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'World set for new economic model'
Sun, 06 Mar 2011 10:11:09 GMT
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Following the collapse of communism and the exacerbating financial crisis in the capitalist world, the global economy is bound to opt for a new model, a political analyst says.

“Since the fall of the Soviet Union and the socialist system, and almost the crash of the capitalist system, I think we are due for a new economic system and model for the world to survive,” said political analyst Mohammad Oweis in a Press TV interview.

“Otherwise, I do not think we are going to survive,” he warned.

Oweis argued that the free market system in the US has long been playing against the rules, while economists at top governmental levels have been aware of that.

He described the existing open market system as a “crooked deal” that all American walks of life have been struggling with.

Oweis deplored the US government for "bailing out all of these groups in Wall Street and all these banks,” that have been the major causes for the existing financial crisis.

The US government's debt has hit an all-time record of over $14 trillion, which would amount to $45,300 per head if divided among all US citizens.

Meanwhile, new reports by the US General Accountability Office (GAO) have indicated that half a trillion of taxpayer dollars is being wasted in at least 82 federal programs in the US.

The taxpayers' money is wasted by the federal government because Congress is allowing the duplication of federal programs, the reports say.

This is while, the latest report by the Census Bureau shows that 47.8 million people in America are struggling with poverty, in comparison with the previous 2010 rate of 43.6 million, most of them 65 years of age and older.

Moreover, official estimates say there are currently over 700,000 homeless people in the United States.

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