politicians before you tarnish the national image (or is it already too late) and make America seem like a land of men ruled by stupidity and impulsive behavior.
I'm not the only one who is feeling a bit pessimistic about the US. Recent survey data collected by the Pew shows that a full 66% of Americans are dissatisfied with the direction the nation is going. Read here for the Pew report (have I mentioned lately how I've gotten into survey data? a bit of a strange hobbie).
Morning Rant Out.
Jon Stewart's lighter-hearted spin on this:
I never thought about the possibility of defaulting on our huge debt to China as a possible benefit of going to war with China, but that's an interesting thought.
ReplyDeleteDoes this scandalous behavior like cheating on wives and sharing sexual pictures not happen as often in other countries? I haven't looked into it, but I feel like it must happen worldwide.
I have no doubt that such political scandals take place worldwide, because I think cheating happens worldwide. However I find it especially abominable because these people are our elected leaders, and not some ”ruler“ selected outside of our control (for example, royalty or appointed officials). Given that they are democratically elected, they were what we as a people selected because we thought they were of a certain caliber of character and capability, which is why the scandals are in consequence more upsetting.
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