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]

ping

[Drango]

Snooze-max

[SubMareener]

You forgot the BARF ALERT!

[Crazieman]

Newsmax go lefty?

[beyond the sea]

Serious stuff really.

This guy usually knows what he's talking about.

[Howlin]

We're suppose to give credence to a guy who posts at Lew Rockwell and VDARE?

[Howlin]

Newsmax hate Bushie.

[Glenn]

Does this mean I don't have to go to work tomorrow?

[chemainus]

IF IT IS, IT IS BECAUSE WE GAVE 50 YEARS OF TECHNOLOGY TO THE THEIVING cHIcOMS WE LET INTO THE UNIVERSITIES AND nih AND lOS aLAMOS....DON'T WHINE IF YOU'RE THE IDIOT mARXIST THAT PUSHED THIS WHOLESALE THIEVERY UNDER THE GUISE OF MANY EXCUSES

[Fenris6]

preoccupied with nonexistent weapons of mass destruction in the Middle East.

At least his put his disqualifier at the front of the article. Saves me time ;)

[Howlin]

I don't "do" font-bonics.

[beyond the sea]

Newsmax go lefty?

I doubt it. Pick out a sentence that you have a problem with in the article. I don't want it to be true, I just posted it because Paul Craig Roberts is a smart guy.

[beyond the sea]

LOL. Nope, but you better hurry and get some sleep.

[Petronski]

Roberts WISHES this were so. Mostly, he's just a nutjob. Here's a fresh turd from real Paul Craig Roberts, new darling of the left:

Nothing to Fear But Bush Himself
By Paul Craig Roberts
Counterpunch.org

12 -13 February 2005 Edition

As things fall apart, lie and lie again.

Suppose you are the party responsible for invading a country under totally false pretenses. Suppose you had totally unrealistic expectations about the consequences of your gratuitous aggression.

What do you do when, instead of being greeted with flowers, you find your army is tied down by insurgents and you have no face-saving way to get out of the morass? If you are the moronic Bush administration, you blame someone else.

Rumsfeld, Wolfowitz, Rice, Cheney and Bush blame Syria and Iran for the troubles that they brought upon themselves. The Iraqi insurgency, say the Five Morons, is the fault of Syria and Iran.

BLAH BLAH BLAH

[ConservativeMind]

I disagree with most of what the author has stated.

We could shrink our economy to that of Russia ten years back and still be a superpower. We have the nuclear technology and knowhow that will keep us number one for many, many decades.

Economically speaking, the tax code can incentivize the market in healthy ways, unleashing our talent and energies to do more good for all. Purchasing more things made here in the US does not mean we are being made to suffer anything bad, especially if our higher quality, locally available goods are cheaper than those made elsewhere. Additionally, as things continue to prove out, our involvement in the Middle East will show fruit in time. This is evidenced by elections and other governmental progress seen in recent weeks.

We have our concerns, but the commentary provided by Newsmax is far over the top.

I look forward to having the write eat his words.

[Petronski]

Paul Craig Roberts, once a delicious gourmet meal, is now just 'used food.'

[freedom44]

What is this garbage from Newsmax?

[jb6]

Most nations first rot from the inside before some barbarian finally kicks the door down to the palace. If they hadn't rotted that barbarian would have never gotten over the border. Look at the culture, it's values, it's elites and the state of the institutions and infrastructure. The fact that most of our advanced weapons platforms have either been cancelled or toned down to such a state as to make them into only show case toys, should say a lot to us.