It started, of all places, in Tunisia, a land of sunny beaches and sleepy walled cities – the first stirrings of a revolutionary wave that, before it’s crested, may reach American shores.
Roubini – and nearly every libertarian economist of the "Austrian" school – has long warned about the coming financial crisis of the West, the first seismic tremors of which we have been experiencing here in America since November 2008. But this is just the beginning: in the short term, unfunded liabilities and the interest on the national debt will account for a whopping 60 percent of GDP, and it won’t be long before it’s 100 percent. When that day comes – or, perhaps, long before it – the worldwide economic meltdown will be paying us a rather unwelcome visit, with consequences that are likely to make Tunisia, Egypt, Yemen, and Greece look like romps in the park.
The nature of these populist revolts against authority will take on a different character according to where and when they occur, naturally enough: in Tunisia and Egypt, we see protests sparked by petty humiliations such as Mr. Bouazizi had to endure. In Greece and Great Britain, mass upsurges are the result of austerity budgets that cut ordinary people off at the knees while the banksters get bailed out. In America, we see the Tea Party rising against the tyranny of indebtedness and economic strangulation of the ordinary citizen – but this is just a prelude to the rising chorus of discontent and outright rebellion that will threaten American society in the years to come.
The revolutionary wave now sweeping the world will not exempt America, in spite of the myth of "American exceptionalism." We cannot and will not be excepted from the iron laws of economics, which mandate that you can’t consume more than you produce – no matter how many Federal Reserve notes (otherwise known as "money") you print.
The implications for US foreign policy are radical, and unsettling. While the decline and fall of the Roman Empire occurred over centuries of decay and degeneration, the process as it unfolds in America is likely to occur with what, in terms of human history, appears to be lightning speed. As our allies and satraps fall, one by one, across the Middle East and Europe, their fate prefigures our own.
Friday, January 28, 2011
That old Chinese fortune-cookie curse, "May you live in interesting times," is about to come true!
Posted by Nick
Gee, it's not just Gerald Celente saying these things...makes you think maybe he is onto something...
The Revolutionary Wave
at 9:48 PM