He did it to Arbusto Energy in the '70s, to Spectrum 7 and Harken Energy in the '80s. Enormous debt. Selling his shares to foreigners just days before a negative report on losses, leaving the other shareholders to shoulder the burden.
Now, he's done it to the United States of America. Enormous debt (a $9 trillion turnaround from a $5 trillion projected surplus to a $4 trillion debt), sold to foreigners. Until, that is, the value of the dollar falls to levels that foreigners may prefer other currencies instead -- such as, say, the Euro?
The result?
For the first time since World War II the United States is not the world's #1 economy. We have slipped behind the European Union. (This, according to Erin Burnett on CNBC, Friday, March 14th.)
The European Union? What and where is that? Of course, we all know a "European Union", but that has national healthcare, strong unions, high tax rates on the wealthy, sales' taxes, well-funded pubic transport, free daycare, paid maternity leave..... so there is no chance that this is the same European Union whose economy exceeds the US, because those policies make prosperity impossible.
9/11, Iraq, Katrina, Deficits, Debt, $100+ oil, Afghanistan, Walter Reed (a generously incomplete list!): the European Union would never tolerate the ideology and incompetence of such heritable political power.
What an historical irony, and how tragic for all.