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There has been much discussion lately here at DU about the consequences of the drastic decline in the US Dollar. Our record-breaking twin deficits in budget and trade will accelerate recent trends eroding the dominance of American corporations in international business. Over the long run this will result in significant structural changes in our economy, including one that is often overlooked.
The devaluation of the Dollar will lead to European companies devouring American ones because they can be had so cheaply. Daimler-Chrysler was just the beginning. In the next 10 or 12 years the Fortune 500 will all be subsidiaries of European firms. We will have been effectively re-colonized.
When our present corporate masters are replaced by European ones, it will lead to a progressive re-shaping of America. European corporations have, by and large, come to see the benefits of social democratic reforms on the business environment in Europe. They will alter the political discourse by encouraging the de-coupling of employment and health insurance. This will lead to the adoption of a national health plan, like Canada's, with "rations", price controls, tort reform, and regulation on medical providers.
Big business will finally get behind efforts to strengthen education in this country... because it makes good economic sense. More and more "reality-based solutions" will be allowed into the political discourse -- because they know social responsibility has its benefits.
European ownership of US corporations will move the political center in America further to the left than ever before. The current Gingrich-Norquist-Dobson-Neocon axis of evil will be thrown over the docks. The people will awaken from their long slumber and claim their proper role in society. Do you think my crystal ball is accurate?
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