Americans have no self control, like Britney Spears. They are arrogant advising all & sundry about free trade, convertible currencies & free for all democracies. They run huge deficits banking on US dollar as the international cuurency of trade. It is only a matter of time the lid gives away, sucking everything through the bottomless hole.
Everything is done to waste. They do not want to rein in on oil consumption polluting the whole world and setting a bad example. Their banks are mismanaged, but the CEO's are paid even hundred of millions. Think of it, Citibank etc are in trouble, but the persons responsible for these fiascos have left with millions, leaving risks of trillions. Other companies on the brink of bankruptcy pay severance pay of millions to their top brasses. The forex dealers are paid fat bonuses whereas the blue collar workers struggle.
All their assets are on fire sale. China & Gulf countries can just lap it up. In fact the whole of America is hurting and the govt has no clue. They can bring down the whole world. Nero is fiddling when Rome is burning. If you have no bread, just eat cakes on borrowed money. What is the use of all talk without any action to go to the root of the problem - profligacy? They think they have a birth right for oil and for multiple cars.
Thank God, rupee is not convertible. Otherwise, our banks would have lost billions.
Uncertain times ahead! The deep freeze in US can affect us more than many think.
