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Editorial
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Title: The American empire is falling with the dollar [Yeehaw!]
Source: Online Journal
URL Source: http://www.prisonplanet.com/articles/november2007/081107empire.htm
Published: Nov 8, 2007
Author: Paul Craig Roberts
Post Date: 2007-11-08 15:39:16 by Mister Clean
Keywords: None
Views: 297
Comments: 20

The American empire is falling with the dollar

Paul Craig Roberts

Online Journal

Thursday November 8, 2007

The US dollar is still officially the world's reserve currency, but it cannot purchase the services of Brazilian super model Gisele Bundchen. Gisele required the $30 million she earned during the first half of this year to be paid in euros.

Gisele is not alone in her forecast of the dollar's fate. The First Post (UK) reports that Jim Rogers, a former partner of billionaire George Soros, is selling his home and all possessions in order to convert all his wealth into Chinese yuan.

Meanwhile, American economists continue to preach that offshoring is good for the US economy and that Bush's war spending is keeping the economy going. The practitioners of supply and demand have yet to figure out that the dollar's supply is sinking the dollar's price and along with it American power.

The macho super patriots who support the Bush regime still haven't caught on that US superpower status rests on the dollar being the reserve currency, not on a military unable to occupy Baghdad. If the dollar were not the world currency, the US would have to earn enough foreign currencies to pay for its 737 oversees bases, an impossibility considering America's $800 billion trade deficit.

When the dollar ceases to be the reserve currency, foreigners will cease to finance the US trade and budget deficits, and the American Empire along with its wars will disappear overnight. Perhaps Bush will be able to get a World Bank loan, or maybe one from the "Chavez bank," to bring the troops home from Iraq and Afghanistan.

Foreign leaders, observing that offshoring and war are accelerating America's relative economic decline, no longer treat the US with the deference to which Washington is accustomed. Ecuador's president, Rafael Correa, recently refused Washington's demand to renew the lease on the Manta air base in Ecuador. He told Washington that the US could have a base in Ecuador if Ecuador could have a military base in the US.

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#1. To: All (#0)

When the dollar ceases to be the reserve currency, foreigners will cease to finance the US trade and budget deficits, and the American Empire along with its wars will disappear overnight. Perhaps Bush will be able to get a World Bank loan, or maybe one from the "Chavez bank," to bring the troops home from Iraq and Afghanistan.

I think this actually upsets Paul Craig Roberts. He seems upset that Bush is helping to knock "America" off it's perch.

As a conservative and a harsh critic of Bush, shouldn't Mr. Roberts be a bit more celebratory over the demise of the American empire?

Mister Clean  posted on  2007-11-08   15:43:28 ET  Reply   Trace   Private Reply  

As a conservative and a harsh critic of Bush, shouldn't Mr. Roberts be a bit more celebratory over the demise of the American empire?

As the shill you are, wouldn't you criticize him all the more if he did what you're suggesting?

To reason, indeed, he was not in the habit of attending. His mode of arguing, if it is to be so called, was one not uncommon among dull and stubborn persons, who are accustomed to be surrounded by their inferiors. He asserted a proposition; and, as often as wiser people ventured respectfully to show that it was erroneous, he asserted it again, in exactly the same words, and conceived that, by doing so, he at once disposed of all objections. - Macaulay, "History of England," Vol. 1, Chapter 6, on James II.

aristeides  posted on  2007-11-08   15:54:20 ET  Reply   Trace   Private Reply  

As the shill you are, wouldn't you criticize him all the more if he did what you're suggesting?

Not at all.

I'm not a supporter of the "American Empire."

I just find it odd that he seems so dour about the "superpower" getting knocked down.

Mister Clean  posted on  2007-11-08   15:59:08 ET  Reply   Trace   Private Reply  

He told Washington that the US could have a base in Ecuador if Ecuador could have a military base in the US.

Ya know, Correa is a diehard socialist, but this line is a great one.

Pinguinite.com EcuadorTreasures.ec

Pinguinite  posted on  2007-11-08   16:05:52 ET  Reply   Trace   Private Reply  

Ya know, Correa is a diehard socialist, but this line is a great one.

But was he serious? That's the question.

Mister Clean  posted on  2007-11-08   16:09:48 ET  Reply   Trace   Private Reply  

But was he serious? That's the question.

No, it's not. He can safely pretend to be serious as Bush would never entertain the thought, even as a political ploy to call Correa's bluff. Correa's point was very well made.

Pinguinite.com EcuadorTreasures.ec

Pinguinite  posted on  2007-11-08   16:23:48 ET  Reply   Trace   Private Reply  

PCR bum

Be sure to read the entire article - it just gets better.

Join the Ron Paul Revolution

Lod  posted on  2007-11-08   16:38:26 ET  Reply   Trace   Private Reply  

Make that PCR bumP!

Join the Ron Paul Revolution

Lod  posted on  2007-11-08   16:39:46 ET  Reply   Trace   Private Reply  

No, it's not. He can safely pretend to be serious as Bush would never entertain the thought, even as a political ploy to call Correa's bluff. Correa's point was very well made.

So what was the point, really? Was he just trying to extract more money from Washington?

Mister Clean  posted on  2007-11-08   17:00:31 ET  Reply   Trace   Private Reply  

So what was the point, really? Was he just trying to extract more money from Washington?

His point, I thought obivous, was that the USA has no more right to a base in Ecuador than Ecuador has to one in the USA. That no country needs to pay homage to the American empire, that the USA is no greater than any other country. That all countries are equal, and that Bush (and Americans in general) need to get off the high horse and start acting like the ordinary people and ordinary country that we really are.

Certainly that will be tough for some.

Pinguinite.com EcuadorTreasures.ec

Pinguinite  posted on  2007-11-08   17:42:03 ET  Reply   Trace   Private Reply  

His point, I thought obvious, was that the USA has no more right to a base in Ecuador than Ecuador has to one in the USA. That no country needs to pay homage to the American empire, that the USA is no greater than any other country. That all countries are equal, and that Bush (and Americans in general) need to get off the high horse and start acting like the ordinary people and ordinary country that we really are.

Well said, thanks.

Join the Ron Paul Revolution

Lod  posted on  2007-11-08   17:56:12 ET  Reply   Trace   Private Reply  

Certainly that will be tough for some.

Some? Likely 99% of the US population.

Since WWII, the US has been taught that it is the single beacon of light and freedom in the world and that it is our duty to maintain it across the globe.

There is only one catch.

Previous Empires found a way to make the Empire pay for itself through tribute. The US can't figure out how to extract a nickel from its vassal states and never has.

Truth be told, the 'American Empire' is only 60 some-odd years old and won't last terribly much longer.

Once it fails, it will fail hard. My own personal fear is that since Americans have been coddled by their Government for so many decades, once the goodies disappear, will they go quietly into the night or will they rampage across the land extracting from their neighbors what they feel their due is?

America is not at war. The military is at war. America is at the mall and the Congress is out to lunch.

mirage  posted on  2007-11-08   21:49:23 ET  Reply   Trace   Private Reply  

It's gonna get ugly.

Change for Ron Paul

Critter  posted on  2007-11-08   21:52:58 ET  Reply   Trace   Private Reply  

The US has exacted tribute from its ad hoc empire from the beginning. It just isn't as obvious as loads of wheat landing at Rome's port of Ostia or donkey trains laden with sacks of gold and silver entering the gates every day.

It has been far more hidden through currency value manipulations and market rigging of raw materials and natural resources.

Make no mistake- average Americans have benefitted materially from DC's empire. The real damage to Americans because of the Empire has been in the moral and spiritual realm. We have all been corrupted by it.

The Daily Burkeman1

Burkeman1  posted on  2007-11-08   22:16:08 ET  Reply   Trace   Private Reply  

My own personal fear is that since Americans have been coddled by their Government for so many decades, once the goodies disappear, will they go quietly into the night or will they rampage across the land extracting from their neighbors what they feel their due is?

Look at what soccer moms are willing to do so their kids can play games at school on someone else's dime and allow them to drive a new SUV with dual LCD screens in the back seat. Hell, wait and see what happens when the writer's strike interrupts the new season of Desperate Housewives.

On the other hand, we'll lose some of the curses that come with an affluent society. People who are worried about eating and staying warm are not worried about passing laws against smoking in bars waging "wars" on the abstract.

Regardless, this era is going to die and a new one will be born to replace it. And like all things, it will be born from pain.

"I'd like to live just long enough to be there when they cut off your head and stick it on a pike as a warning to the next ten generations that some favors come with too high a price." Vir Cotto, Babylon 5

orangedog  posted on  2007-11-08   22:40:48 ET  Reply   Trace   Private Reply  

will they go quietly into the night or will they rampage across the land extracting from their neighbors what they feel their due is?

be sure to be well provisioned..particularly with lead.

christine  posted on  2007-11-08   23:43:45 ET  Reply   Trace   Private Reply  

be sure to be well provisioned..particularly with lead.

OR, WA, and ID are all Class 3 states....

Just sayin'....the locals outside Seattle and Portland are well provisioned...

America is not at war. The military is at war. America is at the mall and the Congress is out to lunch.

mirage  posted on  2007-11-09   0:48:11 ET  Reply   Trace   Private Reply  

His point, I thought obivous, was that the USA has no more right to a base in Ecuador than Ecuador has to one in the USA.

If that were his point his government would simply not allow the US to maintain a base there without reciprocity.

I suspect he was either trying to get more money from the US or playing to his constituents at home.

Bottom line: there would be no US base in Ecuador if Ecuador didn't allow one.

Mister Clean  posted on  2007-11-09   8:19:01 ET  Reply   Trace   Private Reply  

It's gonna get ugly.

I expect it will be a slow, steady decline.

Mister Clean  posted on  2007-11-09   8:22:46 ET  Reply   Trace   Private Reply  

If that were his point his government would simply not allow the US to maintain a base there without reciprocity.

Which is basically what he said. Correa was elected president of Ecuador last year. The base at Manta has been there far longer.

I suspect he was either trying to get more money from the US or playing to his constituents at home.

His constituents in Manta want the base to stay as it's steady income for the local economy there. Correa's closing the base is against their wishes.

Bottom line: there would be no US base in Ecuador if Ecuador didn't allow one.

Right again. But Correa is making changes.

Pinguinite.com EcuadorTreasures.ec

Pinguinite  posted on  2007-11-09   10:02:29 ET  Reply   Trace   Private Reply  

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