Americans travel the world giving out pearls of wisdom on finance & business. The subprime losses expose their utter folly and failure of any control and their hypocrisy.
Thank God, rupee is not convertible. Otherwise, losses of our banks would have run into billions. The poorer Indians would have also picked up the tab of the Americans' excesses.
US is unable to face the reality of excessive cosumerism. They have no qualms in importing oil for their multiple SUVs, MPVs with borrowed money. Their foreign policy is tailored towards their need for raw materials. No wonder, these have rubbed into the man in the street for living beyond his means. Their credit card debts are mounting. They feel they can live by printing their dollars forever. The reality jolt will have cascading effect. Already their big companies are going hat in hand for survival. They have avoided China with their $1.5 trillion reserves. It is only a matter of time, the dragon flexes its muscles and gobble up all in its way.
The sleek marketing by US has its limitations. Before long, old fashioned prudence will win the day. The US gives intant gratification to its top CEOs based on short term profits. By the time their follies are exposed, they have left the scene. Even if around, they are given hundreds of million pay outs.
We can learn a lot from US from their plusses of innovations & cretivity, but more from their excesses of living in a make believe world of opportunism.
