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<nettime> Washington may well have created worse than WorldCom
Profitinafrica on Mon, 8 Jul 2002 11:01:07 +0200 (CEST)


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<nettime> Washington may well have created worse than WorldCom


Dear Nettimers

I liked the perspective of Mr. Huber >>>>> Mr. Huber, a senior fellow at the 
Manhattan Institute, is a Washington lawyer who represents Bell companies and 
other telecom concerns >>>>>> as he describes what has happened in the last 
30 years of the telecom industry.

Thanks to a long history of political involvement in economic and market 
issues we in the USA have had a series of regulation and deregulation 
fiasco's for decades .... railroads and trucks .... airlines .... health care 
.... insurance ..... savings and loan ..... real estate investment ..... 
interstate banking services ..... telecom ...... etc. etc.

In each of these ...... one group of Americans got wealthier while another 
group of Americans got poorer. The wealthy generally were able to stay in the 
growing wealthier group, and the system essentially remained stable.

But there is another dimension of instability that is going to emerge sooner 
or later. It is the global instability caused by the enormous (apparent) 
wealth of Americans versus the poverty of much of the world's people, and it 
is the ongoing trade deficit that is removing real wealth from the USA, 
without any immediate impact on the perception of Americans' wealth, and it 
is the amazing consumption of global resources in the US economy while the 
vast proportion of the world's people have no wealth and use few resources. 

The house of cards that was Enron, and then Global Crossing ...... and 
WorldCom may soon turn out also to be the US economy .... and in turn the 
world economy. And I do not believe that the IMF or the world's banking 
system has any way to prop up the US economy when it implodes taking the rest 
of the global economy with it.

I want to be wrong ...... but I have enough academic training and life 
experience to suggest that I may well be right.

Peter Burgess
______________
T. Peter Burgess
VP and CFO ATCnet
New York USA
Tel 212 772 6918 Fax 707 371 7805
website: www.atcnet.org 
email:   profitinafrica {AT} aol.com / hivaidsstories {AT} aol.com
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