Dear All, Even it looks like that the financial crises problem origins at USA but its effect will felt every corner in the world. Lets see if I can explain how this problem has accumulated for more than 20 years. Most of the countries in the world have invested, lend money to USA to use it. In return of this cheap money inflow, they have got great access to their products in USA. USA customers were happy to use this cheap money and spend it like free fall. This has created a bubble in home prices (Cost of a house price shoot up to 4 times some areas). People in USA have become addicted to cheap money and easy credit access where they should not have in the first place where they can not afford it. Second problem is that USA is no longer in leader for new technologies and in competition like before. Their manufacturing industries have evaporated last 8 years. Few of US policies made worst for not letting new students to study in USA if they were not from Europe and India. So revenue of USA has dropped in every areas you can think about it. Third problem is that USA consumes more product than they manufacture, like importing more than they can export. In this case China & India have beaten them badly. By looking at this financial crises, I predict that this financial slump will stay between 6-8 years unless some miracles happen. USA is not in good condition like 1930's or 1980's where USA has greater advantage in new technologies and were very few competitors compare to China and India. Iraq war cost USA more than $700 Billion and more than $2 Trillion dollar benefit for injured soldiers. This will be a great burden for USA form the years to come. Forth problem is that foreign countries won't lend cheap money to USA like before which can bring down the standards of living in USA. Our children future in USA might be in trouble by looking at all the indication that I can see. So the bottom line is that it does not matter which prism you use to see USA future, it looks bleak and scary. I like to urge everybody to have plan B in their financial solvency. We may have to adopt lower standards of life in future. This is the compromise we have to take either we like it or not. God Bless America and her people. Regards, M. M. Chowdhury (Mithu), USA |
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