“True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made.” Franklin D Roosevelt
Living in a foreign country constantly causes one to reflect one’s own country. In 2001 Argentina suffered a major economic collapse, from which the country has not completely recovered. Leading up to the collapse were a number of financial disorders including high external debts and substantial amounts of money borrowed from other nations. Private citizens accrued massive personal debts, and unemployment levels soared. The country lacked many necessary industries and relied heavily on imports. Many Argentine industries, such as airlines struggled to not go bankrupt. The currency became hyper-inflated, and people rushed the banks to withdraw funds. The banks in turn refused to let the people withdraw their money, and rioting ensued.
Although painful to admit, many of these main themes are present in our US economy today. We have borrowed massive amounts of money from China. It is estimated that the average American household has $8000 of credit card debt. Our real unemployment rate (not the 9.6% LIE published by the US Bureau of Labor Stats) is reaching what it was during the great depression. Our country relies heavily on imports for products it does not sufficiently produce, such as oil, cars, electronics, textiles, etc. And many of our own industries have gone bankrupt…but don’t get me started on government bailouts.
The thought of the States following in Argentina’s economic collapse footsteps is terrifying. Serious drastic steps need to be taken to prevent hyperinflation and total economic collapse. Instead it seems like we continue the excessive and immoral war spending carried over from the last administration, and continue to implement unfunded social “security” programs.
This youtube video is very long, but worth your time. Let’s educate ourselves so we can avoid painful mistakes that other countries, like Argentina have suffered.
I am sure that this blog post will offend some people. That is the risk when discussing politics. My hope is that instead of reacting in anger, we can open a forum for honest communication, debate and discussion.