Dollar's Fall Collapses the American Empire

[dtotire]

Supermodel spurns the dollar



Dollar's Fall Collapses the American Empire; Bring Those 737 Overseas Military Bases Home!

By PAUL CRAIG ROBERTS

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.


Read the rest

http://www.counterpunch.org/roberts11072007.html

[Darth_Kitten]

1. How about being paid in brazilian funds, Gisele?

Just a thought........

[ret5hd]

2. Or loonies...just another thought, but one much more useful.

[Solar_Power]

3. $1 TRILLION war has its consequences

[pretzel4gore]

4. reagan, bush, i can see

but try increase the millrate, or property taxes, or such esoterica of finance, and WHAM! they get you (even old bush once tried to steal the '88 election with 'read my lips; no new taxes' nonsense)...it was so obvious to me that the entire reagan bush rightwing 'conservative' idea was really a petty con that failed to fly even when tossed off the cliff- and plain common sense demands admission that no rightwing government is possible in a working democracy simply because the number of people dependent upon work and wages, and the social safety net when work isn't available, vastly outnumber those who have ready wealth. Aristotle and Plato, who founded what's known as 'western culture' knew that democracy, ie one man one vote, would not work because voting gave power to the uneducated, the backward etc, who naturally outnumbered what them old wise guys thought of as the 'elect'....our society puts Aristotle etc on a pedestal, yet ignores the fact they dismissed democracy as a tyranny-of-fools! How sweet it is today to show historically that Aristotle and Plato were wrong: it was the educated, the wealthy and the powerful upper classes that needed to be restrained all the goddam time! Poor people generally elect progressive regimes that 'conserve' the way of life, while rightwingers just steal all the money (and that's why the French revolted in 1796, after America did in '76, and the Russians in 1905, and the Chinese in late '40's etc)

[JDPriestly]

5. I have been reading Naomi Klein's The Shock Doctrine.

Under her theory, we would view the economic crisis as something that the Bushies might foster in order to be able to impose their draconian Chicago School economic theories.

We need to be very careful as we choose our candidate. We need a candidate who will not hesitate to renegotiate trade agreements and who will stick up for working Americans and for the poor. We may be facing very hard times ahead.

[madrchsod]

6. the sky is`t falling

it`s just getting a little closer right now....it`s going to take a wise president to chose those who will advise him out of this mess. as of right now the top three are short on solutions

[soothsayer]

7. It's deliberate to drive us to the north american union and the amero.