The death of the dollar does not mean that the elites who run America are necessarily seeing their power diminish. As long as they control the flow of capital to whatever labor market they feel is cheapest, their power is enhanced – especially if countries are forced to abide by free trade agreement that hobble policy makers and tie their hands with regard to trade.
The biggest threat to the elite’s power has always been a prosperous and powerful middle and upper middle class. With the advent of outsourcing, unrestrained illegal immigration, and clear preferences given to h1b and immigrant visa workers over American workers in industries such as high-tech, higher education, and engineeering they are tightetning their grip on power by weakening their heretofore greatest foe – the prosperous and educated middle classes of America, Europe, and the rest of the first world.
nice to see paul craig roberts i’ve often read him, but never heard him.(he’s retrojecting about the romans though). but i don’t know about that narrator. smarmy.
imagine the dollar tanks. that’ll suck for us americans, but if the rest of the world makes an orderly shift to the euro (or the basket of currencies mentioned in the video), how will other national economies suffer?
That the kind of question a PhD thesis could answer ;-)
Seriously, since the dollar is still the main international exchange and reserve currency and since petrochemicals are still mostly paid for in dollars this will not be an easy transition at all. Should countries start offloading their dollars on the market too fast it could trigger very bad consequences for many economies, including the EU. So far, only Iran is selling 90% of its oil exports in dollars and, if I remember correctly, Venezuela is considering something similar. Interestingly, Japan (and, I think China both) agree(s) to pay for Iranian oil in Euros. So a movement away from the dollar has already begun, but it will be slow and gradual (hopefully).
However, in the case of a war with Iran, all bets are off.
Also – many nations have heavily invested in the USA and a catastrophic collapse of the USA would hurt them very much. For example the Swiss bank UBS has already lost ten BILLION dollars in the subprime market crisis.
All this is to say that international economies are all deeply intertwined and would not do well in case of an economic collapse in the USA.
The death of the dollar does not mean that the elites who run America are necessarily seeing their power diminish. As long as they control the flow of capital to whatever labor market they feel is cheapest, their power is enhanced – especially if countries are forced to abide by free trade agreement that hobble policy makers and tie their hands with regard to trade.
The biggest threat to the elite’s power has always been a prosperous and powerful middle and upper middle class. With the advent of outsourcing, unrestrained illegal immigration, and clear preferences given to h1b and immigrant visa workers over American workers in industries such as high-tech, higher education, and engineeering they are tightetning their grip on power by weakening their heretofore greatest foe – the prosperous and educated middle classes of America, Europe, and the rest of the first world.
nice to see paul craig roberts i’ve often read him, but never heard him.(he’s retrojecting about the romans though). but i don’t know about that narrator. smarmy.
imagine the dollar tanks. that’ll suck for us americans, but if the rest of the world makes an orderly shift to the euro (or the basket of currencies mentioned in the video), how will other national economies suffer?
how will other national economies suffer?
That the kind of question a PhD thesis could answer ;-)
Seriously, since the dollar is still the main international exchange and reserve currency and since petrochemicals are still mostly paid for in dollars this will not be an easy transition at all. Should countries start offloading their dollars on the market too fast it could trigger very bad consequences for many economies, including the EU. So far, only Iran is selling 90% of its oil exports in dollars and, if I remember correctly, Venezuela is considering something similar. Interestingly, Japan (and, I think China both) agree(s) to pay for Iranian oil in Euros. So a movement away from the dollar has already begun, but it will be slow and gradual (hopefully).
However, in the case of a war with Iran, all bets are off.
Also – many nations have heavily invested in the USA and a catastrophic collapse of the USA would hurt them very much. For example the Swiss bank UBS has already lost ten BILLION dollars in the subprime market crisis.
All this is to say that international economies are all deeply intertwined and would not do well in case of an economic collapse in the USA.
HTH.
i see everything you say, VS, i just didn’t know how far this had progressed, either in reality or in planning:
“So a movement away from the dollar has already begun, but it will be slow and gradual (hopefully).”
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