A Tsunami of Fiscal Incompetence!

October 1, 2008
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From my reading of counter terrorism experts and former CIA agents, I see little reason to doubt Pulitzer Prize winning author, Ron Suskind, and his  report that sources within the Central Intelligence Agency believe Osama bin Laden successfully sought to manipulate the otherwise close ’04 Presidential race to George W. Bush’s favor:http://www.consortiumnews.com/2006/070306.html

American dollar

debt

It merits serious consideration that the terrorist attacks of 9/11 would be followed 3 years later by bin Laden’s subtle, but even more devastating attack upon the American economy by facilitating the re-election of George W. Bush. Likely, we may see a similar intervention toward the later part of next month. Those who have made an effort to understand al Qaeda and its strategy to bankrupt America and drive it from the Middle East, know that George W. Bush’s conduct of his ’War of Terror’ has played considerably into bin Laden’s purposes, and profoundly failed to serve the American people’s understandable, but uninformed presumption of competence accorded to his administration during the years first following 9/11. (see “W got his war”)

Since the ‘Emergency Economic Stabilization Act of 2008‘ passed by the House, the Bush administration contribution to the National Debt has come to $1.86 trillion for this year alone.  And we are only in early October. To get a handle on that, remember, that during the administration of Ronald Reagan, the US National Debt passed $1 trillion for the first time.  If we throw in W’s other years as ‘the decider’, we see a tsunami of fiscal incompetence that has done more to burden this nation with debt than all of the actions of all of the other Presidents in all of America’s history.

What’s really the killer is how entirely unnecessary this all has been.  Remember, only 7 years ago, Bill Clinton handed an annual federal surplus of $230 billion over to this incompetent. Today, our nation stands at the edge of a very deep cliff.  The Bush administrations $700 billion Wall Street Bailout would have attempted to address systemic problems that exist in the $65 trillion credit swap markets.  With major players those markets currently being sold for 20 cents on the dollar, would it be able to make a difference? Bush’s fruitless wars and his $6 Trillion worth of deficits; along with the Free Trade dismantling of the American economy by both parties, and the American people’s inability to live within their means; would mean currency devaluation and rising interest rates, just as the massive baby boom generation sets about to retire, with no more forethought given to sustaining the necessary economic productivity than that of looking the other way while cheap Mexican labor comes sneaking across the border.

America has been a good country.  It is our home and I know that with no more than a moments reflection, each and every one of you loves this home.  It is this home, this experience, that has allowed each and every one of you to be who you are. But if we are going to keep the America we have known and loved, we are going to have to fundamentally restructure the direction in which it is headed. All of us grew up in an era that had become burdened by the excesses of New Deal liberalism.  Ronald Reagan was an antidote for those excesses and I have long felt that, taken as a whole, he served this country well.

U.S. military and defense spending for 2008 exceeds $1 trillion, larger by twice, than all the rest of the world. The history of Empire and Great Powers, from Babylon through the Soviet Union, has repeatedly shown that the illusion of strength purchased through such spending is actually slow economic suicide. Inordinate military expenditure drains the resources necessary for maintenance of a nation’s Infrastructure, Productivity, and Employment. It caused the Soviet Union’s disintegration and that nation’s prolonged economic depression during the 1990 s. At the time of that collapse, our own Department of Defense utilized 83 percent of the value of all plants and equipment in American manufacturing. Despite bin Laden’s well known strategy to bankrupt the United States and drive this nation out of the Muslim homelands (based on doing the same to the Soviet Union during the 9 year Afghan War where, at any one time, no more than 700 mujahedin tied up and drained a Soviet force of 100,000), the Bush administration has continued to accelerate the diversion of our economy to military use, crowding out the civilian economy, undermining national security, and leading to the development of serious economic weaknesses – See Chalmers Johnson, How to Sink America

We have gone now, a generation in the direction opposite to that which healed our country’s last great crises and have gained thereby a liberalism that passed away without a proper burial, a conservatism that no longer understands the meaning of the word, and an economy that has become far too acquainted with the anarchy of deregulation.  I do not think this is what Adam Smith had in mind. The storm has gathered, the times are serious.  It is a time for seriousness.  When our leaders fail us, we no longer have the latitude to fail ourselves. If We the People are to perish for our lack of knowledge, then We the People are to live by its acquisition.  There is nothing new under the sun, the paths are old and have been well-traveled.  Come, let us reason together.  There is little shelter in new invention.

Charles Edmund Coyote


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