The Economic Pearl Harbor

On January 18, 2009, the Associated Press reported that in an interview aired on “Dateline NBC” the Chairman and CEO of Berkshire Hathaway Inc., Warren Buffett said that the “US is engaged in an economic Pearl Harbor.”

A shiver ran down my spine!

There was hardly any comment by any of our national dailies or the leading financial dailies.

Obviously, what Warren Buffett said is open to several interpretations. Whatever it may be, it cannot be good.

Why?

If the United States is engaged in an economic Pearl Harbor, it follows that there must be an enemy. Who is this enemy?

When the Japanese attacked Pearl Harbor, it gave President Roosevelt the pretext to enter World War II, at a time when the nation was against going to war. It was a day of infamy and American blood must be avenged. The rest, as they say is history – but a distorted one at that. It is now widely held that President Roosevelt had received advance warnings about the Japanese attack on December 7, 1941. But the intelligence never reached the US Fleet and the ensuing anger and outrage compelled what was once a reluctant public to join the British induced war against Germany.

But recently, this reference to Pearl Harbor by the neo-cons gave rise to the Global War of Terror in 2001 which postponed the day of financial reckoning by seven years, when President George Bush pumped over US$3 trillion into the war economy.

Recall what the neo-con think tank, Project for the New American Century foretold: “the process of transforming the US into tomorrow’s dominant force was likely to be a long one, in the absence of some catastrophic and catalyzing event like a new Pearl Harbor.”

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