What’s happening with the economy?
1. Private pension funds, which have invested in the stock markets, have lost a lot of money.
According to James Petras, at Axis of Logic (Lessons from the Collapse of Wall Street) , 4 October 2008:
In the USA, “All the major private pension funds for public and private employees… have lost anywhere between 23% to 30% since January and show negative growth over the past 5 years…
“Linking pension funds to the stock market has severely reduced the living standards of retirees, forcing many to remain in the labor force into their seventies and beyond or to sink into poverty.”
2. Service economies, like the US economy, which make much of their money from banking, insurance, real estate, and wars, are now in difficulty.
The USA is suffering from its neglect of manufacturing industry and infrastructure such as transport and education.
3. The Pentagon, now allied to the Zionists, is America’s main problem.
Too much money has gone into the military industrial complex and financial speculation rather than into US steel factories and the US manufacture of computers.
James Petras wrote:
“Trillion dollar military expenditures… diverted funds from the application of technological advances and high-end manufacturing…
“The entire axis of economic power shifted from industrial to financial capital.
“Finance capital essential to funding government budget deficits incurred through military expenditures, grew in influence – Wall Street replaced the steel-belt as the axes of power in Washington.”
4. The USA needs to get rid of the bad guys (friends of the Pentagon and friends of Israel) if there is to be a recovery.
According to James Petras: “Economic recovery is contingent on ending budget busting military imperialism. That will not happen unless there is a wholesale replacement of the political elite…”