US and Australia both suffer from broken Federal systems that have way too many politicians in state and national upper and lower houses. These institutions are from another era.

The legislative and strategic planning gridlock we see on every major reform is destroying any chance of our governments to make a significant contibution in shaping the 21st century.

The cost of over-government is running at around a trillion for the US and $50 billion a year for Australia each year. Meanwhile the already extreme gap in wealth is continuing to widen in both nations.

It will take gifted and corageous political leaders to provide the narrative and vision to enagage with citizens to embark upon the major restructuring that we both desperately need.

colour red[col rouge]..quote""but strangely,
in the 1980s it was the USSR which collapsed...""

and the people got shares

cobntrast this to when capitalism went bust
they bailed out the rich..and the people got 'AUSTERITY/measures'

THEY BOTH GONE BUST MATE..!
but capitalists got a bailout
[or rather a long series of bailouts
while the people paid extra taxes..clever stuff eh what...!

""Go figure...""

YEP..!

""IF the USA is so bad a place...
why do people queue up to get smuggled in""

mate the green card is a dream for the peons
sold the 'american dream'...these hopeless fools seek hope
sold a dream they soon realise is minimin wage[or work for tips]

to wit conned
[and if they are allready rich
they love the idea..of peons bailing out capitalists

""If collective control of everything,""'
or selective control by 5%..
of 95%...of everything

same same
the commie 'party members got theirs first'
when the poor were given shares..the oligarkkk's got it

if the poor get wages...the rich get bailed out from govt lending it from those they lol bail out[how insane is that]..thanks be to fractional reserve replenishing the credit...our bailouts paid for the babnks to leverage..into EVEN more credit/debt

[too big too fail?
CUT THEM OFF AT THE KNEES
or the neck"

hit em in their purse*

""people risking land mines and bullets
to escape over the Iron Curtain...""

cause they swallowd the capitalist dream
they looked at their empty shops
and wanted the stuff

[but didnt realise that takes money...
the commie peons didnt know..things cost money and pride]

the only reason the shops are full
is cause each lable has its lurk[trade advantage]..
same product other 'brand'..none of which poor peons can afford

""There is nothing in your proposals
which have not failed in the recent past""

yes the elites
are like that bum fluff stuff
that floats...scum floats to the top

a pox on both their houses

Isn't it ironic, that the mighty US of A, should find itself in bed, with the swill & PIIGS, and sharing their legendary sticky situation for a Lifetime ? It not only comes as a universal shock, it will reverberate for yonks. The embarrassment & abysmal humiliation - like their European cousins across the Atlantic. One is judged by the company one keep. An ignominious reversal of roles for a Super Power !

Despite gurus Warren Buffet, Tim Geithner, Donald Trump etc ridiculing & defaming the credit agencies for double dealing, the fact remains, the US Economy is invariably junk status. It has a dysfunctional junkie addiction to debt. Always have. It is living beyond it's means. For decades, the Economy has been kept alive by Treasury's printing presses. Paradoxically, the American Dream is illusionary. By every measure, it caused the Global meltdown. The horrific aftermath is till to be felt. Aust Retirees with Annuities, and others in the workforce hoping to cash in their Superannuation, have suffered a 7-10 % drop in yearly earnings. Hopefully, Gillard will raise the 9 % subsidy to 12 %, so retirees can gracefully. Leave the workforce, in relative comfort. Wall St, and share markets have lost$ 800 B. Aust alone lost $ 150 B at the ASX. Commodity prices have nosedived. The AUD is back to $ 0.973, after the major currencies ie. Yen and Swiss franc.

Typically though, the overall perception in the US, is to shoot the messenger. Ill tidings are definitely NOT on the menu.

Humpy Dumpy took a great fall
Humpy Dumpy, brought down the Berlin Wall.
All the King's horses & all the World's men
Couldn't put H D together again !
The parody of the Rich & famous, maximizing and juggling their dozen or more credit cards. Pay Peter to pay Paul.

cont..

Not surprising, the US Constitution ( 1792 ) guarantees Treasury & Mint produce, currency on demand ? Only Congress can appropriate money Bills, and borrow on credit. The Doctrine of Sovereignty can overrule any creditor from suing, if the Govt reneges on it's promises. The 14th Amendment actually stipulates a debt ceiling !

After weeks of deliberations, and finger pointing between the chagrined Tea Party, Dems & Reps, Congress finally approved an extension of borrowing to $ 17.0 T, over ten years. With GDP at $15.0 T & debts of $ 15.5 T, investors soon panicked, and opposed further loans. Forcing a default. China has $ 1.2 T invested in Treasury Holdings; Japan $ 12.4 B; UK $ 346.5 B; Aust $ 11.2 B. It's patently obvious, the US is on a downward spiral, out of control, and resembling a banana Republic Sovereignty.

The US defaulted in 1930, during the 1929-32 Great Depression.

Throughout it's History, from the Civil War, and all it's numerous conflicts, War reparations have been a costly exercise in frugality,and a painful drain on the Economy. It has virtually drained Fort Knox's 20,205 m/tons Gold Reserves to less then 22 % holdings, today. Depleted it's Treasury consistently, but encouraged the proliferation of printing indiscriminately, more fiat currency, to meet it's voracious appetite. It made America's competitive Industrial & Manufacturing might.

There is little doubt, a double dip recession is now underway. Under the current dynamics, with Congress & the President's unchanged Fiscal and Monetary Policies, the position is irreconcilable and unsustainable. in the short term.

Under the present regime, the Fed's owe $ 60 B in actuarial liabilities eg. Welfare, Medicare, civil and military salaries. Fed & Veteran Retirement Benefits etc. A whopping 85 % of States in the Union, are suffering Budget blowouts. 10-15 % unemployment. Breakdowns in Municipal services: Health, Police,sanitation etc. Operating at only half capacity. Business confidence is waning. Consumers are disenchanted, and not spending. Preferring to ride out the dismal outlook and crisis. Source: CBO ( Congressional Budget Office )

No matter how you view the crisis, the status quo,

cont..

status quo, has irrevocably changed, and no amount of obfuscation, denials, hyperbole, etc will restore the World's Super Power to it's former glory and edification.

You may fool people, some of the Time, with smoke and mirrors. Hype & hubris etc. Comes a time, the chicanery simply loses it's mojo magic !

More's the Pity.