By acting in this way, this country is hastening the end of the dollar as the international reserve currency. It wasn’t bad enough that Canada used its financial system as a political weapon against a bunch of truck drivers and those who donated to their cause - that severely damaged the credibility of the Canadian (and, by implication, the entire Western) banking system as an impartial utility providing financial services to all comers. No, now we’ve upped the ante to include an entire country (a nuclear superpower, no less) that provides huge amounts of food and fuel to much of the world, and effectively stole about $600 billion. Our system now has NO credibility as a neutral financial utility - so why should anyone trust us anymore? What, in the absence of that credibility/neutrality, keeps other countries from banding together and forming a new or competing international reserve currency? Make no mistake, the minute that the dollar is not the one and only international reserve currency is the minute when we lose 50% or more of our purchasing power, the minute at which we no longer can export our inflation and the moment in which a Great Depression will start here. We are ASKING for it.
Boy, are you right and not a single Interventionist seems to understand the ramifications you outlined.
One of the great myths of history from that era was that the Arab countries imposed an embargo on oil sales to the U.S. over our meddling in Middle Eastern affairs.
The real story is that they were no longer willing to sell oil for U.S. dollars because they knew the U.S. dollar was a bad investment due to Nixon's removal of the gold standard and the soon-to-become-reality day of reckoning when the bill came due for the destructive decision by the U.S. to fight the Vietnam War while simultaneously incurring massive entitlement spending obligations through the "Great Society" programs.
100% right on!
The Democrat Party would love a great, long-lasting
economic Depression in America. In fact, I think
that their policy is to cause one, and of course blame
it all on those evil capitalist corporations, greedy
White Americans, or White christian "racists."
The Democrats are in their glory in a Depression.
Just like they were in the last Depression.
It's their great chance to tear up the social fabric
of America and impose their weird, strange social
thinking on Americans. And to throw out the Constitution
and install a Communistic, tyrannical type of government
in the land. They want to be our overlords, taskmasters,
... our Rulers. What they'll get instead is Civil War II.
Scary stuff - aand with good reason to be alarmed.