In Praise of Eric Massa

[Boreas]

Originally Posted by Sandy G

I wonder what WOULD happen if America went toes up ? If suddenly this morning,Barry or Sara or Alfred E. Neumann got up there & said "Sorry folks, we's BUSTED...Buh-bye..." Would Chingy-Pong Charlie & co. be over here the next day w/the title deed to America in hand, there w/the high sheriff, ready to run us all off ? Or would we get to start over afresh, w/a society that wasn't burdened by a heavy-handed bureaucracy, too many onerous rules, or would there be chaos in the streets-Shit, I've ALWAYS wanted to drive on the wrong side of the road like they do in Ol' Blighty-Now's my chance...Interesting concept. I wonder what immediate effects would we have if Uncle Sam stiffed his creditors...

Here's what would happen. Our creditor nations would restructure our debt because a: that way they get the money back sooner or later, b: it gives them greater leverage with us, c: they'll be in line for sweetheart deals for obtaining raw materials from us as well as gaining markets for finished goods and d: we are too big to fail. If we go they all go too. Other nations in a position to do so would lend us money to service our existing debt for b, c & d above.

Next comes the rash of privatizations where domestic, foreign or multinational corporations are ceded control of key infrastructure functions such as highway maintenance, port operations, customs, security, TVA & Bonneville, et cetera, et cetera, et cetera. That way we eliminate expenditures in those areas, earn royalties from the contracting private corporations and provide the necessary quid pro quo to our creditors: lend us the money and your company can run our infrastructure.

Hell, it's what we, the IMF and the World Bank have been doing to other third world countries for decades. Now it's our turn. Neo-liberal paradise!

John