By Paul Craig Roberts
Online Journal Guest Writer
Nov 8, 2007, 01:00
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.
And so, another BLOGDIAL, ‘Told you so’ post.
We TOLD YOU over and over again that the way to stop the war machine is not to demonstrate, but to shun the thing that fuels the war machine: bad money in this case, the dollar. Now that this is happening world wide, the great and the good are saying what we said, if the dollar dies, the war machine dies.
No amount of protesting, candlelit vigils or anything else like that solved the problem. Simply doing what you do every day and refusing to fund the war machine is enough of a tactic, in fact, it is the best tactic of all, because only the bad guys lose and everyone else wins.
For the record, no one that I know wanted this. We only wanted the war machine to die. If it could have been killed without dismantling america, that would have been preferable, but now, with Iran on their minds and in their cross hairs, it is clear that there is no other option.
For the nth time, there is one country on the earth that can recover, even from this. And that country, is the USA. It now looks as if they actually have someone who can pull it off too.
Sadly, none of this will restore the lives of the millions of mass murdered peoples who were the victims of the war criminals.