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AmrasL -> RE: Clinton believes planting seeds of bad economy isn't his fault (2/17/2009 7:56:04 AM)
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I'm not American, actually I'm from Western Europe.
In my homeland, in the year 2005, a documentary was made, named "The Day of the Dollar".
It described a at that time "fictional" scenario about what would happen if the dollar were to drop, and the US economy would collapse.
In the backdrop of the scenes in that documentary, the writer, a reasonably well known economist, explains why he wrote the events in the documentary the way he wrote them, and why the US was heading towards a disaster at that moment.
Anyway, if you want the full story with english subs, you can watch it here:
http://www.youtube.com/watch?v=AuPgdZeAFjA
Why I bring this up though in this discussion, is because its also stated in the documentary that under Clinton, the US economy had never been better. There was no national debt, as a mater a fact, the US had money to spare. It is also pointed out, that under George Bush, the US started building up a national debt again, and this one became higher then ever. Its that national debt, that destroyed the US economy.
Honestly, taking that fact into account, I don't think Bill Clinton is to blame.
The Americans now say they didn't saw it coming, I find that a very amusing comment. Dating back until 2002, students in my homeland were talking about the fact that the US was slowly destroying their economy with the wars that were going on, and the fact that fighting terrorism seemed so much more important then looking after your economy (George Bush always seemed better in simple black and white warfare and powerful statements then making a good policy on anything). And then in 2005, this documentary was made, and at the end of last year, a lot of the events predicted in that documentary happened.
In 2006 I moved to a Asian country, ended up attending a talk of financial expert, who, at that time, already told the audience plain and simple, that the only reason the US had not collapsed yet, is because the rest of the world massively is buying dollars, just to keep the system there going. After all, if the US falls, everyone falls, so many nations, would rather throw money in the bottomless pit which is the US, then see the worldwide economic system collapse.
I recall advising my parents a year ago, to not stretch their budget and buy a house, rather wait until just before the US elections. Because I knew for a fact that just before the new Democratic President would be elected, all the damage done by the Republicans would be revealed, and the Democrats will have to clean up the mess.
The housing market would collapse, and house prices will suddenly drop.
Anyway my point is, if simple Europeans and Asians saw it coming, why not the Americans?
Here is another prediction: 4 years from now, the Republicans will criticize and blame the Democrats for the economic depression, and say that the Republican policy (Bush his tax breaks for example) was so much better. Every American had more money to spend during Bush his time after all. Yeah, money that was borrowed from the rest of the world by selling none-gold backed up dollars.
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