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America - with a begging bowl?

Things aren't looking all that rosy in the land of the free and the brave. The US appears decidedly shaky on the economic front. More concerning still ought to be that the Americans, including major corporations, are looking to Arab and other nations to bail out the US economy.

It is topic which occupies well-known journalist Greg Palast:

"Let’s begin by stating why Bush is not in Saudi Arabia. Bush ain’t there to promote ‘Democracy’ nor peace in Palestine, nor even war in Iran. And, despite what some pinhead from CNN stated, he sure as hell didn’t go to Riyadh to tell the Saudis to cut the price of oil.

What’s really behind Bush’s hajj to Riyadh is that America is in hock up to our knickers. The sub-prime mortgage market implosion, hitting a dozen banks with over $100 billion in losses, is just the tip of the debt-berg.

Since taking office, Bush has doubled the federal debt to more than $5 trillion. And, according to US Treasury figures, on net, foreign investors have purchased close to 100% of that debt. That’s $3 trillion borrowed from the Saudis, the Chinese, the Japanese and others.

Now, Bush, our Debt Junkie-in-Chief, needs another fix. The US Treasury, Citibank, Merrill-Lynch and other financial desperados need another hand-out from Abdullah’s stash. Abdullah, in turn, gets this financial juice by pumping it out of our pockets at nearly $100 a barrel for his crude.

Bush needs the Saudis to charge us big bucks for oil. The Saudis can’t lend the US Treasury and Citibank hundreds of billions of US dollars unless they first get these US dollars from the US. The high price of oil is, in effect, a tax levied by Bush but collected by the oil industry and the Gulf kingdoms to fund our multi-trillion dollar governmental and private debt-load."

Meanwhile, Maureen Dowd, back in the US after her "trip" to the Middle East with George W, voices a similar concern to that of Palast in her op-ed piece in the NY Times "Red, White and Blue Tag Sale" - only with an acerbic and very pointed pen:

"When President Bush finished doing his sword dances and Arabian stallion inspections, when he finished making a speech in Abu Dhabi on the importance of freedom that fell flat, when he finished lounging in his fur-lined George of Arabia robe in the Saudi king’s tent, he came home.

Or he came to what was left of home.

A Washington Post cartoon by Tom Toles summed it up best: “Great to be home,” W. enthuses on Air Force One, heading toward the East Coast. “Anything interesting happen while I was gone?” Hanging on the skyline of New York is a sign reading: “U.S.A. Now a Wholly Owned Subsidiary of Foreign Investors.”

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