Other headlines scream:
- “Global Meltdown: Investors Are Dumping Nearly Everything” (CNBC)
- “David Cameron: Euro Debt ‘Threatens World Stability‘” (The Daily Telegraph of London)
- “World Bank Chief Says World Economy in Danger Zone” (Reuters)
Back in April, the IMF declared that by the year 2016, in just 5 years, the U.S. of A. will be supplanted by China as the world’s leading economic power, which means that whoever is elected as POTUS next November will preside over the sunset of America.
But, as Mark Steyn notes in his op/ed of Sept 23, Americans are oddly complacent about all this although the net meaning of these headlines is nothing less than the end of the world as we’ve known it. As he puts it:
“But there’s not a lot of sense of America’s looming date with destiny in these presidential debates. […] On Thursday night, there was a question on gays in the military but none on the accelerating European debt crisis. […] the curious complacency about the bigger questions is disturbing.
Greece is reported to be within weeks if not days of default. […] Greece is insolvent, and given its rapidly aging population (100 grandparents have 42 grandchildren) is unlikely to be non-insolvent under any conceivable scenario, no matter how tightly German taxpayers are squeezed to pay for it. By the same measure, so are many other western nations.
On the other hand, attempting to postpone the Club Med welfare junkies’ rendezvous with self-extinction will destabilize internal German politics […] and strain to breaking point what’s left of the European banking system.
As its own contribution to the end of the world as we know it, the Obama administration has just released a document called “Living Within Our Means And Investing In The Future: The President’s Plan For Economic Growth And Deficit Reduction.” […] Veronique de Rugy pointed out at National Review that under this plan debt held by the public will grow from just over $10 trillion to $17.7 trillion by 2021.
In other words, the president’s definition of “Living Within Our Means” is to burn through the equivalent of the entire German, French and British economies in new debt between now and the end of the decade.
If this is the best America can do, there won’t be a 2022, not for the United States, or anything that would be recognizable as such. Like REM says, it’s the end of the world as we know it. And, as their split suggests, they no longer feel fine. And nor should you.”