America is experiencing a big economic bubble ready to deflate: The Free Market competition for grabbing scarcer resources
Nipawin - Thursday - June 26, 2003 - by: Mario deSantis
"The fate of the world economy is now totally dependent on the growth of the U.S. economy, which is dependent on the stock market, whose growth is dependent on about 50 stocks, half of which have never reported any earnings." former Federal Reserve Chairman Paul Volcker, September 1999
diverting the public	Canadian journalist Eric Margolis explains in a recent article the cumulative cover up policies of President Bush as he writes
	"He [Bush] is running a political Ponzi scheme: diverting the public from the Enron and stock market swindles by invading Afghanistan, then covering that mess by invading Iraq, and now trying to cover up the growing Iraq disaster by fanning a new crisis with Iran."
	Further, Margolis explains the hypocritical American foreign policies in regard to the history of nuclear development in Israel and Iran.
economy	But where does this latest hypocritical American behaviour against Iran originate? It is the American economy.
free market	The American economy is in deep trouble, and the world economy is in trouble as well. The Free Market has divided people and countries, and the Free Market has also divided the economies around the world.
people	Our economic structures have become more dislocated around the world and it is not possible to provide the economic development to poorer countries with the present Free Market, where we have free movement of money, of goods, of services and of copyrights, but no movement of people.
depreciation	Manufacturing jobs have been progressively relocated in poorer countries and the conventional economists who continue to tell us, for example, that the depreciation of the American dollar is good for American exports.
1 = 75,000	Economist David Korten wrote some years ago that in 1992 Michael Jordan received $20 million from Nike corporation to promote the sales of its shoes and he pointed out that such money was equivalent to the total yearly compensation of the 75,000 thousands workers who produced these shoes in poorer countries.
no hunger solution	There is no way that this Free Market can alleviate hunger in the world unless we all eat copyrighted genetically modified (GM) food as President Bush has been telling the world recently.
trade deficit and war debt	The American economy is in trouble, its trade deficit is accumulating at the rate in excess of US$500 billion and the budget deficit is accumulating at this same rate of US$500 billion as well! The after effects of the wars in Afghanistan and Iraq will be costing the Americans some $54 billion per year for many years to come, and yet there is no peace in either the Middle East or Afghanistan.
oil producers switching to EURO	In the meantime Africa, plagued by Aids and wars, has been practically neglected. Iraq was the first country to adopt the Euro for the sale of its oil. In the last twelve months the US dollar has lost some 30 percent of its value against the Euro and therefore more countries have started to hold Euro as part of their foreign exchange reserve. Recently, Venezuela has begun the selling of its oil in Euro, Iran is planning to convert the selling of oil in Euro, and we can only imagine what would happen to the American economy if OPEC countries would convert to Euro.
so goes America so goes the world	America is experiencing a big economic bubble ready to deflate; the total world gross domestic product (GDP) was some US$33.5 trillion in year 2002, the United States had an economy of about US$10 trillion in year 2002, the total world international import trade was some US$8.7 trillion in year 2002, and the United States imports about 19 percent of the total world international import trade. All the world is in trouble and this is principally because of the United States and the Free Market.
	Mario deSantis
References:
	Pertinent articles publishe in Ensign
	Margolis, Eric Iran's in the crosshairs of Bush's bombsight (PDF) June 22, 2003 The Toronto SUN
	Korten, David FOR THE LOVE OF MONEY http://iisd1.iisd.ca/pcdf/corprule/failure.htm
	Dauenhauer, Katrin Activists Say U.S. Manipulating Meeting to Promote GM Food June 24, 2003 Inter Press Service, http://www.commondreams.org/headlines03/0624-01.htm
	The Globe and Mail U.S. trade deficit swells (PDF) June 19, 2003 http://www.globeinvestor.com/servlet/ArticleNews/story/RTGAM/20030619/wbustrade0619
	US Senator Ernest F. Hollings Delusional on the Deficit (PDF) June 19, 2003 The Washington Post
	Squitieri, Tom U.S. troops may be in Iraq for 10 years (PDF) June 19, 2003 USA TODAY
	Carson, Roy Venezuelan move to replace US$ with the Euro upsetting Washington more than Saddam's uro conversion last November (PDF) June 18, 2003 Vheadline.com
	Hunt, Steven The Euroization of Global Oil Currency: USA using the Euro as rationale for destabilizing the Iranian government (PDF) June 18, 2003 Vheadline.com
	Butler, Amir The Euro And The War On Iraq March 29, 2003 AtrueWord.com, http://www.rense.com/general36/euro.htm
	International Monetary Fund (IMF) The World Economic Outlook (WEO) Database May 2001 http://www.imf.org/external/pubs/ft/weo/2001/01/data/w1.csv
	World Trade Organization (WTO) World trade slows sharply in 2001 amid the uncertain international situation 19 October 2001 http://www.wto.org/english/news_e/pres01_e/pr249_e.htm
	CIA THE WORLD FACT BOOK 2002: UNITED STATES http://www.cia.gov/cia/publications/factbook/geos/us.html
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