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- Apr 5, 2009
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...right now the best place to make money is in the BRIC nations.
Why? Because they've watched 30 years of Reaganomics and seen how it's hollowed out America and destroyed our middle class. They've watched "Chicago School" Milton and Tom Friedman economic policies played out by the IMF and World Bank in countries from Chile to Argentina to what the Republican Party is doing to the US right now, and seen it destroy national economies. They're smart enough to know they want no part of our stupidity.
They'll let us continue to worship Reagan and the Friedmans, but they're going their own way - which, ironically, was the way we went from the 1940s until the Reagan Revolution, back in those days when America led the world in growth and prosperity - back in the days before we drank Reagan's cool-aid and got stupid.
Thom Hartmann: The Global Power Shift to the BRIC Nations
So what is it that the banksters, billionaires, and transnational CEOs see that most Americans dont see? It's the end of U.S. dominance in the global economy. And not just U.S. dominance - but the end of Western dominance altogether. Right now - a global power shift is occurring underneath all of us. With the United States economy still struggling through the muck - and the European economy in complete free fall - new economic powers around the world are seeing this as an opportunity to gain more power in the global marketplace. Those new economic powers are known as the BRIC nations - Brazil, Russia, India, and China - plus, South Africa. The BRIC nations are home to 40% of the worlds population and already account for a quarter of the global economy.
And this week it was revealed that the BRIC nations are already preparing for the economic transition. In a direct affront to Western financial institutions like the World Bank and the International Monetary Fund - India is spearheading a plan for the BRIC nations to create their own multilateral bank - one that will be funded by developing nations to finance economic projects within developing nations. They see what technocrats at the IMF are doing to Europe - and have done to developing nations for the last 30 years - with austerity measures - and they dont want any part of it. And looking at economic trends - it wont be too long until these rapidly developing BRIC nations will have the economic power to not only completely remove themselves from traditional western central banks - but to also call the shots in the global economy.
Lets take a look at IMF growth projections for Western nations - versus BRIC nations:
In 2012 - the United States economy is projected to grow at a meager 1.8%.
As for the 17-nation Eurozone - its economy is projected to shrink by a half-percent.
But looking at the BRIC nations - its a much different story.
South Africa is projected to grow by 2.5%.
Brazil is looking at a 3% growth rate.
Russia will nearly double the United States with 3.3% growth.
India is on pace for a whopping 7% growth rate.
And China leads the pack with blistering 8.2% projected growth rate.
One side is going down - the other side is going up - the economic momentum cant be ignored. And heres the big secret - American banksters and transnational CEOs know whats happening. Thats why theyre looting America of whatever wealth she still has left - and taking their business overseas to the developing world. Thats why millions of American manufacturing jobs have been shipped overseas. Thats why $4,000 worth of American industry is sold off to some foreign investor every single second in America.
Thats why financial elites are stashing their profits in off-shore bank accounts - they dont want to contribute anymore to the sinking ship that is the United States. This attitude is summed up perfectly in a recent article for the Atlantic Magazine by Journalist Chrystia Freeland - when she quoted an unnamed CEO who said simply, If the transformation of the world economy lifts four people in China and India out of poverty and into the middle class, and meanwhile means one American drops out of the middle class, thats not such a bad trade Its no longer about nationalism and pride in the country you were born in - its all about where there's money to be made - and right now the best place to make money is in the BRIC nations.
Why? Because they've watched 30 years of Reaganomics and seen how it's hollowed out America and destroyed our middle class. They've watched "Chicago School" Milton and Tom Friedman economic policies played out by the IMF and World Bank in countries from Chile to Argentina to what the Republican Party is doing to the US right now, and seen it destroy national economies. They're smart enough to know they want no part of our stupidity.
They'll let us continue to worship Reagan and the Friedmans, but they're going their own way - which, ironically, was the way we went from the 1940s until the Reagan Revolution, back in those days when America led the world in growth and prosperity - back in the days before we drank Reagan's cool-aid and got stupid. The rest of us Americans who still want to live in a nation that can provide economic prosperity to a vast middle class have a big job ahead of us. If we dont take back our government and ecocomy soon by cracking down on job outsourcers, reining in Wall Street, rolling back the Reagan Tax Cuts, and enforcing the Sherman Act to break up big businesses - then were in for one rough ride. The Reaganomics idiocy - now promoted by Paul Ryan and the Tea Party - continues to make our billionaires richer, while dragging the rest of our nation into one long slide downwards.
Wake up, America!
Why? Because they've watched 30 years of Reaganomics and seen how it's hollowed out America and destroyed our middle class. They've watched "Chicago School" Milton and Tom Friedman economic policies played out by the IMF and World Bank in countries from Chile to Argentina to what the Republican Party is doing to the US right now, and seen it destroy national economies. They're smart enough to know they want no part of our stupidity.
They'll let us continue to worship Reagan and the Friedmans, but they're going their own way - which, ironically, was the way we went from the 1940s until the Reagan Revolution, back in those days when America led the world in growth and prosperity - back in the days before we drank Reagan's cool-aid and got stupid.
Thom Hartmann: The Global Power Shift to the BRIC Nations
So what is it that the banksters, billionaires, and transnational CEOs see that most Americans dont see? It's the end of U.S. dominance in the global economy. And not just U.S. dominance - but the end of Western dominance altogether. Right now - a global power shift is occurring underneath all of us. With the United States economy still struggling through the muck - and the European economy in complete free fall - new economic powers around the world are seeing this as an opportunity to gain more power in the global marketplace. Those new economic powers are known as the BRIC nations - Brazil, Russia, India, and China - plus, South Africa. The BRIC nations are home to 40% of the worlds population and already account for a quarter of the global economy.
And this week it was revealed that the BRIC nations are already preparing for the economic transition. In a direct affront to Western financial institutions like the World Bank and the International Monetary Fund - India is spearheading a plan for the BRIC nations to create their own multilateral bank - one that will be funded by developing nations to finance economic projects within developing nations. They see what technocrats at the IMF are doing to Europe - and have done to developing nations for the last 30 years - with austerity measures - and they dont want any part of it. And looking at economic trends - it wont be too long until these rapidly developing BRIC nations will have the economic power to not only completely remove themselves from traditional western central banks - but to also call the shots in the global economy.
Lets take a look at IMF growth projections for Western nations - versus BRIC nations:
In 2012 - the United States economy is projected to grow at a meager 1.8%.
As for the 17-nation Eurozone - its economy is projected to shrink by a half-percent.
But looking at the BRIC nations - its a much different story.
South Africa is projected to grow by 2.5%.
Brazil is looking at a 3% growth rate.
Russia will nearly double the United States with 3.3% growth.
India is on pace for a whopping 7% growth rate.
And China leads the pack with blistering 8.2% projected growth rate.
One side is going down - the other side is going up - the economic momentum cant be ignored. And heres the big secret - American banksters and transnational CEOs know whats happening. Thats why theyre looting America of whatever wealth she still has left - and taking their business overseas to the developing world. Thats why millions of American manufacturing jobs have been shipped overseas. Thats why $4,000 worth of American industry is sold off to some foreign investor every single second in America.
Thats why financial elites are stashing their profits in off-shore bank accounts - they dont want to contribute anymore to the sinking ship that is the United States. This attitude is summed up perfectly in a recent article for the Atlantic Magazine by Journalist Chrystia Freeland - when she quoted an unnamed CEO who said simply, If the transformation of the world economy lifts four people in China and India out of poverty and into the middle class, and meanwhile means one American drops out of the middle class, thats not such a bad trade Its no longer about nationalism and pride in the country you were born in - its all about where there's money to be made - and right now the best place to make money is in the BRIC nations.
Why? Because they've watched 30 years of Reaganomics and seen how it's hollowed out America and destroyed our middle class. They've watched "Chicago School" Milton and Tom Friedman economic policies played out by the IMF and World Bank in countries from Chile to Argentina to what the Republican Party is doing to the US right now, and seen it destroy national economies. They're smart enough to know they want no part of our stupidity.
They'll let us continue to worship Reagan and the Friedmans, but they're going their own way - which, ironically, was the way we went from the 1940s until the Reagan Revolution, back in those days when America led the world in growth and prosperity - back in the days before we drank Reagan's cool-aid and got stupid. The rest of us Americans who still want to live in a nation that can provide economic prosperity to a vast middle class have a big job ahead of us. If we dont take back our government and ecocomy soon by cracking down on job outsourcers, reining in Wall Street, rolling back the Reagan Tax Cuts, and enforcing the Sherman Act to break up big businesses - then were in for one rough ride. The Reaganomics idiocy - now promoted by Paul Ryan and the Tea Party - continues to make our billionaires richer, while dragging the rest of our nation into one long slide downwards.
Wake up, America!
