[dwenergyman]

Seymour Hersh Interview

Investigative Journalist Seymour Hersh Spills the Secrets of the Iraq Quagmire and the War on Terror The interview starts about 9 minutes in: http://webcast.berkeley.edu/events/repl ... ent_id=170

[dwenergyman]

text discussion of Hersh's talk

http://www.berkeley.edu/news/media/rele ... ersh.shtml

[Leanan]

Seymour Hersh is a Pulitzer-prize winning journalist, best known for breaking the My Lai story 35 years ago, and the Abu Graib story last year. He gave a speech last month in which he expressed great alarm about the future:

http://www.democracynow.org/article.pl? ... 26/1450204

He thinks the U.S. has been taken over by a cult - eight or nine neocons in the White House and the Pentagon. He fears for our democracy. He's expecting an uprising - among the people, among the military, or perhaps from the rest of the world. He ended his speech on an odd note.

$this->bbcode_second_pass_quote('', 'A')nother salvation may be the economy. It's going to go very bad, folks. You know, if you have not sold your stocks and bought property in Italy, you better do it quick. And the third thing is Europe -- Europe is not going to tolerate us much longer. The rage there is enormous. I'm talking about our old-fashioned allies. We could see something there, collective action against us. Certainly, nobody -- it's going to be an awful lot of dancing on our graves as the dollar goes bad and everybody stops buying our bonds, our credit -- our -- we're spending $2 billion a day to float the debt, and one of these days, the Japanese and the Russians, everybody is going to start buying oil in Euros instead of dollars. We're going to see enormous panic here. But he could get through that. That will be another year, and the damage he’s going to do between then and now is enormous. We’re going to have some very bad months ahead.

[SD_Scott]

He's dead wrong on that stuff. It's not in Europe's interest to see the US economy fail. We fail, They fail. Global supply chain dude.

[Leanan]

A lot of people say that. But many who are equally expert disagree. They think the U.S. could suffer an Argentina-style meltdown without necessarily taking the world with it. China and Japan would lose a lot of money and a lot of their market. But they would find replacement markets, and life would go on.

[stu]

I read a lot about economic collapses and I'm no economist but I think I can work out how it would happen.

One thing I don't read about is how the US is going about to get itself out of this quagmire.

What will have to happen in order for the dollar NOT to crash?

What sort of decisions will have to be made?

Will letting the value of the dollar drop reduce the deficit?

[ernest]

Hersh was a great reporter thirty years ago, during the Vietnam war. He has since become a leftist apologist, crank, and doom sayer.

[maverickdoc]

Great post Leanan. Thanks

[Leanan]

Reducing the national debt would help. Which would probably require both cutting spending and raising taxes.

Personally, I think the collapse, when it comes, will be because no one believes we can ever pay back our debt. Extending us even more credit would be like throwing good money after bad, so they'd cut their losses.

But for an oil-related economic meltdown, see this blog entry:

http://www.dailykos.com/story/2004/11/18/183858/93

[maverickdoc]

$this->bbcode_second_pass_quote('stu', 'I') read a lot about economic collapses and I'm no economist but I think I can work out how it would happen.

One thing I don't read about is how the US is going about to get itself out of this quagmire.

What will have to happen in order for the dollar NOT to crash?

What sort of decisions will have to be made?

Will letting the value of the dollar drop reduce the deficit?

[Pops]

I’m no fan of this administration, but we Americans are pretty good at pointing fingers at everyone but our self.

How to get out of the dollar problem?

Americans would have to either take less from the gov or raise taxes or both, and personally, stop spending every penny - plus borrowing like there is no tomorrow, just to buy the latest pos gimmick from overseas. Then pay down their debts and start saving money.

Right. Like I said; it’s Bush’s fault.

[DomusAlbion]

Seymour sounds totally unhinged. That rambling diatribe sounds more like the babblings of a psychotic than a Pulitzer Price winning journalist.

Earth to Seymour, at least make some notes and maybe a speech outline before you get up in front of a groupl

[stu]

So I guess theres a 99% chance that the global economy is screwed then.

Based on what I know and speaking in laymans terms:

1. The increased cost of the occupation of Iraq will inflate the budget deficit evermore.

2. So will the retirement of the baby boomer generation.

3. The policy of letting the value of the dollar fall only increases the danger of torpedoing the economy.

4. High oil prices will restrict growth.

5. China pegging its currency to the dollar only floods the US market with cheap imports thus making it harder to reduce the trade deficit.

6. A promise of further military action against other countries will only intensify anti-americanism around the world could hurt the country economically.

The only beam of light in this otherwise dark scenario is that it will be the US that tanks and not the UK so we will be spared the worst of the collapse. To be honest though that's wishful thinking.

One quote I heard once regarding the global market: "If America sneezes the world catches a cold".

What happens to the world if America ends up on life support? I'd rather not think about it.

[threadbear]

Leanan, Great points. The US economy will fail because noone will risk extending them credit. Bingo. It's very simple. And life will go on without them. This is what the narcissistic American right wing whack job can't handle. It's okay to be scary, evil, demented and warlike. But irrelevant? Oh nooooooooooo....Not going out with a bang, but a whimper........HELP..I'm melting, Dorothy, I'm melting......Curse you Leanan, you and your little dog Toto too.

Someone mentioned Hirsch sounds like a babbling psychotic? I hope the man is psychotic, because being as crazy as a rat trapped in a coffee tin, is a base requirement for understanding the Shrubtard and his demented idealogue buddies. An apologist for the left? An apologist for common sense and compassion. He's the American ideal, pal-- Not a pathetic twisted right wing idiot stick

[trespam]

$this->bbcode_second_pass_quote('ernest', 'H')ersh was a great reporter thirty years ago, during the Vietnam war. He has since become a leftist apologist, crank, and doom sayer.

[trespam]

$this->bbcode_second_pass_quote('DomusAlbion', 'S')eymour sounds totally unhinged. That rambling diatribe sounds more like the babblings of a psychotic than a Pulitzer Price winning journalist.

Earth to Seymour, at least make some notes and maybe a speech outline before you get up in front of a groupl

[uNkNowN ElEmEnt]

Every Texan President has let the dollar drop. Every single one of them.
By letting the dollar devalue it encourages browth because you can buy more with a weaker dollar. If the euro is bearing the price of oil in most markets the american oil will be able to buy more of it. its simple economics.

by letting the dollar droop it stimulates growth. new businesses start with a lower dollar, certain industries (like hollywood film making) come home to roost. Its not good for the nat'l debt, but it doesn't spell doomsday. China and Japan are keys.

[trespam]

$this->bbcode_second_pass_quote('uNkNowN ElEmEnt', 'E')very Texan President has let the dollar drop. Every single one of them.
By letting the dollar devalue it encourages browth because you can buy more with a weaker dollar. If the euro is bearing the price of oil in most markets the american oil will be able to buy more of it. its simple economics.

by letting the dollar droop it stimulates growth. new businesses start with a lower dollar, certain industries (like hollywood film making) come home to roost. Its not good for the nat'l debt, but it doesn't spell doomsday. China and Japan are keys.

[uNkNowN ElEmEnt]

I live in BC, you know the "Hollywood of the North"? and production companies are pulling up stakes. I know because of friend of mine's parents own one of the biggest production companies in BC.

when the dollar devalues others want to buy more from you. their dollar gets more of your stuff, this stimulates growth and foreign investment which they need to counter act the foreign bills.

this is about the only thing that would get other countries like Japan to be able to sell off their bonds. this would keep the US from going totally under at the moment. its a basic economic principle. we're talking economics 101 supply and demand. Do you have anybackground in economics? think about it.

[trespam]

$this->bbcode_second_pass_quote('uNkNowN ElEmEnt', '
')when the dollar devalues others want to buy more from you. their dollar gets more of your stuff, this stimulates growth and foreign investment which they need to counter act the foreign bills.

this is about the only thing that would get other countries like Japan to be able to sell off their bonds. this would keep the US from going totally under at the moment. its a basic economic principle. we're talking economics 101 supply and demand. Do you have anybackground in economics? think about it.