Essay: America’s situation of 2008 discussed

Sample Essay

History doesn’t stop. Authors write that when Americans were sitting back at home and relaxing, demanding bread and entertainment, Asia was working hard on its feet by the outsourcing done by the Americans. The result was that for every dollar of revenue for Asia, six cents were written to the American liability section. In 2005, for every $19, they are spending $20; they were getting poorer at the rate of $80 million per hour (Bonner and Wiggins 36). They could have spent much less on technology, clothes, houses, cars and military and still be at their best. But the bubble phase wasn’t over. In 2008 the bubble busted and the debts suddenly had to be paid.

Authors explain that empires get rich when the main state provides for its vassal states and these in turn earn to boom economy and raise the standard of living over all. But authors write that America rose by borrowing from these vassal states which can cease the process of lending money at any time. These dependent states can call out for the loans in the market which can destroy the dollar and lead into economic recession at anytime. In a time period when America was under the powerful effect of imperialism (and it still is), they were exporting public goods, which travelled to Asia and North America and then back the money came to America. What they didn’t realize was that this money was coming at a deficit; economy was facing a loss when others were building on the capital, working and saving, developing factories (Bonner and Wiggin 36). They weren’t under the illusion of a safe future. They did not have the dollar.

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