Sunday, November 28, 2010

The Stench Of Growing Economic Decay Grows Stronger!

I have focused much of my attention over the last while on the subject of the criminality of the state of Israel and its continuing immoral policies of genocide and mass starvation towards its neighbours and its occupied Palestinian territories.    It is time to again look at other subjects, especially the failing economic system that is collapsing right before our very eyes.

For this article, I want to present the following work that comes from Paul Craig Roberts, that was just posted up by a fellow real truth seeker who calls himself:"Poor Richard", at  The article is entitled: "The Stench Of Growing Economic Decay Grows Stronger", and I want to present it in its entirety here for my own readers to view:


The Stench Of Growing Economic Decay Grows Stronger

By Paul Craig Roberts at

On Thanksgiving Eve, the English language China Daily and People's Daily Online reported that Russia and China have concluded an agreement to abandon the use of the US dollar in their bilateral trade and to use their own currencies in its place. The Russians and Chinese said that they had taken this step in order to insulate their economies from the risks that have undermined their confidence in the US dollar as world reserve currency.

This is big news, especially for the news dead Thanksgiving holiday period, but I did not see it reported on Bloomberg, CNN,New York Times or anywhere in the US media. The ostrich's head remains in the sand.

Previously, China concluded the same agreement with Brazil.

As China has a large and growing supply of dollars from trade surpluses with which to conduct trade, China is signaling that she prefers Russian rubles and Brazilian reals to more US dollars.

The American financial press finds solace in the episodes when sovereign debt scares in the EU send the dollar up against the euro and UK pound. But these currency movements are just measures of financial players shorting troubled EU-denominated debt. They are not a measure of dollar strength.

The dollar's role as world reserve currency is one of the main instruments of American financial hegemony. We haven't been told how much damage Wall Street fraud has inflicted on EU financial institutions, but the EU countries no longer need the US dollar for trade between themselves as they share a common currency. Once the OPEC countries cease to hold the dollars that they are paid for oil, dollar hegemony will have faded away.

Another instrument of American financial hegemony is the IMF. Whenever a country cannot make good on its debts and pay back the American banks, in steps the IMF with an austerity package that squeezes the country's population with higher taxes and cuts in education, medical and income support programs until the bankers get their money back.

This is now happening to Ireland and is likely to spread to Portugal, Spain, and even to France. After the American-caused financial crisis, the IMF's role as a tool of US imperialism is less and less acceptable. The point could come when governments can no longer sell out their people for the sake of the American banks.

There are other signs that some countries are tiring of America's irresponsible use of power. Turkey's civilian governments have long been under the thumb of the American influenced Turkish military. However, recently the civilian government moved against two top generals and an admiral suspected of involvement in planning a coup. The civilian government further asserted itself when the prime minister announced on Thanksgiving day that Turkey is prepared to react to any Israeli offensive against Lebanon. Here is an American NATO ally freeing itself from American suzerainty exercised through the Turkish military. Who knows, Germany could be next.

Meanwhile in America, the sheeple remain content with, or blind to, their role as sheep to be slaughtered to feed the rich. The Obama administration has managed to come up with a Deficit Commission whose members want to pay for the multi-trillion dollar wars that are enriching the military/security complex and the multi-trillion dollar bailouts of the financial system by reducing annual cost-of-living increases for Social Security, raising the retirement age to 69, ending the mortgage interest deduction, ending the tax deduction for employer-provided health insurance, imposing a 6.5% federal sales tax, while cutting the top tax rate for the rich.

Even the Federal Reserve's low interest rates are aimed at helping the banksters.

The low interest rates deprive retirees and those living on their savings of interest income. The low interest rates have also deprived corporate pensions of funding. To fill the gap corporations are issuing billions of dollars in corporate bonds in order to fund their pensions. Corporate debt is increasing, but not plant and equipment that would produce earnings to service the debt. As the economy worsens, servicing the additional debt will be a problem.

In addition, America's elderly are finding that fewer and fewer doctors will accept them as patients as a 23% cut looms in the already low Medicare payments to doctors. The American government only has resources for wars of aggression and bailouts of rich banksters. The American citizen has become a mere subject to be bled for the ruling oligarchies.

The police state attitude of the TSA toward airline travelers is a clear indication that Americans are no longer citizens with rights but subjects without rights. Perhaps the day will come when oppressed Americans will take to the streets like the French, the Greeks, the Irish, and the British.

NTS Notes:   This is indeed a well written article from Paul Craig Roberts and should be a wake up call for everyone!

Right now it appears that the American government is trying to get a new war started on the Korean peninsula for the absolutely insane notion of having it escalate into a war against China, just so that they can erase the massive debt owed to that country!  Just think... War with some 1.4 BILLION people, with an unheard of number of deaths as a result, just to get a resurgence in a failing criminal debt based economy!

Most people in America are being kept unaware of the dire straights of their own economic situation by the Zionist Jewish controlled MSM,  and I have long concluded that it is done intentionally!   If Americans were really kept aware about how bad their economy truly was, I suspect that there would have already been a popular uprising against the criminal US Government already.

It appears again that the only real truth that is able to reach the sheeple in America is through the work of bloggers in getting the real truth out.   Please pass this and other information around for others to see!

More to come


1 comment:

Anonymous said...

I have been following the dollar use as a universal legal tender for quite some time. I could never figure out how our policy wonks could use debt to finance war, non-wealth creating programs, etc. without our economy experiencing economic dislocations.

Then I realized that foreign dollar holders: central banks, investors, savers, etc. are the holders of excess dollars. Because they are not spending dollars in the American economy our economy is not experiencing hyperinflation or any other economic dislocations created when too much currency circulates in the economy.

Russia and China are simply being prudent. They have a huge surplus of foreign currencies: dollar and otherwise, where they have no say in their creation or control. In this digital age it is easy to track one’s own currency and be able to respond quickly if too much is being produced.

The dollar became a universal currency during the cold war era, but this era is over with and the dollar is no longer needed to buttress global commerce. The dollar is now transitioning from a global currency to a national currency, only.

How our economy will function in this new era remains to be seen. Many investors do not think our policy wonks have the ability to make the right decisions and are buying gold, silver or other commodity type assets that can be readily converted.

I leave you with the following:

The Morning Prayer of the Last Elders of Optina
O Lord, grant that I may meet all that this coming day brings to me with spiritual tranquility. Grant that I may fully surrender myself to Thy holy Will.

At every hour of this day, direct and support me in all things. Whatsoever news may reach me in the course of the day; teach me to accept it with a calm soul and the firm conviction that all is subject to Thy holy Will.

Direct my thoughts and feelings in all my words and actions. In all unexpected occurrences, do not let me forget that all is sent down from Thee.

Grant that I may deal straightforwardly and wisely with every member of my family, neither embarrassing nor saddening anyone.

O Lord, grant me the strength to endure the fatigue of the coming day and all the events that take place during it. Direct my will and teach me to pray, to believe, to hope, to be patient, to forgive, and to love. Amen.