Maybe US Needs Yard Sale

Published on Sunday, October 19, 2008 by The Toronto Sun

Russia could buy back Alaska or perhaps Canada could pick up sunny Florida

by Eric Margolis

At the end of Second World War the British Empire still ruled nearly a quarter of the globe. But the war bankrupted Britain. Its once mighty empire quickly collapsed and the United States inherited much of the British Imperium.

Six decades later the United States is close to bankruptcy thanks to a national orgy of borrowing, the replacement of manufacturing by financial manipulation, ruinous foreign wars and a government whose stunning incompetence and arrant stupidity was exceeded only by its reckless imperial arrogance.

The financial panic now gripping the planet, and the ignominious collapse of Wall Street, showed the American colossus had feet of clay. Washington's furious printing of untold billions of new dollars to prop up its sinking economy, finance this year's $1 trillion deficit and pay debts may unleash a storm of dangerous inflation.

The world balance of power is already shifting. For example, Pakistan's new president, Asif Zardari, went cap in hand this week to China, seeking up to $6 billion US in emergency loans. Pakistan is on the verge of bankruptcy and may shortly default on its debt.

http://www.commondreams.org/print/33595

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