Foreign Papers Tell Different Story

April 1, 2008 at 4:32 pm (Media)

This British newspaper declared our Great Depression for us.  Meanwhile, over the pond here in the US, we’re growing more confident by the day that everything is all right.  We have to read foreign papers to get the dish on a plan to nationalize our bankrupt banks or to hear about how some homes are worth less than their copper pipes.  Reading about the US in foreign newspapers presents a completely different impression of us than we get at home, of course.  An Indian paper mentioned George Soros’s opinion of the US economy (hint: he disagrees with the optimists).  In fact, it almost seems as if we’re the homeless guy on the train who keeps coughing loudly, without covering his mouth, and the international community is slowly stepping away.

Instead we talk cheerfully about giving the Federal Reserve ultimate power as a solution to our very temporary crisis, which is especially appalling since the Fed has been proven in court to be a private institution.

Our papers lately have had very optimistic headlines.  Most economists feel that the health of a nation’s economy is a bit of self-fulfilling prophecy, and therefore consumers need to be encouraged in order to avoid hoarding and encourage spending.  That’s why we get so much cheerleading in the news, with naysayers being ridiculed.

It’s true we have a great country full of resourceful people.  But it’s also true that we’ve acted in a very short-sighted manner, and we’ve exported the industries that make a country fundamentally strong.  We’ve become a service-oriented country that primarily sells services to itself.  And now the people buying those services are running out of money.

Today’s article of doom: cell phones more deadly than smoking.

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