So it's GOODAY China & HOOROO America then, Randolph ?!??!
walter
bankrupt
and China is on the ascendancy ~!
Yeppers, there's no doubt that America is falling apart at the seams
and is totally fricked beyond repair, going to hell in a handbasket
and is totally up sh!t creek without a paddle ~!
HOOROO
UNCLE WALLY
▬▬▬▬▬▬▬
On Jun 16, 3:28 pm, Pers3id <pers...@comcast.invalid> wrote:
> http://tinyurl.com/n9v7yb
>
> The American Empire Is Bankrupt
>
> Posted on Jun 14, 2009
> By Chris Hedges
>
> 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."
>
> It is the first formal step by our major trading partners to
> replace the dollar as the world’s reserve currency. If they
> succeed, the dollar will dramatically plummet in value, the
> cost of imports, including oil, will skyrocket, interest rates
> will climb and jobs will hemorrhage at a rate that will make
> the last few months look like boom times. State and federal
> services will be reduced or shut down for lack of funds. The
> United States will begin to resemble the Weimar Republic or
> Zimbabwe. Obama, endowed by many with the qualities of a savior,
> will suddenly look pitiful, inept and weak. And the rage that
> has kindled a handful of shootings and hate crimes in the past
> few weeks will engulf vast segments of a disenfranchised and
> bewildered working and middle class. The people of this class
> will demand vengeance, radical change, order and moral renewal,
> which an array of proto-fascists, from the Christian right to
> the goons who disseminate hate talk on Fox News, will assure
> the country they will impose.
>
> I called Hudson, who has an article in Monday’s Financial Times
> called "The Yekaterinburg Turning Point: De-Dollarization and
> the Ending of America’s Financial-Military Hegemony."
> "Yekaterinburg," Hudson writes, "may become known not only as
> the death place of the czars but of the American empire as well."
> His article is worth reading, along with John Lanchester’s
> disturbing exposé of the world’s banking system, titled "It’s
> Finished," which appeared in the May 28 issue of the
> London Review of Books.
>
> "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."
>
> China, as Hudson points out, has already struck bilateral trade deals
> with Brazil and Malaysia to denominate their trade in China’s yuan
> rather than the dollar, pound or euro. Russia promises to begin
> trading in the ruble and local currencies. The governor of China’s
> central bank has openly called for the abandonment of the dollar
> as reserve currency, suggesting in its place the use of the
> International Monetary Fund’s Special Drawing Rights. What the
> new system will be remains unclear, but the flight from the dollar
> has clearly begun. The goal, in the words of the Russian president,
> is to build a 'multipolar world order' which will break the
> economic and, by extension, military domination by the
> United States. China is frantically spending its dollar reserves
> to buy factories and property around the globe so it can unload
> its U.S. currency. This is why Aluminum Corp. of China made so
> many major concessions in the failed attempt to salvage its
> $19.5 billion alliance with the Rio Tinto mining concern in
> Australia. It desperately needs to shed its dollars.
>
> "China is trying to get rid of all the dollars they can in a
> trash-for-resource deal," Hudson said. "They will give the dollars
> to countries willing to sell off their resources since America
> refuses to sell any of its high-tech industries, even Unocal, to
> the yellow peril. It realizes these dollars are going to be
> worthless pretty quickly."
>
> The architects of this new global exchange realize that if they
> break the dollar they also break America’s military domination.
> Our military spending cannot be sustained without this cycle of
> heavy borrowing. The official U.S. defense budget for fiscal year
> 2008 is $623 billion, before we add on things like nuclear
> research. The next closest national military budget is China’s,
> at $65 billion, according to the Central Intelligence Agency.
>
> There are three categories of the balance-of-payment deficits.
> America imports more than it exports. This is trade. Wall Street
> and American corporations buy up foreign companies. This is capital
> movement. The third and most important balance-of-payment deficit
> for the past 50 years has been Pentagon spending abroad. It is
> primarily military spending that has been responsible for the
> balance-of-payments deficit for the last five decades. Look at
> table five in the Balance of Payments Report, published in the
> Survey of Current Business quarterly, and check under military
> spending. There you can see the deficit.
>
> To fund our permanent war economy, we have been flooding the world
> with dollars. The foreign recipients turn the dollars over to their
> central banks for local currency. The central banks then have a
> problem. If a central bank does not spend the money in the
> United States then the exchange rate against the dollar will go up.
> This will penalize exporters. This has allowed America to print
> money without restraint to buy imports and foreign companies,
> fund our military expansion and ensure that foreign nations like
> China continue to buy our treasury bonds. This cycle appears now
> to be over. Once the dollar cannot flood central banks and no
> one buys our treasury bonds, our empire collapses. The profligate
> spending on the military, some $1 trillion when everything is
> counted, will be unsustainable.
>
> "We will have to finance our own military spending," Hudson warned,
> "and the only way to do this will be to sharply cut back wage rates.
> The class war is back in business. Wall Street understands that.
> This is why it had Bush and Obama give it $10 trillion in a huge
> rip-off so it can have enough money to survive."
>
> The desperate effort to borrow our way out of financial collapse
> has promoted a level of state intervention unseen since
> World War II. It has also led us into uncharted territory.
>
> "We have in effect had to declare war to get us out of the hole
> created by our economic system," Lanchester wrote in the
> London Review of Books. "There is no model or precedent for
> this, and no way to argue that it’s all right really, because
> under such-and-such a model of capitalism ... there is no such
> model. It isn’t supposed to work like this, and there is no
> road-map for what’s happened."
>
> The cost of daily living, from buying food to getting medical
> care, will become difficult for all but a few as the dollar
> plunges. States and cities will see their pension funds drained
> and finally shut down. The government will be forced to sell
> off infrastructure, including roads and transport, to private
> corporations. We will be increasingly charged by privatized
> utilities - think Enron - for what was once regulated and
> subsidized. Commercial and private real estate will be worth
> less than half its current value. The negative equity that
> already plagues 25 percent of American homes will expand to
> include nearly all property owners. It will be difficult to
> borrow and impossible to sell real estate unless we accept
> massive losses. There will be block after block of empty
> stores and boarded-up houses. Foreclosures will be epidemic.
> There will be long lines at soup kitchens and many, many
> homeless. Our corporate-controlled media, already banal and
> trivial, will work overtime to anesthetize us with useless
> gossip, spectacles, sex, gratuitous violence, fear and tawdry
> junk politics. America will be composed of a large
> dispossessed underclass and a tiny empowered oligarchy that
> will run a ruthless and brutal system of neo-feudalism from
> secure compounds. Those who resist will be silenced, many by
> force. We will pay a terrible price, and we will pay this
> price soon, for the gross malfeasance of our power elite.
Still Bud
wrote:
>As I have said many times b4, America is both morally and financially
>bankrupt
>and China is on the ascendancy ~!