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Editorial January 26, 2008
 
America’s Dangerous Decline
By Eduard Lukasovich Browse author
 
Page 2 of 2
 

The free market teaches us to be fiscally responsible and competitive in a fair and transparent manner, and when we aren't, it punishes us. America is being irresponsible by pretending it is still a hyperpower; the laws of the free market responded with an insurgency whose wage costs vastly undercut the bloated American soldiers' costs. The market beat America's illusions. This was the genius of free markets at work.

Likewise, America today is propping up an outmoded banking sector which cannot compete with the Chinese or Russian banks. The free market is pounding America's uncompetitive banking sector with bullets of market reality. This will continue. And America will lose this war as well.

To change America's behavior, we in Russia, along with our Chinese and Indian peers, must offer them carrots and sticks. If they slash government spending on welfare programs and unnecessary military costs, cut subsidies to the banking sector, and privatize the Grand Canyon, then our countries should reward them by extending restructuring loans to Citibank and other institutions, provided that those loans are converted into cheaply-priced shares, and that eventually, America's streets will be lined with banks whose names are announced in Cyrillic, Sanskrit and Kanji. However, if Bush continues to defy the free market, we must cut off America's credit dependency and push their system to fail. It's for their own good.

Eduard Lukasovich is the Central American correspondent for United Russia magazine. He contributed this comment to The eXile.


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