America's Superpower Status Coming to an End

Newsmax.com ^ | 3/1/05 | Paul Craig Roberts

[beyond the sea]

The U.S. economy is headed toward crisis, and the political leadership of the country – if it can be called leadership – is preoccupied with nonexistent weapons of mass destruction in the Middle East.

The U.S. economy is failing. The afflictions are serious. They could be fatal even if diagnosed and treated. America is losing the purchasing power of its currency and its ability to create middle-class jobs. Story Continues Below

The dollar's sharp decline and projections of continuing trade and budgetary red ink are undermining the dollar's role as reserve currency. A number of central banks have announced that they will be diversifying their currency holdings and will not be buying dollars at the same rate as in the past. This will put more pressure on the dollar. At some point, the flight will begin. Instead of buying fewer dollars, central banks will sell dollars, hoping to get out before the dollar hits bottom.

Suddenly, the advantage of being the reserve currency becomes a nightmare, as the world's accumulations of dollars are brought to market. An enormous supply and weak demand mean a very low exchange rate for the once almighty U.S. dollar.

Overnight, those cheap goods in Wal-Mart, which are the no-think economist's facile justification for Wal-Mart's decimation of communities, small businesses and employment, shoot up in price.

[beyond the sea]

me thinks he needs to losen up his tin foil hat

That's a hershey's kiss.

;-)

[carl in alaska]

My theory is Paul Craig Roberts has Journalist/Academic syndrome (JAS). Journalists and academics spend their careers talking and writing about the world but they generaly don't do much to affect the world. They don't make the major decisions that change history and change the world. Those decisions are made by political and business leadesr. So many journalists and academics eventually develop a sense of inferiority to political and corporate leaders and start attacking our leaders in a pathetic attempt to cut them down to size. I think this is one reason the news media is generally so critical of our top political leaders from both parties. They're much easier on Democrats, but they still gave Gore and Clinton a lot of flack at certain times. Roberts is a has-been on his way to cranky old man status.

[beyond the sea]

Do you think the CFR exists?

[Bogolyubski]

You make a very good point. Roberts perplexes me. Why does he persist in taking positions from the left - like the "Bush lied" idiocy - when he raises many other valid points. Bush is a skilled, professional politician. He must have honestly thought that Iraq had WMD's or he would not have taken the huge political risk of sending Americans to die over there unless there was a valid reason to do so. Even Bill Clinton, depraved as he is, relaized that much after the Somalia debacle.

There's plenty of valid cause to attack the Bush administration over its corrupt China/free-trade-über-alles policies. (Selling our smart bomb factory and its technology to them for starters.) However, picking up any old handy discredited leftist cowpie to hurl at Bush has the unfortunate effect of discrediting any valid arguments the Roberts might make. He makes a common error - letting his emotions run wild to the point where he throws out his own baby with the bath water.

[beyond the sea]

The greatest threat to our country is the sad state of public education. Our young people are becoming functionally illiterate. Bill Gates has discussed this recently and he should know. Microsoft's future depends on the young people they can hire and Gates is not impressed with the current crop. ----- I believe the nation is in danger for this reason.

I agree, but don't you see this "dumbing down" as a conscious effort to bring down America. I do. Maybe I need some sleep.

[carl in alaska]

"Why does he persist in taking positions from the left - like the "Bush lied" idiocy - when he raises many other valid points."

One possibility is post #102.

[nopardons]

Look,all that tinfoil conspiracy stuff is NOT welcome on FR. You're relatively new here,so let me warn you that veering off into that stuff will earn you derision,hoots,some very funny replies,and perhaps a warning from above.

Which CFR are you talking about? LOL...I know which,but once you go off into "the world bankers" bit, you are really in deep doo doo.

[Redcloak]

Um... OK... Thank you for sharing, Dr. Dean.

[beyond the sea]

Roberts forgot to mention the polar ice cap melting

I thought Karl Rove caused that.

;-)

[carl in alaska]

Please, no talk about "puppet masters" either. That stuff is really annoying to the rational side of my brain. Unless our nation falls victim to the tragedy of rigged elections, as in Venezuela and elsewhere, we the people are still in charge. But we have to wake up and wise up.

Go Stillers...lol...(bts is a Stiller fan)

[beyond the sea]

Our free traders/traitors have really done a job on this country. This article is pretty much on the money. Tune down some of those oversensitive nerve cells and read through it again. ------- Whatever happens in Iraq, Iran, Korea, Syria, and Taiwan will prove a false victory if our domestic economy fails to generate the horsepower needed to sustain us.

..........sanity speaks.

Thanks.

;-)

[maine-iac7]

I think you are right

most journalists fall victim to an occupational hazard: They realize, somewhere along the line, that they are really not as knowledgeable nor important as they have led themselves to believe. To cover this, both from themselves and, hopefully, from the public, they take on the myth that they must be attack dogs on any issue or person - particularly targeting anyone on the right.

This doesn't mean the editor should automatically print the tripe...

[TheOtherOne]

I'm skeptical enough some times that I think that the demise of our economy is in the cards of the world bankers.

Who are these 'world bankers' you fear?

[beyond the sea]

However, picking up any old handy discredited leftist cowpie to hurl at Bush has the unfortunate effect of discrediting any valid arguments the Roberts might make. He makes a common error - letting his emotions run wild to the point where he throws out his own baby with the bath water.

That's true. The first sentence was lame.

[TheOtherOne]

Have you considered that it may be part of a plan to bring America down a notch or two?

Who's plan?

[nopardons]

What or who are the STILLERS?

[nopardons]

If you think,even for an instant,that that was a sane post,I suggest you go join LP and/or FU. LOL

[nopardons]

The Joooooooooooooooooooooooooos.

[nopardons]

The whole damned article IS lame! :-(

[carl in alaska]

"Who are these 'world bankers' you fear?

These World Bankers are tracking everyone's physical movements and purchases through ATM card and credit card records. They know where you live and where you go every day and everything you think and believe. They know what CD's and DVD's you buy and they send you customized coupons in the mail to get you to buy more of the stuff you like to buy. They want to get everyone into $500K of debt and then hit us with their ultimate demand: Give us control of a new World Government with absolute power over all nations and we'll erase all your debt. Yeah, that's their plan...that's their ticket to power. /sarcasm off. (...lol)