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01/10/08 -Dollar Collapse - Peter Schiff Versus Steve Forbes - Part 2
Peter Schiff goes head to head with Steve Forbes. First banks collapsed, then global economic stability -- could the United States' superpower status be the next, biggest victim of the financial crisis? This is hotly denied by many who point out the country's role as the world's most dynamic economy and preeminent military force. But US foes say a dramatic shift has already happened and even some allies suggest the time is coming. Doomsayers point to the costly and unending conflicts in Iraq and Afghanistan, the worst financial upheaval since the depression of the 1930s, and a crisis of confidence in politics and the domestic economy with few parallels. Countries like Iran and Venezuela gleefully pronounce the end of "the empire," while Russia trumpets the coming "multi-polar world" in which emerging giants like China, India and Russia itself will hold sway. Even Peer Steinbruck, the German economy minister, broke ranks last month, saying: "The US will lose its financial superpower status in the global financial system." A similar warning was sounded recently by British political philospher John Gray, who wrote in The Observer that the world is witnessing "a historic geopolitical shift in which the balance of power in the world is being altered irrevocably." "The era of American global leadership, reaching back to the Second World War, is over," he wrote. For some the spectacle of the US government partly nationalising financial institutions signals the end of the US model of laissez-faire capitalism. Raymond Lotta, a Marxist writer and author of "America in decline" says "this crisis is unfolding globally, and in explosive and unpredictable ways." "It's not 'socialism for the rich,' nor a rescue for the people. It's emergency capitalism for the rich, and more brutal capitalism for the rest."
peter schiff housing bubble mortgage meltdown credit crunch inflation gold foreign ron paul jim rogers
Author: ArchaicRevivalx2012
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Uploaded: October 14th, 2008 @ 5:04 am
Duration: 03:53