Tuesday, Jun 16, 2009
Goodbye US dollar, Farewell Bretton Woods
Counterpunch: The Ending of America's Financil-Military Empire
Excellent article showing that foreigners aren't "investing in a thriving, diverse, technology-driven US economy" - they're being forced to pay for US consumption and for a US military that encircles their countries. They're mad as hell and they're doing something about it. If/when dollar hegemony goes, what does this mean for the world's financial system and the privileged position of western banks and their IMF, World Bank etc. surrogates?
Posted by icarus @ 10:45 AM (627 views) Add Comment
9 Comments
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1. matt_the_hat said...
observer status for Iran, India, Pakistan and Mongolia - but a NO to uncle sam!!
2. debtfree said...
Just a few years ago, the suggestion that the dollar will lose it's status as the worlds reserve currency was received with "not in my lifetime"
Now the wheels are in motion, it's not about inflation or deflation, it's about a crisis with the world's reserve currency.
Every empire has it's day and this one is on the verge of collapse.
Hooray !
3. mr g said...
Careful what you wish for debtfree@2.
I'd rather see a strong America than be in thrall to some of the loonies who are at this conference.
4. george monsoon said...
So what happens when the US dollar collapses and the US can no longer afford to fund its military?
hmm
5. icarus said...
@3 - loonies? As against what - the Bush, Cheney, Rumsfeld Mafia?
6. mander said...
I prefer America to be the master however providing transparency and economic sense in creating money is going to help America and not harm it.
7. mr g said...
icarus@5 I'll counter that with:
Putin, Can't spell his name but the dipst*ck who cheated his way to power again in Iran and the self centred crazy dictator of Uzbekistan whose name escapes me!
8. icarus said...
mr g @7 The invitation was for you to defend a 'strong America' and its empire. After all, your 'loonies' aren't seeking empire or hegemony - they're simply looking for ways to escape the dollar tie.
9. mr g said...
icarus@8
I'm not a fan of Bush etc. but I personally see dangers down the track if the likes of Russia, China, Iran etc have sufficient clout to turn the screw on the liberal western democracies.