US debt triggered global crisis

Press TV
Friday, Nov 28, 2008

The US has imported 5 trillion dollars more than it produced in the past decade and this was a major cause of the global financial crisis.

An aide to Klaus Schwab, founder and chairman of the World Economic Forum quoted him as saying that, “Imbalance triggered the current financial crisis.”

As debt became unsustainable, governments had to step in to cover losses, he said.

(ARTICLE CONTINUES BELOW)

The upcoming Davos forum, which convenes in January, is to focus on the crisis, under the banner “shaping the post-crisis world,” though there is no indication yet that the economic woes are set to end by then.

Some 1,200 business professionals and at least 43 public figures are set to attend the 39th annual forum, the aide said, noting this was to be a “record participation” level.

Russian Prime Minister Vladimir Putin will open the event, while the names of the other senior participants will only be made available a week before the start of the conference.

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7 Responses to “US debt triggered global crisis”

rich Says:
November 28th, 2008 at 6:53 am
any G7/ country could have been the lead domino !!!!!!!!!!!

http://www.youtube.com/watch?v=P8fgAS0w9Q8

goldieshouse.piczo.com
Rob Says:
November 28th, 2008 at 7:52 am
Micro problems translates into Macro crisis and that in turn becomes a Global Crisis (like the one we are now witnessing). With globalization of tared, commerce,finance and communication via internet and communications super highway. Those who advocate NWO, did not forsee this crisis since they were more intoxicated with their global power base. Other wise there is no other contemporary Economic, social and political theories that can properly explain the crisis and its magnitude. This is just the tip of the ice berg and far more painful details are yet to come.
Most likely it will end up in a global correction and starting with fresh clean slate by way of one time writing off of all international debts and credits (both Micro and Macro included), i.e. starting with Credit Card loans to Personal lines of credit, to student loans and adjusting the mortgages to the Net Presnt Value of the Real Estate (both residentail and commercial) and on Macro level all IMF, World Bank and every development banks loans to the developing countries.
The task is monumental but if it is not done properly and with pain now then it will come back to totally crush the Global economy.
This is the exact reason why Usary is forbidden in the Torah and Bible.
rw3 Says:
November 28th, 2008 at 9:54 am
Crash the dollar, bring in the Amero… HELLO servitude!!!
Terry Says:
November 28th, 2008 at 12:41 pm
This country produce products? Manufacturing has been shipped out of this country. The next to go is the auto industry in the US. It looks like Mexico will win that contract because of delivery costs. LOL, we do manufacture problems here and do export them.
Do Logic Says:
November 28th, 2008 at 4:48 pm
So, let me get this straight, imbalance is not the guy (China, Japan, Arabia) holding onto all the dollars fault, it’s the guy (U. S.) who gave it to them at fault? WTF?

TRADE is a door that swings both ways. If someone puts a stop under the door, is it your fault for walking into the door and expecting the door to swing away?

Care to guess what was the precursor to the Opium Wars?
Amero-NO Says:
November 29th, 2008 at 12:55 am
Does anyone out there really still believe that the US government controls the so-called ‘US’ dollar?
Its not rocket science, folks, but THEY will try to make it look that way with their CFR and lap dog corporate media.
All significant/relevant US politicians and policies have been eaten up (bought & paid for) by the same old Europe-based international banking SYNDICATE that Kennedy, Lincoln, Andrew Jackson, Benjamin Franklin, John Adams, and George Washington were all trying to get away from.
(Legal) “Corporate Personhood”=
Corporate Media Cartel=
MoneyPolitics=
‘Fed’&CFR puppeteers=
USD global currency & empire=
USD debt ‘blowout’ & Fn. Crisis=
where we are right now, folks.
Amero-NO Says:
November 29th, 2008 at 12:59 am
Worth a look, for those who are not already literate in monetary history and what modern money is:
http://video.google.com/videop.....2583451279