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Reader's feedback published on 15/05/2010
The Daily Star is pleased to provide a forum for debate on a range of subjects, from local cultural activities to international politics.
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Marie Maitre and Muriel Boselli
“Debt crisis could slow new oil projects – Total”
May 14, 2010
The present dollar-based capitalistic system is not merely going to fail, and not just failing, it has already failed. It’s not going broke, it is already broke and already bankrupt. But they don’t know what to do about it so they’re just going on “business as usual,” saying: “Maybe if we shut our eyes, it will go away. If we don’t look at it, if we stick our heads in the sand, maybe it won’t happen!”
It could happen overnight! That’s the way it happened last time: The people suddenly woke up and realized that their money in the bank was not worth anything, or it might not even be there at all, and they started a run on the banks. And when it happens this time, the entire economic system will collapse. It will be the greatest economic crash, depression, social and political cataclysm in all of world history!
Ted Rudow III,MA
Menlo Park, California, United States
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Rex Babin Cartoons
Published: Friday, May. 14, 2010
As part of his budget plan, California Gov. Arnold Schwarzenegger has proposed eliminating IHSS, the state's fastest-growing social services program, which pays caregivers to help the disabled and the frail elderly. Nearly half a million disabled Californians, get subsidized home care. Without IHSS, many current clients would be forced to move to skilled-nursing centers that accept Medi-Cal patients. At an average expense of $55,000 a year, nursing homes cost five times as much per IHSS client.The number of skilled-nursing-center beds has dwindled through the years as IHSS' success has grown at helping the elderly continue living independently.
I was thinking about California being on the brink and going bankrupt. They can't go on robbing the poor and helping the rich, and get by with it! And that's exactly what this California economy has been doing for years. California kept borrowing money and selling bonds borrowing more money and all that kind of stuff. Well, people will trust you so long, and then they quit trusting your ability to ever pay it back. So if you keep living on borrowed money, there comes a day when you have to pay it back when those bonds begin to come due. These debts begin to come due with all their big high interest rates and California didn't have the money to pay them back.So we've been robbing the poor. Well that's what happened to California: It's been going on for years until now Caifornia billions and billions of dollars in debt.
Ted Rudow III,MA