Hahahahahahahaha...
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 ...
Chris Hedges is an Anti-American turd.
Our future is bright. We’re going through a series of re-alignments triggered by new technologies.
We have land, natural and human resources and as a society an ability to turn on a dime. We have much human capital.
Respect for contracts,
property rights,
fair play.-—> The Anglosphere.
Remains that the likes of Chris Hedges will have to be disposed of.
I started advising my Democ.rat acquaintances that they should move to their own country. Preferably through floating on an inner tube.
We are being invaded by mexico.
We are lacking in some natural resources. mainly some key metals. Manganese, nickel, bismuth, bauxite, gallium, mercury, cesium, and certainly others.
Our population and economy is too top heavy. Not enough industry. and too many lawyers, bankers, insurance agents, and salesmen and empty headed pretty faces that work for tips.
Hahahahahahahaha...
While most of us were indoctrinated to believe in the greatness of a martyred President; only now are the scales falling from our eyes. My epiphany came when reading about the great - and not-so-great - men who have been elected President. I read this article where one naysayer took the side that Lincoln was one of our WORST Presidents - because of his disregard for the Constitution.
Suffice to say that I no longer believe that Lincoln was even a good President. I’d rank him with LBJ, Wilson and GHWB - they tried and failed. Carter, 0bambi and Fillmore will remain in a unique class of ineptitude.
My views about some of our presidents has definitely changed throughout my life. Some presidents, such as George Washington and James Madison have actually grown in my admiration, while others, such as Lincoln and Kennedy have fallen into the toilet. Obama will be mythologized by the press, as we are already seeing. It does not matter what he actually does, he will be hailed as the best president in the history of America. He is already being called the first American President by some in the press.
First the Interdependency immoral mantra will fall appart with China saying screw that. Then the MAD doctrine of military interdependency will fall appart.
Interesting a communist progressist antiAmerican screed trashes Obama. Liberals are losers of a loser world.
I think it is already being done, in a 'passive' mode.
America has been bankrupt since 1933.What’s new?
I don't believe the housing numbers that came out - I suspect the rest of the world doesn't either.
And if we could plant and harvest a few liberals, we could do that.
And we ly here asleep!
I think this guy is one fry short of a happy meal.
If the dollar is no longer to be used, how are we to buy cheap plastic crap from China? What are Japan and China (2nd&3rd largest economies in the world) going to use to buy their imported oil? Yen? Euros?
Most Oil exporters only except dollars, and with the American liberation of Iraq and Kuwait, our close ties with Saudia Arabia, plus all of North American oil, all priced in dollars....well that alone creates enough demand for the dollar to keep it viable until the world no longer values oil.
Speaking of Pravda:
| “It must be said, that like the breaking of a great dam, the American descent into Marxism is happening with breath taking speed, against the back drop of a passive, hapless sheeple….The final collapse has come with the election of Barack Obama…” ~ ~ Pravda, May 2009 |
Who was that ? Vlad the Impaler, wasn’t it ??
No, we are paying Mexicans to come here. That's a very big difference that FReepers seem never to understand.
We are lacking in some natural resources. mainly some key metals. Manganese, nickel, bismuth, bauxite, gallium, mercury, cesium, and certainly others.
We're a bauxite (aluminum ore) exporter.... As for the others, yes, they're specialty metals added to create alloys of iron, aluminum, and the like. We've got the stuff that really matters, though, and the other stuff is not particularly useful on its own.
Our population and economy is too top heavy.
Agreed -- it's economically unsustainable. But we've got the people and resources to recover from the crash, and that's the important part.
Folks,
Hedges may be a socialist jack*ss, but unfortunately he is closer to the truth than we give him credit for.
We have been on a huge consumerist, borrowing binge for decades now, and we have just hit the wall. On the military front, we have spent our national treasure to provide military protection on land and sea to ungrateful curs, all to maintain open sea lanes and peace for global commerce. No matter how laudable that may be, the fact is that we can no longer keep that up. Rome taxed the provinces to pay for the legions that protected the empire; we BORROW from those nations we protect. More ridiculous still, we BORROW from rivals and enemies (China, Russia, Saudi Arabia).
Yes, we have substantial natural resources. Yes, we possess the most advanced physical infrastructure on the planet. The reality, however, is that those things no longer belong to us. IF our creditors called in our debts right now, and IF we decided to honor our debts, then all of our wealth (IRAs, 401Ks, savings, etc.) as well as all of our natural resources would have to be confiscated and auctioned off for whatever they could bring in. That is how far in debt we are. We are not the masters of the world; we are its slaves.
We have no more wealth to spend, and we’ve just maxed out our credit card. From this point forward, we have only the following options:
(1) bankruptcy (i.e., repudiation of our debt) and a possible invasion (think of the Dominican Republic circa 1965);
(2) reduction of military spending to pre-WWII levels or below (leaving us vulnerable to invasion or internal revolt);
(3) elimination of all social welfare spending, including Social Security and MediCare (think massive riots in the cities, anarchy, etc.);
I’m no economist, but I am a keen student of history: this will be very, very ugly. I’m not entirely certain that the U.S., as a coherent political entity, will be able to survive this.
‘Our population and economy is too top heavy. Not enough industry. and too many lawyers, bankers, insurance agents, and salesmen and empty headed pretty faces that work for tips’
What is missing from the equation, with all this bailout money, is the idea of creative destruction. Its what removes the dead wood of the economy, like buggy whip manufacturers, and replaces it with new technologies, like the auto plants.
If your premise is true, that there are too many services and not enough industry, one cause could be that the government didn’t allow those huge banking and insurance service companies to fail which would have tipped the balance toward industry, if that is what the market needed.
But in a true market economy there can never be “too many” of any industry or service because supply grows to match demand and no further.
I left out uranium. We are lacking uranium.
The US has significant reserves of uranium.
We are importing cheap goods to support our top heavy economy. We can do that because somehow we managed to convince the rest of the world that our money is better than their money and that their laborers are worth pennies compared to a small fortune for our laborers. Call it artificial life support for a top heavy economy.
When some facet of that life support fails...it all comes tumbling down. We can’t live on: laws, legal documents, insurance policies, and property mortgages. These are fast becoming the only things america knows how to produce.
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