New South Wales Cattle Producer John Carter writes:
“This is the third in a series of articles written after my return from the USA where I attended and was a key note speaker at R-CALF USA’s 3 day annual conference held in Omaha Nebraska. I participated and spoke as a representative of the Australian Beef Association (ABA).”
The US Economy Is in Deep Trouble
Radio legend, Derry Brownfield, a friend of ABA’s Christenson family, made a great lunchtime speech at the conference which I think conveys what is happening in the US economy.
In it , he held up a silver 1923 dollar and a paper 2008 one.
He explained that the 1923 dollar is now worth $17 and the 2008 one is worth $1 if he could find someone to pay it. Brownfield believes that the US is now in recession and headed for a repeat of the 1930’s Depression.
(The photo below is of me speaking at the conference. I was there at the invitation of R-CALF USA, the sister organization to ABA, to speak on how our NLIS is performing. Contrary to Australian propaganda of five years ago they don’t have one.)
The US now owes China $1.5 trillion and the Chinese Government is buying huge slices of US private business and public infrastructure.
Debt is seeing the land of free enterprise being socialised by a communist Government in the same way I believe that Australia is being taken by the Singapore Government.
Earlier, on my flight to Dallas, I had read The Economist’s list of indebtedness and interest rates for 43 countries.
The US, Britain, South Africa, Pakistan, Mexico and Australia (in a mineral boom!) are now the basket cases of the developed World.
For nearly six years Australians and Americans have been told that we have a strong economy! The reverse is true.
A TV interview I saw gave me an insight into the depth of the division between rich and poor in the USA. In the interview a big Afro-American female Senator with her white eyeballs gleaming on the screen said ” The Sub Prime Loans are transferring $190 billion from poor and upwardly mobile black people to billionaire bankers and enslaving them for another two generations”.
This made me reflect on something Union speaker Richard Trumka said during his talk at the R-CALF conference “the US average yearly wage was now achieved by the average US CEO in less than one day !”. This is a recipe for revolution.
Barack Obama is capturing a new mood of hope in the US but the American people I meet at the Convention are working for a major change in how Washington treats its electoral masters -the people- as opposed to Wall St and the 92 billionaires in the US.
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Tags: R-CALF USA
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