America Is Economically and Militarily Distressed—Reflexes Of “Great Depression” Of 1930s
 Carlisle U.O. Umunnah

The United States is facing an economic and military crisis. It must be stated that this national crisis was partly instigated by greed, corruption on Wall Street, and by extension her interventionists-al-belligerency on two fronts— Iraq and Afghanistan. For record, besides the Great Depression of 1930s, America’s financial institutions are witnessing a record breaking melt-down, a shattering imbroglio ever witnessed by mankind in recent history.

The decade looting on Wall Street by Wall Street CEOs’, lack of accountability, lack of strict regulatory policies by Congressional lawmakers on Capitol Hill, abuse of generous national surplus over time and place made America loose track at oversight and even, sense of urgency, is unprecedented. The current suggested staggering, jaw-dropping 700 billion dollars tax-payers to bail-out distressed financial giants must again go without accountability, strict oversight in terms of where the funds will go and what happens to middle class Americans of all ages. These aforementioned proposals must and should take into consideration distressed homeowners who cannot afford to pay their mortgages, whose properties are already in foreclosure needs bail-out, too. This is not time to give “blank checks” and “handouts” to these multinational financial establishments and its CEOs, it’s time to investigate looters on Wall Street and hold somebody accountable for these colossal melt-down.

 Some financial experts are furious about this financial earthquake that has rattled United States. Ben Stein, economist, is angry about current economic mess and wants everybody to know, he is “peeved with the $700 billion proposed Wall Street bailout and its architect, Treasury Secretary Henry Paulson.” On CNN interview, Stein, demanded Paulson be "fired.” And that President Bush should go on National TV with Obama and McCain on his sides and declare, “we are going to make sure that you Americans are going to stop being looted by Wall Street." Stein went on to say that, this is 1st-class disaster. The worst Treasury regulation of the economy in my lifetime. ... The effect of this on the ordinary investor and pre-retiree ... is just catastrophic for the free enterprise system." Also, John Gapper, the Financial Times columnist, added, “Get Henry Paulson to give some money back.” "Mr. Paulson now declares himself shocked, shocked that structured finance was going on Wall Street but he was there at the time, and the $18.7 million bonus he received for the first half of 2006 presumably reflected it,". “I wonder if, as a public gesture, Mr. Paulson might consider handing that bonus over to the Treasury’s fund and lowering the U.S. taxpayer’s bill by $18.7 million." Fellows this is a colossal financial earthquake, this is an interesting times.

Americans are angry with Bush administration for, its failings, lacking in vision, leadership and brazen unilateralism at dealing with international community as reflected during U.S. spearheaded 2003 military intervention in Iraq.

Militarily, Russia has intensified her hostilities with United States because of her former satellite State, Georgia. Tbilisi’s cozy relationship with U.S. led NATO has angered Kremlin, Moscow, triggering off neo-Cold-War with U.S.  Aggressive military posturing: Russia has dramatically increased its military presence in Southern-American shores. Surprisingly, media industry here in United States, has refused to report Russia military activities in Southern American shores ignoring Monroe Doctrine, which sees foreign military engagements inside this hemisphere as unacceptable. Recently, Russia has offered Venezuela’s Chavez Weapons, including Nuclear Cooperation Pact.  

According to Sebastian Alison & Henry Meyer’s commentaries, “Russia offered visiting President Hugo Chavez of Venezuela $1 billion in credit to buy weapons and nuclear cooperation amid worsening relations between both nations and the U.S.” ``We are ready to implement all our accords in the military sphere,'' Russian Prime Minister Vladimir Putin remarked as he met Chavez at his residence outside Moscow late today. He told him that Russia was also ready to consider cooperation with Venezuela in atomic power in addition to high-technology and energy.” Reliable inter-fax-communications say this is the second time in two months, Chavez has visited Russia.

 Economically, Venezuela relies on U.S. refineries for her crude productions and localizations. According to reports, “OAO Gazprom, OAO Lukoil and TNK- BP, three of Russia’s biggest energy companies, may join with Petroleos de Venezuela SA to work on projects around the world.” As Russia makes its military presence known at U.S. backyard, I think it presents two things: 1) political and economic aggression, and II) to send a strong message to U.S. led NATO military joint-exercises within former-Soviet borders like Georgia and other former Soviet Satellite States and make it known that such exercise will not be tolerated nor left unanswered under no circumstances.  

Recently, U.S. military joint exercise with Georgia is seen by Kremlin as a threat to its national security and promised to respond. According to report, “Russian warships sail to the Caribbean Sea for joint exercises with the Venezuelan navy, and shortly after two Russian Tupolev-160 strategic bombers returned to Russia from a brief training visit to the South American nation.” Russian relations with the U.S. have declined over Russia’s war with U.S. ally Georgia last month. Venezuela is leading a “drive to push back historic U.S. influence in Latin America.” Caracas called U.S. influence on Latin America, imperialism.

Analytically speaking, with neo-proliferation of arms-race on the rise, were does this leave America with her distressed economic melt-down on Wall Street, overstretched military in Iraq, Afghanistan and elsewhere compared to Strong Russia economy built under Russian nationalist, former KGB agent, Vladimir Putin for a decade?

As it were, even though U.S. media refused to report Russia military presence in the region, this however does not stop Russians aggressive posturing in recent times. We must observe that, “Russia has been stepping up efforts to court anti-U.S. allies in Latin America since the conflict with neighboring Georgia, sending high-level delegations to Cuba, Nicaragua and oil-rich Venezuela.” Chavez administration has been a thorn on the United States since the failed attempt to overthrow his administration in 2002 or so, which Caracas blamed on Washington, which Washington immediately denied.

Venezuela is dong his own bidding: visiting Moscow Chavez said that Russia has a role to play to safe-guard “freedom” and liberty in Latin-America. Putin reply was in affirmative, “of course very important in a multipolar world and we are moving more and more toward this vector.'' Venezuelan leader’s visit to Kremlin is a concern to the U.S. even if Washington refused to admit it. For instance, “Kremlin announced that Russia had agreed to issue a $1 billion credit line to Venezuela for ``the realization of military-technical cooperation programs.'' Now, during Soviet-Communist Era, terminologies such as, “technical cooperation” means Russian authorities’ description of defense sales to friendly states to protect its strategic interest and sometimes serve as deterrent to foes. Already, “Venezuela spent $4.4 billion on 12 contracts for Russian weapons from 2005-2007, reports Kremlin. 100,000 Kalashnikov rifles, 50 military helicopters and 24 Su-30 jet fighters,” these military defense reports were made possible by U.S. Defense Intelligence Agency. As if that is not enough, Russia, “is now in talks to sell air defense systems, armored personnel carriers and new-generation Su-35 fighter jets due to start production in 2010” cited Kommersant newspaper reported on Sept. 18, who cited state industrial holding company Russian Technologies chief Sergei Chemezov. This also includes, buying, “Russian diesel submarines” currently under negotiations, plus 2006 “signed deals for $3.1 billion in weapons; plus building Military factory.  Russia has agreed to, “Establish a factory in Venezuela for the production AK- 103 assault rifles and more for more than $500 million”. This is not good news for U.S. national security and its NATO allies.

Economically, while U.S. economy slides, Venezuela and Russia are establishing a consortium for energy cooperation—this, Chavez declared will be biggest in the world. In a life telephone call to Venezuela, Chavez said, “This will be the biggest consortium in the world that will operate in countries around the world. '' in another instance, Chavez has called Russia the guarantor of a ``multipolar world.'' In worsening relations between Washington and Caracas, report has it that Caracas “expelled the U.S. ambassador to Caracas as Venezuelan-U.S. relations worsened”.  I must state that territorial tension and territorial rivalries have always been about resources control and global dominance by bigger-powers lording in over smaller-powers. 

To anger U.S. and NATO, Venezuela, Nicaragua and Russia have recognized breakaway provinces of Georgia, Abkhazia and South Ossetia, after Georgia-Russia conflict.

Finally, with these international tensions, domestic economic crisis and military maneuverings without end in sight, and with arm-twisting going-on in the Capitol Hill between Republicans and Democratic led Congress over gaining advantage of  staggering sum of 700 billion dollar bailout negotiations for collapsing financial establishments on Wall Street, does indeed grandstand the interest of middle-class working Americans. It’s susceptible to infer, with possible McCain or Obama Administration in less than 4 months transfer of leadership in Washington to another group of Americans that would led her under this crisis, do American citizens have the stomach to handle these crisis that we face or will this reminiscent 1930s economic melt-down? Another question is, when will political posturing and grandstanding end in Washington? Senator McCain wants to fix the economic melt-down on Wall Street before first national debate can take place at University of Mississippi in Oxford. In other words, unless the economy is fixed the world must stop. Is this leadership and good judgment? Hear McCain, “I'm very hopeful that we'll get enough of an agreement tomorrow so we can make this debate," McCain said Thursday on NBC's "Nightly News."

Obama responded though, "Senator McCain has no need to be fearful about a debate." “He’s a person of strong opinions and he's been expressing them on the campaign trail." For record, Senator McCain’s contradictory remark this whole campaign year leaves some doubt about his judgment and candor and this doesn’t appear presidential. He gives the impression of one showcasing the usual tired Washington politics. By Friday McCain Campaign issued a statement it wants to debate, “…At a moment of crisis that threatened the economic security of American families, Washington played the blame game rather than work together to find a solution that would avert a collapse of financial markets without squandering hundreds of billions of taxpayers' money to bail out bankers and brokers who bet their fortunes on unsafe lending practices." But looting has been going on for more than a decade in Washington and Wall Street on taxpayer’s funds and 401(k). Essentially there are hypocrites out there. The big question is who is benefiting from current financial crisis that had earth-quaked global international financial market system?  

Additionally, can the United States put on her moral compass, restore confidence at the International global market economy, restore strict regulatory policies and restore fiscal responsibility on Wall Street and hold corrupt CEOs accountable, as she addresses current prevailing threatening challenges and difficulties that we face or will her actions and inactions dwarf “the Great Depression” of 1930s?  

 My perspective in this is that America can recover from the impending catastrophic collapse. It is important that she do the right thing; she must repent and satisfactorily humble herself, turn-away from arrogance, greed and her quest for global dominance. She must investigate looting on Wall Street and make example of corrupt CEOs and cronies. She must return to the faith and resiliency that characterized our founding fathers, bequeathed us by our forbearers in this choice land. Americans and American homeowners deserve to be bailed-out, however. Just bailing-out corrupt failed financial institutions & her CEOs is lunacy, for we are all God’s children. If she does this, God will forgive her and heal her land(s)—but if she rejects these propositions, she will be visited further alongside other corrupt global institutions, nations-states and corrupt financial partners with unprecedented collapse even the wroth of God will come upon her, for God will not be mocked.

 Carlisle U.O. Umunnah is New York Based Freelance Writer

Contact: cuu1_liberties@yahoo.com

September 2008  

Robot  Villager

# 1 My perspective in this is that America can recover from the impending catastrophic collapse. It is important that she do the right thing; she must repent and satisfactorily humble herself, turn-away f...Read the full article. Posted by Robot| 17.10.2008 00:54