Monday, September 29, 2008

United States of Socialist America

Over consumption, excessive borrowing, budget deficits and deregulation are the underlying causes for mayhem in the USA’s economy. Rampant capitalism is likely to ruin the lives of the American people, because USA’s establishment will not try to fix the causes behind the current crisis. Socialism for the rich and capitalism for the poor will continue.

USA under the leadership of George Bush, is transforming into a socialist economy. However, this transformation is for the benefit of the rich and greedy operators of the Wall Street. The current economic turmoil in the USA is providing a chance to fix the wrongs of the past and plan for a better future. But, as usual, it is highly likely that the market fundamentalists in USA will miss this opportunity.

Nouriel Roubini, Professor of Economics at the Stern School of Business at NYU and Chairman of RGE Monitor said, “With the nationalization of Fannie and Freddie, comrades Bush, Paulson and Bernanke had started transforming the USA into the USSRA (United Socialist State Republic of America). This transformation of the USA into a country where there is socialism for the rich, the well connected and Wall Street (i.e. where profits are privatized and losses are socialized) continues today with the nationalization of AIG.”

The only choice for the American people is to opt for a real change by discarding the current political system in the USA. The new system should be based on the social justice. Otherwise, the downward spiral of USA will be hastened by the ill conceived policies of the market fundamentalists.