For Immediate Release
Taruna Godric: 416-916 5202 ext 414
How the World Pimps America
Pepe Escobar: And how the US is shifting the crisis into the rest of the world
WASHINGTON - The
US Treasury will borrow one trillion dollars from the developing world
in 2009. This figure will increase even further in 2010. The Real News
Analyst, Pepe Escobar, argues that the US is in a privileged
position: not only has it unleashed a global financial crisis, it
"turns into a black hole and sucks up money from all across the world",
based on the fact that the US remains the "manager" of choice of global
capitalism, taking money "from the periphery to the masters of the
universe in New York and Wall Street". As if this was not hardship
enough for the developing world, it now also has to cope with the
resurgence of the discredited Word Bank and IMF.
Secretary of the Treasury Tim Geithner, handled a similar financial
crisis in the past, the Asian financial crisis of 1997/98, in which he
designed what economist Dean Baker warned, and what Australian Prime
Minister Paul Keating confirmed, was a failed bailout strategy.
Nevertheless, Geithner and US President Obama continue to insist that
pumping money into the insolvent US market is the answer to our current
global financial crisis. This could set the US up to drown further
under its own global capitalism and bring the international community
down with them.
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