by Chris Hedges
Featured Writer
Dandelion Salad
Truthdig
June 15, 2009
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.
[…]
via Truthdig
Copyright © 2009 Truthdig
Chris Hedges, who spent nearly two decades as a war correspondent for The New York Times and other newspapers, is the author of “Empire of Illusion: The End of Literacy and the Triumph of Spectacle,” due out in July.
see
De-Dollarization: Dismantling America’s Financial-Military Empire by Prof. Michael Hudson
Shanghai Cooperation Organization: Prospects For A Multipolar World by Rick Rozoff
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Chris paints a truly dark picture here that affirms many of the major points that Hudson and others have been saying for awhile.. Since China and other major dollar holders won’t be able to dump every dollar, that means they too are poised to take a serious hit. Isn’t it to their advantage to slow the process down rather than precipitate a severe fall? What may erupt with a fast-gradual decline may be easier for states to manage then a sharp, disastrous fall.
I wonder if anybody has thoughts on that?
Recent moves by Obama indicate how beholden the office of the president is to the ruling financial class.
John
It’s been a comin for awhile now. Only time will tell.
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