Thread: Top Economist: US on Path to Welfare State

A top economist (that I want to learn more about is): Dambisa Moyo.

Read her report below. She has the credentials. Does not make here forecast a self-fulfilling prophecy, but take note of here writing & comments below. Note her reference to the "poorly planned" and "venal" welfare state.

This is what the US has exactly, today: Look at Social Security and Medicare.

Article:
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Economics
Dambisa Moyo: without change US will almost certainly become a socialist nation

Economist Dambisa Moyo predicts in her new book that the West's economic dominance will collapse unless some very difficult choices are made.

Economist Dambisa Moyo predicts in her new book that the West's economic dominance will collapse unless some very difficult choices are made.
Moyo achieved a chemistry degree and MBA at Washington DC?s American University, a doctorate in economics from Oxford and a masters from Harvard before working as a consultant at the World Bank and then for nearly a decade at Goldman.

By Andrew Cave 9:30PM GMT 08 Jan 2011

Dambisa Moyo is that rare type of person – an economist who makes waves. Her first book, Dead Aid, angered many in the charity sector by arguing that foreign aid has harmed Africa and should be phased out.

Her second, which is published in London on Thursday, accuses America and other Western powers of squandering their world economic dominance through a sustained catalogue of fundamentally flawed policies.


How the West Was Lost: Fifty Years of Economic Folly – And the Stark Choices Ahead goes so far as to predict that the US will be a “bona fide socialist welfare state” by the latter part of this century.

“Indeed, if nothing else changes it from its current path,” writes Moyo, “it is almost certain that America will move from a fully-fledged capitalist society of entrepreneurs to a socialist nation in just a few decades.

“The trouble is, it won’t be just any socialist welfare state... the US is on a path to creating the worst and most venal form of welfare state [poorly developed and designed] – one born of desperation from many years of flawed economic policies and a society that rapaciously feeds on itself.”

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There’s plenty more. If current trends continue unabated, Moyo goes much further than the usual surveys predicting when China will surpass the US in GDP – she suggests China’s new hegemony could include the “redback” renminbi replacing the “greenback” dollar as the world’s favourite currency.

“Think about it,” she urges Americans. “Foreign exchange share prices, the price of copper, the price of oil, all in Chinese renminbi.”

The US and other Western powers will be reduced to second division players and the new global powerhouses will not just be China. Forget East versus West. It’s now the Rest versus the old West.

If Dead Aid was labelled “provocative and incendiary”, How the West Was Lost will likely see reviewers’ lexicons raided for even more emotive language. However, Zambian-born Moyo, 41, is not afraid of being a pioneer. The London-based former Goldman Sachs economist is arguably one of the most powerful women in British business, sitting on the boards of FTSE 100 constituents Barclays and brewing giant SAB Miller.

Entire: Dambisa Moyo: without change US will almost certainly become a socialist nation - Telegraph

essential the big banks in New York have failed twice, 1907 and 2007 and both times for pretty much the same reasons, gambling with deposits for their own benefit. in the study of psychology you learn that past behavior is one of the best indicators of future behavior. the next time this happens it will be the end of this country. some say that the banking crisis of 1907 was orchestrated by bankers for the purpose selling the idea of needing a central bank for the US, the Fed.