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The American Empire Is Bankrupt
truthdig.com ^ | Jun 14, 2009 | Chris Hedges

Posted on 06/16/2009 4:36:09 PM PDT by Wontsubmit

This week marks the end of the dollar’s reign as the world’s reserve currency. It marks the start of a terrible period of economic and political decline in the United States. And it signals the last gasp of the American imperium. That’s over. It is not coming back. And what is to come will be very, very painful.

Barack Obama, and the criminal class on Wall Street, aided by a corporate media that continues to peddle fatuous gossip and trash talk as news while we endure the greatest economic crisis in our history, may have fooled us, but the rest of the world knows we are bankrupt. And these nations are damned if they are going to continue to prop up an inflated dollar and sustain the massive federal budget deficits, swollen to over $2 trillion, which fund America’s imperial expansion in Eurasia and our system of casino capitalism. They have us by the throat. They are about to squeeze.

There are meetings being held Monday and Tuesday in Yekaterinburg, Russia, (formerly Sverdlovsk) among Chinese President Hu Jintao, Russian President Dmitry Medvedev and other top officials of the six-nation Shanghai Cooperation Organization. The United States, which asked to attend, was denied admittance. Watch what happens there carefully. The gathering is, in the words of economist Michael Hudson, “the most important meeting of the 21st century so far.”

It is the first formal step by our major trading partners to replace the dollar as the world’s reserve currency. ...

(Excerpt) Read more at truthdig.com ...


TOPICS:
KEYWORDS: americanempire; bho44; bhodeficit; chrishedges; dollar; second100days; worldorder
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1 posted on 06/16/2009 4:36:10 PM PDT by Wontsubmit
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To: Wontsubmit

If its bankrupt now, what will it be after Obamacare is passed?


2 posted on 06/16/2009 4:39:27 PM PDT by cranked
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To: Wontsubmit

Yet the American folk still love their Black Messiah! Dear God in Heaven Lord Jesus, please forgive us our trespasses and heal our land. Remove this diabolical evil man from the WH! And save our children from this demon!


3 posted on 06/16/2009 4:40:58 PM PDT by RoseofTexas
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To: Wontsubmit
The American Empire

Who knew? ;-)

4 posted on 06/16/2009 4:41:25 PM PDT by doc1019 (The invitation for salvation always requires an RSVP.)
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To: Wontsubmit

In 2007, Dr. Hudson was Chief Economic Policy Adviser
for the Kucinich for President campaign.
He is now writing a new tax policy for the United States.


5 posted on 06/16/2009 4:42:17 PM PDT by kabar
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To: Wontsubmit
It's all part of BO's plan thanks to the Cloward-Piven Strategy
6 posted on 06/16/2009 4:43:22 PM PDT by Man50D (Fair Tax, you earn it, you keep it!)
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To: Wontsubmit

“...and moral renewal, which an array of proto-fascists, from the Christian right to the goons who disseminate hate talk on Fox News, will assure the country they will impose.”

What kind of crap are you posting here????


7 posted on 06/16/2009 4:43:48 PM PDT by PetroniusMaximus
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To: Wontsubmit

I’ve long said “A coup is going on” and we victims are like the frog thrown into cool water over a burner set on high.


8 posted on 06/16/2009 4:44:51 PM PDT by gorush (History repeats itself because human nature is static)
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To: Wontsubmit

Wow ! Right from the pages of Pravda !!


9 posted on 06/16/2009 4:45:27 PM PDT by mrmeangenes
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To: RoseofTexas

When we are standing in breadlines with ration cards and living in COSCO containers, we will praise Obama for increasing our allotment for the month by 1 pound of beans... even if they say never mind a day later.


10 posted on 06/16/2009 4:46:57 PM PDT by GeronL (http://libertyfic.proboards.com <----go there now,----> tyrannysentinel.blogspot.com)
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To: PetroniusMaximus

Sorry, twisted sense of humor ...

Even commie-pinko-Liberals like Chris Hedges worry that we are bankrupt ...


11 posted on 06/16/2009 4:48:28 PM PDT by Wontsubmit
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To: PetroniusMaximus

The person who wrote that is on their side, not ours, but he is not hiding it is he?


12 posted on 06/16/2009 4:48:31 PM PDT by GeronL (http://libertyfic.proboards.com <----go there now,----> tyrannysentinel.blogspot.com)
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To: Wontsubmit
America became an empire under Lincoln, and we are experiencing the logical conclusions of abandoning a federal constitution for a national constitution. Obama is wearing the mantle of Lincoln, namely, an imperial federal government. I know that the GOP says that they are the party of Lincoln, but nothing could be further from the truth. They are the opposite. A party that advocates state's rights and smaller government is not the party of Lincoln.
Lincoln was not all bad, and I do not mean to insinuate that he was; however, his views were contrary to federalism.
13 posted on 06/16/2009 4:49:47 PM PDT by Nosterrex
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To: Wontsubmit

The Clinton-Bush dollar exporting trade deals have come home to roost.


14 posted on 06/16/2009 4:50:33 PM PDT by ex-snook ("Above all things, truth beareth away the victory.")
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To: Wontsubmit

Obama plans to supervise US global financial firms according to Drudge right now. Can it be done competently? No. No better than the Chicago political apparatus could supervise or better than the Fed Reserve and Treasury have functioned at present with no intent or desire to account, disclose over $10 trillion of activities in the last year. With the whole world not disclosing its true status financially, how will Obamas control have any special credibility or effectiveness for the US? Essentially, global US financial institutions all disappear into a black bag.


15 posted on 06/16/2009 4:52:40 PM PDT by givemELL (Does Taiwan Meet the Criteria to Qualify as an "Overseas Territory of the United States"? by Richar)
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To: Wontsubmit

“There are meetings being held Monday and Tuesday in Yekaterinburg, Russia, (formerly Sverdlovsk) among Chinese President Hu Jintao, Russian President Dmitry Medvedev and other top officials of the six-nation Shanghai Cooperation Organization. The United States, which asked to attend, was denied admittance. “

If the MSM wasn’t too busy wanking Obama off, they might report this as news.


16 posted on 06/16/2009 4:52:51 PM PDT by autumnraine (Freedom's just another word for nothing left to lose- Kris Kristoferrson)
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To: Wontsubmit

I seem to remember this lying sack of dog mess putting out an obnoxious screed about the “religious right” and how dangerous it was a couple of years ago.

He may be correct in what he says this time, but I don’t trust him.


17 posted on 06/16/2009 4:54:06 PM PDT by sauropod (People who do things are people that get things done.)
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To: Wontsubmit
And it signals the last gasp of the American imperium. That’s over. It is not coming back.

Perhaps. But probably not. Not minimizing the difficulties to come, but those problems are due primarily to mental/cultural issues, and those tend to get straightened out by difficult times.

Mental issues aside, the US still has those essentials for global power.

To begin with, we have one hell of a great location. We're not going to be invaded by anybody, and our culture can therefore address its issues relatively unmolested.

Next, we have a large and sophisticated population which can (and most likely will) reassert itself as a result of the difficulties.

Third, despite all those dark mutterings of "revolution," and chaos to come, and all that, we are a politically stable nation, and are likely to remain so.

Fourth, we have incredibly vast resources in minerals, energy, arable land, timber, and pretty much everything else. It is impossible to overemphasize the importance of those resources and the wealth they represent.

I suppose Mr. Hedges enjoyed writing his article, but it's based on that huge false assumption. It's just no convincing.

18 posted on 06/16/2009 4:54:34 PM PDT by r9etb
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To: Wontsubmit

What, Chris Hedges is doing satire now? Who knew?


19 posted on 06/16/2009 4:55:27 PM PDT by absalom01 (Molon Labe!)
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To: sauropod

Well, he actually seems to be an honest fellow, but he’s coming at this from a different perspective.

http://www.truthdig.com/report/item/20081229_why_i_am_a_socialist/

He’s still a punk, though.


20 posted on 06/16/2009 5:03:30 PM PDT by absalom01 (Molon Labe!)
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