The United States’ growing debt burden means the American empire is on the decline while China is on the rise, says Harvard history professor Niall Ferguson.
“People have predicted American decline in the past. . . and been wrong,” he told Yahoo! News.
“But let’s face it. If you’re trying to borrow $9 trillion to bail out your financial system and economy and already half your public debt is held by foreigners, it’s not really the conduct of a rising empire, is it?”
He compared the United States to Spain in the 17th century and Britain in the 20th.
“Excessive debt is usually a predictor of subsequent trouble.”
The government debt burden is expected to total 56 percent of GDP this year.
While the U.S. is fading, China is rising, Ferguson says. “There is a fundamental relationship between economic change and political change,” he points out. Read More
I feel that Obama intended to bankrupt America from the start, just look back at what he has done over the last 9 months to put the country in debt to China!
One of America’s wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that prosecutors say generated more than $25 million in illegal profits and should be a wake-up call for Wall Street.
Raj Rajaratnam, a partner in Galleon Management and a portfolio manager for Galleon Group, a hedge fund with up to $7 billion in assets under management, was accused of conspiring with others to trade based on insider information about several publicly traded companies, including Google Inc.
U.S. Attorney Preet Bharara told a news conference it was the largest hedge fund case ever prosecuted and marked the first use of court-authorized wiretaps to capture conversations by suspects in an insider trading case.
Rajaratnam, 52, was ranked No. 559 by Forbes magazine this year among the world’s wealthiest billionaires, with a $1.3 billion net worth. Read More
Who is Raj Rajaratnam
US citizen residing in New York. Born in Sri Lanka, 1957.
This year he gave $1 million for the reintegration in society of Tamil fighters, whose military movement was defeated in May.
Politics: Contributed to a number of Democratic campaigns, including $30,800 to Barack Obama and $4,600 to Hillary Clinton in the last presidential election. Read More
No wonder America is in a recession! Does anyone besides me see anything strange about this Raj Rajaratnam, the firm is based in New York City with offices in California, China, Taiwan and India. He lives in New York. manager of billions of dollars in technology and health-care hedge funds at Galleon, which he started in 1996 What say you?
The United States is opposed to enacting a new set of financial sanctions against Iran that are due to be discussed in the G8 summit next week, diplomatic officials in New York reported Friday.
According to officials, sanctions against Iran are expected to top the G8’s agenda.
U.S. officials claimed that a tough stance toward Iran could backfire, bringing about an opposite outcome to that desired by those who support such measures.
Obama is another Jimmy Carter when it comes to dealing with Iran! These countries such as Iran and NK is laughing at the weak boy Obama! America is weak because of a weak president!