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US debt crisis: the Frankenstein of financial abuse?

US debt crisis: the Frankenstein of financial abuse?

Does the US have the Republicans to blame for the US debt crisis? This Arab News editorial seems to think so.

August 1, 2011 11:26 by



proposal introduced by Senate Democratic leader Harry Reid 246-173, even before the Senate had voted on it.


THE PERCEIVED AND THE REAL CRISIS

The trouble is that this orchestrated crisis has now transformed into a real one with potentially catastrophic consequences for the world economy at a time when it is trying hard to recover from the effects of the 2008-09 recession.

If this standoff doesn’t end by tonight and a deal is not in place by morning tomorrow (Tuesday) before the crucial vote on raising the credit ceiling, all hell will break loose. The US will default on its skyrocketing debt and the greenback will lose its status as the global currency, setting off catastrophic cascading effects across the world, leading to a meltdown perhaps worse than the recent recession or the Great Crash of 1929. By then it would be perhaps too late to blame or punish the Republicans for their stupidity and dangerous antics.

It’s not just this crisis that is of the Republican making. If America has ended up with this backbreaking debt, it’s chiefly because of the Republican wars hoisted on the Muslim world. In a way, there may be some sort of poetic justice at work here. America is paying for its unjust and orchestrated wars. As if the mess in Afghanistan and Iraq, where the US is burning billions in taxpayers’ dollars on



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