Bob's Links and Rants

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Tuesday, October 12, 2004

How to save the world--Not this way!

Canadian blogger Dave Pollard (How to Save the World) has an interesting and frightening post on the decline of the Consumer Products Safety Commission under the Bushies, and what it means for the safety of people, especially children, both in the US and around the world. He also charts the miserable US job picture and the decline of the US dollar against the Euro and the Canadian dollar. In the latter post, he concludes:
You have to wonder how long other countries will be willing to lend money to the US in US dollars to finance the unprecedented US trade deficit, when these countries are suffering such huge foreign exchange losses in the process. And you have to wonder if, as the recent 20% increase in energy costs works its way through the economy and pushes inflation, and hence interest rates, up to double digit levels, which in turn will make the US debt catastrophically more expensive to repay, it will drive the whole economy into collapse. When it happens, we will have Bush and his economic advisors alone to blame for it. It is not inconceivable that John Kerry will have to guide the US through the next global great depression.