15 Oct 2008
Shortly after the G7 meeting last Friday, US Secretary Paulson announced that the Bush administration would move to 'sort of' nationalise some banks. But Pepe Escobar argues that this won't be enough to calm the markets in the current financial crisis, particularly as everybody is ignoring the elephant in the room - the massive US trade deficit.
Corporate US offshores everything. With a smaller US deficit, the world would not have been so polluted by so many toxic US finance instruments, argues Escobar. He asks: Where is the discussion about the US budget deficit and the US military budget? Where are John McCain and Barack Obama?