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"The America We Knew Has Died"

Published:

Doug Casey: America Has Died

Wednesday, July 29, 2009 4:00 PM


As the Obama administration has taken over the car industry, the banking industry, and the insurance industry, some experts now believe that American style capitalism is dead. Doug Casey, a free market capitalist and founder and chairman of Casey Research, is one of them.

 

“Unfortunately, the idea of America has died and it’s been replaced by another political entity called the United States, which in essence is no different from the 200 other countries spread across the globe,” he says.

 

In an exclusive interview with Dan Mangru of Newsmax TV and Moneynews.com, Casey tells why he sees American capitalism on the decline and why other countries such as China will eclipse the United States.

 

"The average entrepreneur in China has a lot more freedom than the average entrepreneur does in the United States. He pays a lot less taxes ... he's got a lot less regulation," says Casey.

 

Casey goes on to tell Mangru that Communism is a "scam" and is designed to cheat workers.

 

Casey also believes that the United States has not seen the worst of the economic crisis.

 

“We’re just starting to see the beginning of what’s going to happen,” Casey says.

 

The United States has already entered what Casey calls the Greater Depression, one that will be much more serious than the 1930s.

 

“This depression can be as long and as deep as you can possibly imagine,” he says.

 

The reason most people don’t realize this is that the majority of those giving economic opinions aren’t economists describing how the world actually works but political apologists describing how they think it ought to work, Casey notes.

 

“Everyone’s looking to the government for a solution, but all the government does is tax and regulate and inflate the currency,” Casey says.

 

Trillions of dollars of phony inflationary capital people believed were real assets have disappeared, says Casey.

 

That’s going to continue to deplete the value of the dollar and guarantee catastrophic inflation in the future.

 

“If you’re relying on the U.S. dollar, you’re relying on a figment of the U.S. government’s imagination,” says Casey.

 

“To me, holding U.S. dollars for the long term is about the most stupid thing you can do.”

 

“Gold is the only financial asset that isn’t someone else’s liability.”

 

Casey notes that there now are some $7 trillion held outside the United States.

 

Eventually, Casey thinks foreigners will realize they’re holding hot potatoes and begin trading their dollars for things of real value.

 

“Those dollars are going to come back to the United States and we’re going to be shipping out wheat and farmland and titles of companies, Casey says.

 

“Inflation is going to explode in this country and the amount of real wealth is going to diminish.”

 

“This is a really big problem, this is something of historic proportions.”

 

Naturally, foreign countries don’t want to see the value of their dollar holdings tank, but they don’t want to hold dollars either, which is why the Chinese and others aren’t selling dollars on the foreign exchanges but using them to buy hard assets instead.

 

© 2009 Newsmax. All rights reserved.

Entry #14

Comments

1.
konaneComment by konane - July 30, 2009, 2:02 pm
Great information, thanks much for posting!!!!
2.
Comment by chouquounette - July 30, 2009, 2:08 pm
Thanks for posting...This is such an accurate description of what is going on in this country...
3.
Rick GComment by Rick G - July 30, 2009, 3:12 pm
I agree on all counts. Our federal lands will be next on the trading block and China can hardly wait.
4.
AceKickaComment by AceKicka - July 30, 2009, 4:09 pm
I don't choose sides, I will ALWAYS tell it like it is. Doesn't matter to me which administration we're talking about. Another thing - I won't put up with the far left OR the far right. When it's wrong - IT'S WRONG!

It really is a screwed-up situation that we're witnessing. This was once a great country, and until our 'so-called' leaders tell the truth about what's going on and do the hard work that it takes to correct things, it's only going to get worse.

Make no mistake - it WILL be tough. They all want to hold onto their jobs & positions. What about for the good of the country?? That's at the top of MY list. I say we get rid of about 90% of them. What kind of BS is it that the same ones who helped get us into this mess are considered experts AND ARE STILL THERE!!???

Wake up AMERICA! THE REVOLUTION WILL BE TELEVISED!!!
5.
justxploringComment by justxploring - July 30, 2009, 4:51 pm
"I don't choose sides."

Yes, that's true. As long as it's a side that is against everything the current administration does.   So Obama has taken over the auto & banking industry? We never had government run insurance programs before Obama was president? Reminds me of someone blaming Obama for the illegal alien whose family just sued a hospital in FL because they deported him. He had $1.5 million in medical bills after being paralyzed and brain damaged in an accident. I think his accident was 3 or 4 years ago, but let's blame Obama for that too. I don't approve of everything that's going on in Washington either, but because so many people seem to have political amnesia, I'll post some quotes from reliable news sources from 2008.

"U.S. President George W. Bush, saying "our entire economy is in danger," urged Congress to approve his administration's $700 billion bailout proposal."

"President Bush and Republican presidential hopeful Sen. John McCain pleaded with GOP members of the House to end their party rebellion and quickly approve a Wall Street bailout plan."

"The Bush administration warned today that the US economy could not withstand the collapse of the US auto industry and said it might be willing to provide emergency funding to bail out the automakers, a day after Congress failed to pass a bill doing the same. "

Rather than continue, I'll only say I wish you were all just as passionate during the previous 8 years.

http://costofwar.com/



6.
AceKickaComment by AceKicka - July 30, 2009, 7:50 pm
Just X - I didn't write that story. I just can't dispute it. Can you? Point out ANYTHING in the article that is wrong. Maybe you didn't see where I was criticizing the Bush administration not too long ago. As I stated - I DON'T choose sides. That means I'm also NOT mesmerized by anyone. I don't mind debating you on the issues as long as you're being honest.

I in NO WAY supported Bush in the past 8 years. AS far as I'm concerned they're the ones that allowed all this BS to happen. But Obama's NOT making things any better. You just act as though no one can say anything contrary to the way you feel.

Open your eyes - will you be better off a couple of years from now with what's going on in DC?
7.
justxploringComment by justxploring - July 30, 2009, 9:20 pm
Probably not.
8.
time*treatComment by time*treat - July 30, 2009, 11:30 pm
I've been reading Doug Casey for years. He was writing similar articles during the Clinton and Bush presidencies.
9.
AceKickaComment by AceKicka - July 31, 2009, 12:27 am
Hey Just X - I know you're a good person. I'm just trying to say let's ALL wake up to the crap going on. That's the ONLY way to make the right changes. I don't like to play political games. There's too much at stake.

If this were just an island, that would be one thing. But this is the whole USofA were talking about. We're indebted to everybody else & they WILL come calling! Don't the S.O.B.s in DC realize this?? Our attention span is 'zip'. It is time that we pull together and focus on the problems at hand. We can't just print our way out of this. BILLIONS used to be a lot of $$. We're now talking TRI11ION$!!!

And while I'm at it let me say this...we throw 7, 8 & 9 figures around like it's nothing. What really pisses me off are all these over-inflated sports contracts. And a dayum signing bonus on top of that! Who started that?

I have nothing against someone making plenty of $$ - as long as they EARN IT! There's too many over-rated, over-paid, lazy - as - hell, selfish people in this country. If they had to really go out & earn a living, they'd be lost. At Michael Jacksons' Memorial - why would the city worry about who's going to pay the bill? With all the rich azz people there??

Forget about wrecking our healthcare system - it's a scam. I say just keep cracking down on the ones ripping the system off like they did earlier this week. And the system will take care of itself. We have to fix this dayum economy!! We have to crank up the factories again and begin producing the things in this country that we use everyday. It takes common sense folks.

No need of trying to be the cheapest suppliers - that shouldn't be the goal. It just HAS to be done for our own survival!

Just sounding off a bit (pay no attention)
10.
Rick GComment by Rick G - July 31, 2009, 8:04 am
AceKicka, go ahead and sound off. You have millions of people who agree with you. It is obvious to anyone with a GED in economics that everything they are doing to fix the economy is flat out wrong. Not to mention that flagrant thieves are going unpunished. Our politicians KNOW we are going down and they are looting the treasury before it's "official".

Regarding the Obama/Bush, left/right crap, you are right on. This political divide that has been created is intentional. If we are divided against each other then we fail to see who the real enemies are. Now they are going after our language. If you disagree with Obama's policies you are a racist. If you disagree with Israel's policies you are anti-semitic. Although race and religion have nothing to do with the issues being discussed.

It's wake up time. This is as serious as a heart attack. Obama is a puppet, not a messiah. To support him or denounce him is a waste of time. He's not calling the shots. The bankers, military-industrial complex, Big Pharma, and "too big to fail" corporations have tons more impact on what goes down in this country. The current agenda is a one world communist-style government. This is what we should be united in fighting instead of the Britney Spears relevance of this president or that one.

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