Writer's Email: wesawthat@gmail.com
Fone WST... +1318.717.9017 Twitter:@wesawthat “The more corrupt the state, the more numerous the laws.” ~ Gaius Cornelius Tacitus
Friday Photo Fun Match Game
-
Pair mug shots with each perp's handle
Examine the booking photos of five arrested individuals and align each of
the defendants with their respective nic...
Worldwide Speed Camera Smashup
-
[image: Italian speed camera knocked over]By Richard Diamond/Staff Reports
Attacks on automated ticketing machines accelerated around the globe last
week....
Fluoridation Fails Arkansas
-
Using a fraudulent study https://
fluoridedangers.blogspot.com/2016/02/arkans
as-fluoridation-study-fraudulent.html… newby Arkansas legislators were
dupe...
Abdur Biswas (Sep 1, 1926 - Nov 3, 2017)
-
Bangladeshi Statesman. He served as the 11th President of Bangladesh from
October 10, 1991 to October 9, 1996. He was educated at Dhaka University
where he...
Early this morning China let the idiots in Washington, and on Wall Street, know that it has them by the short hairs. Two senior spokesmen for the Chinese government observed that China's considerable holdings of US dollars and Treasury bonds "contributes a great deal to maintaining the position of the dollar as a reserve currency."
Should the US proceed with sanctions intended to cause the Chinese currency to appreciate, "the Chinese central bank will be forced to sell dollars, which might lead to a mass depreciation of the dollar."
If Western financial markets are sufficiently intelligent to comprehend the message, US interest rates will rise regardless of any further action by China. At this point, China does not need to sell a single bond. In an instant, China has made it clear that US interest rates depend on China, not on the Federal Reserve.
The precarious position of the US dollar as reserve currency has been thoroughly ignored and denied. The delusion that the US is "the world's sole superpower," whose currency is desirable regardless of its excess supply, reflects American hubris, not reality. This hubris is so extreme that only 6 weeks ago McKinsey Global Institute published a study that concluded that even a doubling of the US current account deficit to $1.6 trillion would pose no problem.
Strategic thinkers, if any remain who have not been purged by neocons, will quickly conclude that China's power over the value of the dollar and US interest rates also gives China power over US foreign policy. The US was able to attack Afghanistan and Iraq only because China provided the largest part of the financing for Bush's wars.
If China ceased to buy US Treasuries, Bush's wars would end. The savings rate of US consumers is essentially zero, and several million are afflicted with mortgages that they cannot afford. With Bush's budget in deficit and with no room in the US consumer's budget for a tax increase, Bush's wars can only be financed by foreigners.
No country on earth, except for Israel, supports the Bush regimes' desire to attack Iran. It is China's decision whether it calls in the US ambassador, and delivers the message that there will be no attack on Iran or further war unless the US is prepared to buy back $900 billion in US Treasury bonds and other dollar assets.
The US, of course, has no foreign reserves with which to make the purchase. The impact of such a large sale on US interest rates would wreck the US economy and effectively end Bush's war-making capability. Moreover, other governments would likely follow the Chinese lead, as the main support for the US dollar has been China's willingness to accumulate them. If the largest holder dumped the dollar, other countries would dump dollars, too.
The value and purchasing power of the US dollar would fall. When hard-pressed Americans went to Wal-Mart to make their purchases, the new prices would make them think they had wandered into Nieman Marcus. Americans would not be able to maintain their current living standard.
Simultaneously, Americans would be hit either with tax increases in order to close a budget deficit that foreigners will no longer finance or with large cuts in income security programs. The only other source of budgetary finance would be for the government to print money to pay its bills. In this event, Americans would experience inflation in addition to higher prices from dollar devaluation.
This is a grim outlook. We got in this position because our leaders are ignorant fools. So are our economists, many of whom are paid shills for some interest group. So are our corporate leaders whose greed gave China power over the US by offshoring the US production of goods and services to China. It was the corporate fat cats who turned US Gross Domestic Product into Chinese imports, and it was the "free trade, free market economists" who egged it on.
How did a people as stupid as Americans get so full of hubris?
Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions.He can be reached at: paulcraigroberts@yahoo.com
Announcement: Next Lobbying Deadline
-
The deadline for lobbyists to file the Expenditure Report covering
September 1, 2023 - September 30, 2023 is October 25, 2023.
One of "us".
-
I just saw a report that most republicans believe that the January 6th
insurrection was a democratic inside job to make their dear leader, Donald
tr...
Police Jury meets Tuesday
-
The Lincoln Parish Police Jury will meet Tuesday, June 13, Lincoln Parish
Court House, 100 West Texas, third floor. Here are the meeting times and
agendas....
New Podcast Series
-
Intrepid Sea, Air & Space Museum New York City, New York, USA “Knowledge
comes, but wisdom lingers. It may not be difficult to store up in the mind
a v...
What gets you through
-
Maybe you knew Rick Tippie as a longtime chef at Arnaud's or more recently
at Killer Poboys or Liuzza's by the Track. Back in the day, he regularly
comment...
Here Comes The Boom
-
Okay sports fans, here comes the boom! My Bossier is about to start back
up! Get Ready! Here it comes! The cold hard truth! Don't hate the player!
Hate the...
Welcome to the Alexandria Postcard Collection
-
Postcards are an important medium in telling stories of the past. They are
historical masterpieces, showing life at points in time.
Greetings from Alexandr...
2:45 p.m., Voluntary Evacuation Area Removed
-
Voluntary Evacuation Area Removed October 7, 2016 All areas once part of
the Mandatory and Voluntary Evacuation Order from the Bayou Corne Sinkhole
has b...
brief dashcam clip of alleged sex offender arrest
-
brief dashcam clip of alleged sex offender arrest
some guy on a bicycle was allegedly looking at children through binoculars
across the street from the k...
Saying goodbye to our Old House
-
I never thought this day would come. We had to say goodbye to the “Big
House”, the old house, the Hynson-Ringgold house (and many other names)….
We were tr...
57th presidential inauguration 21 january 2013
-
57th presidential inauguration 21 january 2013
oath of office and speech + more.
From: wesawthat1
Views: 748
10 ratings
Time: 57:56 More in News & Politics
Owen Strachan DESTROYS Kinism! Part 2
-
By Davis Carlton Owen Strachan has recently decided to go on the war path
against Kinism. He has published an article called Against Kinism and Open
Border...
Part 31: Blaspheming the Holy Spirit
-
www.eaec.org www.facebook.com/EuropeanAmericanEvangelisticCrusades Welcome
to Resurrection Life of Jesus Church. We are a Bible centered group of
believers...
The Real Origins of Neocons
-
*Russian Lies: Shadow of Jabotinksy*
by Joachim Martillo (ThorsProvoni@aol.com)
Philip Weiss reviews *They Knew They Were Right: The Rise of the Neocons, ...
Race, Church, and Society by Dr. Frank Smith
-
Late last month, Dr. Frank Smith, author of the first history of the PCA
who is currently an RPCNA minister pastoring an inner-city mission church
in Atlan...
Last Days Lunacy and End Times Madness
-
Podcast: LAST DAYS LUNACY and END TIMES MADNESS (The following commentary
is a reprint of the chapter Bible Basics 101: Last Days/End Times and The
Second ...