Was the Global Economy 'Piggybacking' on American Debt?
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Complete video at: http://fora.tv/2009/08/23/What_In_The_World_Is_Going_On Robin Niblett, Director of Chatham House, emphasizes the global interconnectedness of the current economic crisis. He admits that the crisis was indeed US-led, but says "getting America back on track again is going to be vital...for the whole global economy." ----- With a new administration in the US government, and a global financial crisis, where do we stand now? Robin Niblett is director of the UK's prestigious Chatham House, arguably the world's foremost international affairs think tank. Chatham House (the Royal Institute of International Affairs) is concerned with global security, prosperity, and is a source of independent analysis and ideas for decision makers in government and the private sector. Professor Stephen King and The Age's Daniel Flitton respond to Robin Niblett's speech and The Hon Michael MacKellar chair's the discussion. - Australian Broadcasting Corporation Robin Niblett is the Director of Chatham House, President of The Center for Strategic and International Studies, former director of the CSIS Atlantic Partnership Project, and co-editor of Rethinking European Order: West European Responses, 1989-97.
Comments
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I hate that we that newer borrowed what we cant pay back has to pay for this.
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The reason why america has so much debt is because the geverment is too busy spending tax payers money on invading and bombing other countries. Forget about the crap that terrorist are going to destroy America the debt has already destroyed it.
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ROFL...if you want to point to a map and say "There, that is were it came from", then you better point to the Cayman Island UK Hedge Funds Banks.
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Relying on the confidence of investors half a world away is a good way to set yourself up for major pain and disappointment.
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This isn't a new phenomenon, it's what caused the first Great Depression, printing money unregulated without any grounded economic reality will inevitable build a credit bubble. The banks, stock market, consumers were awash in free credit and they spent like there was no tomorrow, well if the economy had collapsed, there wouldn't have been, for them anyways.
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he must mean that the US economy is so influental because it is ran by stupid people. europe has a bigger market though.
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Well. I wouldn't say its so bad for us. Yes, it will suck but, its time we get our economic house in order. We have a very low savings rate and a moron government that inflates our cash so that even if we did save its worth toilet paper once its time to spend or invest it. I have a feeling we will be wiping our asses with the dollar soon anyways.
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The whole world is loaning the US money and expanding their economies in doing so. Wouldn't it make sense for them to keep their money and buy their own goods? Wouldn't that improve their own standard of living instead of financing ours? I can't believe the world is putting up with the scam for so long.
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it's nobody's fault. this was all meant to happen. capitalism in an industrial and computer information finance age is still new and the world have much to learn. it's an example of a baby learning to walk and took a huge tumble. human civilization have yet to begin.
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Anyone who has experienced credit card problems or who has attempted to live beyond their means can understand what happened with the government in America and elsewhere. America has been living in a dream world, now become more a nightmare. Good video.
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