[Marxism] Aussie capitalists see trouble ahead for Bush

Tom O'Lincoln suarsos at alphalink.com.au
Wed Dec 15 15:58:17 MST 2004

In Australia's right wing "Business Review Weekly", an investment banker
sees trouble ahead for the Bush administration, in Iraq and every sphere.

The Bush fires are burning

By Gerry van Wyngen
BRW. 18 November 2004

George Bush, President of the United States for another four years, may
change the world more than he might hope, or his critics fear. Contrarily,
the outcomes will differ from what is intended. Bush was re-elected on a
platform of keeping America strong, but an obsession with imposing a global
Pax Americana will drain the administration's ability to achieve its
foremost aim. 

The cost of war in Iraq alone is running at about $US100 billion a year. As
was the case in Vietnam, each victory or sign of hope is outweighed by
increasing resistance to foreign occupation. Success in Sadr City and now
the attack on Fallujah capture headlines but each day across Iraq there are
nearly 100 attacks on US-led coalition forces and the ranks of the anti-US
resistance continue to swell. 

Like Vietnam, Iraq will bleed America, yet there is a big difference
between then and now. In 1973, the US was an economically powerful creditor
nation and it could afford the war. Today, it is a weak debtor nation and
its negative position on net overseas assets (investments and loans made by
US entities to foreigners less investments and loans received by US
entities from foreigners) is 30% of gross domestic product (GDP) and
worsening. The US has a current account deficit of almost 6% of GDP, which
also is rising, and it is dependent on large purchases of US bonds by the
Japanese and Chinese central banks to help offset the deficit... 

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