Wednesday, March 24, 2010
The passage of the health care law shows that the US empire is declining because it illustrates the fact that people expect the state to take care of them, David Murrin, the co-founder of Emergent Asset Management hedge fund manager, told CNBC.
On Tuesday, US President Barack Obama signed into law health care legislation that expands health coverage for the poor, imposes new taxes on the rich and forbids insurance practices such as refusing coverage to those with pre-existing conditions.
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In their expansionary phase, empires force people to go out, seek risks and fend for themselves, Murrin said, reminding of the dismantling of the British empire after the war, when the National Health Service, which ensures universal health coverage in Britain, was created.
“This (empire decline) is actually a dead-set course that societies get into and it will happen very quickly I’m afraid,” he told “Squawk Box Europe.”
This article was posted: Wednesday, March 24, 2010 at 8:54 am