Wednesday, June 18, 2008

On the "strong" Anglo-American economic system

A family friend who is Indo-American has just published a very short piece reflecting on the "strength" of Anglo-American economic system.

He says: "Time and again I see articles in Business magazines that financial systems in Asian Countries are not well organized and we need to make them strong as American and Western Financial System. Work made me live in Asia, Middle East, Europe and America and I really wonder sometimes as to what is a Strong Financial System. What kind of strong American Financial systems do we want to impose on Asian Countries?
- One which leads to sub prime crisis and foreclosures creating havoc for the housing market.
- System where the Americas savings rate is in negative percentage.
- Strong Financial markets where stock crashes from 150 Dollars to 5 Dollar leaving old people’s pension vanishing overnight.
- Strong System where the Govt. is in Trillion Dollars Debts.
- One where even essential commodities are not regulated by Govt. and oil companies can make a profit of 40 Billion while public has to buy gas on credit cards.
- Strong Credit System where every stage of an adult person is dependent on credit - From 18 to 80 years living on debt (Student loan at 18 years to Reverse Mortgage at 80 years).
- Where Majority of large corporations pay no income tax.
- Rich farmers get millions in livestock compensation while teacher’s compensation is at $30,000 dollar a year for their hard work.
- Basketball stadiums are being built with millions of dollars and schools are being closed for lack of funds.
- Minimum wage has not risen in the last 10 years while cost of living has increased three to five times.
- World’s richest country – with limited resources ever for healthcare.
What kind of strong financial system is this?"

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