PDA

View Full Version : Hey U.S., Welcome to the Third World!



Aptrgangr
Sunday, September 21st, 2008, 09:51 PM
Hey U.S., welcome to the Third World!

It's been a quick slide from economic superpower to economic basket case.

September 18, 2008

Dear United States, Welcome to the Third World!
It's not every day that a superpower makes a bid to transform itself into a Third World nation, and we here at the World Bank and the International Monetary Fund want to be among the first to welcome you to the community of states in desperate need of international economic assistance. As you spiral into a catastrophic financial meltdown, we are delighted to respond to your Treasury Department's request that we undertake a joint stability assessment of your financial sector. In these turbulent times, we can provide services ranging from subsidized loans to expert advisors willing to perform an emergency overhaul of your entire government.
As you know, some outside intervention in your economy is overdue. Last week -- even before Wall Street's latest collapse -- 13 former finance ministers convened at the University of Virginia and agreed that you must fix your "broken financial system." Australia's Peter Costello noted that lately you've been "exporting instability" in world markets, and Yashwant Sinha, former finance minister of India, concluded, "The time has come. The U.S. should accept some monitoring by the IMF."

(...)

Hey U.S., welcome to the Third World! (http://www.latimes.com/news/opinion/la-oe-brooks18-2008sep18,0,6908905.column)