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The Beginning of the End for the U.S. Dollar as the World Reserve Currency

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And yet, in every dark cloud there is a silver lining. If the dollar loses world favor, if it is severely devalued, there will be an opportunity for the government and the business community to take advantage by working together to rebuild American manufacturing, since exports to other countries will be at much lower prices. When that time comes we'll see if each of them has the capacity to respond to the changing times and the new opportunities.

The demise of the dollar will also bring radical changes to the American lifestyle. When this economic tsunami hits America, it will make the 2008 recession and its aftermath look like no more than a slight bump in the road. It will bring very undesirable changes to the American lifestyle through massive inflation, high interest rates on mortgages and cars, and substantial increases in the cost of food, clothing and gasoline; it will have a detrimental effect on every aspect of our lives.

Such a revolutionary event in the world's reserve currency poses a far greater threat to America's security than any of those many fabricated terrorists that the Washington-based facilitators of war have created to keep the American people in a state of fear. This is a real threat and danger that America will be powerless to defeat with any form of military might. This will be a battle involving economic survival.

The U.S. government obviously can see what is going on, how these nations are rapidly moving away from the dollar. But is it doing anything to respond to the challenge? Time and time again this nation's dysfunctional government has been warned that it is going in the wrong direction and must change course. It has been warned that it must stop pouring hundreds of billions and trillions of dollars into its war machine and downscale it vast worldwide military empire; it has not heeded those warnings.

This government knows that it is imperative that it significantly reduces its monumental national debt, that is must take steps to restore its manufacturing sector and rehire its workers, the foundation of America's economy. But the corrupted politicians who answer only to the dictates of Corporate America have refused to respond to those warnings and they continue to follow a course that will eventually lead to financial insolvency.

And now time is running out for the U.S. dollar as the world community of nations has seen enough of America's incapability in dealing with its most critical problems. It has now become evident that many of the nations of the world no longer have faith or confidence in either the U.S. dollar or in America itself.

Michael Payne

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Michael Payne is an independent progressive activist. His writings deal with social, economic, political and foreign policy issues; and especially with the great dangers involved with the proliferation of perpetual war, the associated defense (more...)
 
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It seems like everyone is jumping on the band... by michael payne on Saturday, Feb 4, 2012 at 12:20:59 PM