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The American Empire Is Bankrupt

by : Chris Hedges
Thursday July 28, 2011 - 11:31
2 comments

This week marks the end of the dollar’s reign as the world’s reserve currency. It marks the start of a terrible period of economic and political decline in the United States. And it signals the last gasp of the American imperium. That’s over. It is not coming back. And what is to come will be very, very painful.

Barack Obama, and the criminal class on Wall Street, aided by a corporate media that continues to peddle fatuous gossip and trash talk as news while we endure the greatest economic crisis in our history, may have fooled us, but the rest of the world knows we are bankrupt. And these nations are damned if they are going to continue to prop up an inflated dollar and sustain the massive federal budget deficits, swollen to over $2 trillion, which fund America’s imperial expansion in Eurasia and our system of casino capitalism. They have us by the throat. They are about to squeeze.

There are meetings being held Monday and Tuesday in Yekaterinburg, Russia, (formerly Sverdlovsk) among Chinese President Hu Jintao, Russian President Dmitry Medvedev and other top officials of the six-nation Shanghai Cooperation Organization. The United States, which asked to attend, was denied admittance. Watch what happens there carefully. The gathering is, in the words of economist Michael Hudson, “the most important meeting of the 21st century so far.”

It is the first formal step by our major trading partners to replace the dollar as the world’s reserve currency. If they succeed, the dollar will dramatically plummet in value, the cost of imports, including oil, will skyrocket, interest rates will climb and jobs will hemorrhage at a rate that will make the last few months look like boom times. State and federal services will be reduced or shut down for lack of funds. The United States will begin to resemble the Weimar Republic or Zimbabwe. Obama, endowed by many with the qualities of a savior, will suddenly look pitiful, inept and weak. And the rage that has kindled a handful of shootings and hate crimes in the past few weeks will engulf vast segments of a disenfranchised and bewildered working and middle class. The people of this class will demand vengeance, radical change, order and moral renewal, which an array of proto-fascists, from the Christian right to the goons who disseminate hate talk on Fox News, will assure the country they will impose.

I called Hudson, who has an article in Monday’s Financial Times called “The Yekaterinburg Turning Point: De-Dollarization and the Ending of America’s Financial-Military Hegemony.” “Yekaterinburg,” Hudson writes, “may become known not only as the death place of the czars but of the American empire as well.” His article is worth reading, along with John Lanchester’s disturbing exposé of the world’s banking system, titled “It’s Finished,” which appeared in the May 28 issue of the London Review of Books.

“This means the end of the dollar,” Hudson told me. “It means China, Russia, India, Pakistan, Iran are forming an official financial and military area to get America out of Eurasia. The balance-of-payments deficit is mainly military in nature. Half of America’s discretionary spending is military. The deficit ends up in the hands of foreign banks, central banks. They don’t have any choice but to recycle the money to buy U.S. government debt. The Asian countries have been financing their own military encirclement. They have been forced to accept dollars that have no chance of being repaid. They are paying for America’s military aggression against them. They want to get rid of this.”

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The American Empire Is Bankrupt
Thursday July 28 - 22:39 - Posted by Amerikagulag - b1c625ce2976026115f2d1793dc65df7...

It’s only bad for American citizens. The criminals in Washington DC will still get their full income pensions, free health care and security. Obama doesn’t care because he’s waltzing off with full income for the rest of his life. CONgress has invested heavily in China and India already. Their personal investments will bring them plenty of income return.

Anyone thinking that Obama or any democrat or republican has any concern for the US citizens, think again. They’re only in it for themselves.




The West has lost it...
Saturday July 30 - 01:54 - Posted by gmathol - 61c045c65dec76fb670669a632baa534...

The American Empire and its satellite states around the globe have amassed approximately 5000 trillions in debt. In order to pay this of all Western countries and its leader the US would have to stop all spending in the next 150 years to come.

Over the decades the US governments have stolen almost 63 trillion out of social security and so did most of its Western satellite states.

Nothing new, but more ugly things will come to distract us from the realities. How? Enemies of the West: Muslims, Migrants and local poor people. America spends 600 billions each year on its private prison system.

We need a kind of french revolution. May be this time we find an remote island for all the corrupt elites who oppress us.






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