Truthdig - The American Empire Is Bankrupt »
Posted By dissent 5 months, 3 weeks ago in News
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.”
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dissent
we live in a culture of war.
let's make it a culture of peace.
"my country is the world. and my religion is to ...
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dissent5 months, 3 weeks ago
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fta
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“This means the end of the dollar,” Hudson told me. “It means China, Russia, India, Pakistan, Iran are forming an official financial and military area to get America out of Eurasia. The balance-of-payments deficit is mainly military in nature. Half of America’s discretionary spending is military. The deficit ends up in the hands of foreign banks, central banks. They don’t have any choice but to recycle the money to buy U.S. government debt. The Asian countries have been financing their own military encirclement. They have been forced to accept dollars that have no chance of being repaid. They are paying for America’s military aggression against them. They want to get rid of this.”
michael hudson, economist -
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TheRealizer5 months, 3 weeks ago
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The United States is a nation with No visible means of support. not many exportable goods are made, cooking each other hamburgers and counting each others money (what little bit is left). The industrial engine that was the US has been torn down,loaded on barges and shipped to Asia....
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deathray5 months, 3 weeks ago
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It's certainly true the countries to whom the US is most indebted (those who have the largest dollar reserves) are also the US' greatest trading partners; the dollar reserves are a guarantee that the US will continue to be dependent on their exports...
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beavith15 months, 3 weeks ago
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what Micheal Hudson doesn't talk about, which would discount his hyperbole, is that the cash infusion to these poor asian countries has allowed for economic growth and hauled hundreds of millions out of abject poverty.
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Hudson is one of those libs that see america solely as an empire. the problem begins when you step back and look. we aren't an empire.
that really weakens his thesis.-
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willottica-245 months, 3 weeks ago
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"When you step back and look" That's an interesting phrase for someone inside America to use. When I step back and look, as a non-American, I see that there is an empire. It's not so much a military one as an economic one. Americans control assets the world over. Does so at huge profit to itself -- is that not somewhat akin to tribute?
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thoughtforsale5 months, 3 weeks ago
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Even if I suppose (and hope!) that the vision given in this article is too negative, I also see the American economy in a very serious situation. America has, perhaps more than any other nation, believed in the dream of neverending prosperity. What the politicians did with billions of Dollars, was repeated in a smaller range in many households: spending money one didn´t have! The Dollar being the world´s reserve currrency can not only be seen under an economic aspect, but much more under a psychological one: As long as everyone counts in Dollar, America is in the place it belongs and everything is in its order! For not to let the apocalypse come true, America and the rest of the world will have to rethink economy. We have to ask ourselves, if unlimited growth should stay the guideline of our economic thinking and acting or if responsibility had been the necessary break while facing the abyss.
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lloydm655 months, 3 weeks ago
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Next election parents will be reluctant to let their teenie boppers sway them from their core beliefs.Buyers remorse is a painful ordeal.I bought a truck one time I knew it wasn't what I needed in my construction business,but I just have it.One night I came home from work,showered went out and bought that truck.Man was I happy,but just for a while.The first time I put it to the test it failed miserably.It was a good truck,but not the right truck.Live,and learn.
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willottica-245 months, 3 weeks ago
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A pretty grim scenario. The meeting sounds bad, but do we really know what will happen? It sounds like these 6 countries want to discuss, WITHOUT fear of American bullying, what will be best for them going forward. They may decide that keeping the Dollar as the reserve currency is actually beneficial. They may decide to use the power they have to get America to butt out of foreign affairs (lest they drop it and tank the dollar). They may decide to abandon it now, and use a new reserve composed of a basket with or without the Dollar in that basket.
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IMO, a multi-polar world will be much more stable than a US-dominated one. Balance is always important (and always sought by every natural law, including supply and demand), and the world is currently not in balance.
If they do drop the Dollar, they stand to lose heavily in existing investments. They will have to decide if that is better than the option of investing further into a system that allows the US to dominate by military might.
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