Friday, July 25, 2003


Clive Maund

"... the American economy is on the ropes as it has never been before in its history. The US economy has been completely gauged out by criminals and opportunists for many years now. The country is wracked by terminally ruinous debts, its manufacturing capacity has been largely destroyed - exported to more competitive lands and it now exists in a fools paradise of a service economy - utterly dependant on the largesse of other countries who are very quickly beginning to see the light. These awkward facts, combined with a formidable military capability, go a long way towards explaining the current colonialist adventurism.

Ominously, the bond market topped out over the past few weeks, with yields rising dramatically - the end game is upon us. The administration had been hoping to keep the whole rotten structure limping along by means of a campaign of propaganda and market manipulation until election time, but that's too far away - they won't get away with it. The writing is on the wall; with the bond market topping out interest rates are set to rise again, probably this coming winter. The real estate market and stockmarket will plunge. The broad swathe of the US middle class, most of whom have no idea what is bearing down on them, and are therefore ill-prepared, will suffer devastating financial losses and consequent privations, many will be caught in an intractable debt trap, especially those who have been seduced into cashing in the capital of their homes. They are also in for a very rude awakening when they discover that the current administration has no more respect for them than it does for the working class (what's left of them) or the underclass - i.e. zero."

Read the whole article here.

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