Rob Kall: The BriC countries.
Paul Craig
Roberts: Look, the Chinese manufacturing
force, you know how large it is? 112
million! You know how large the American
is? Eleven million. Eleven!
Rob Kall: But let me get back: is it possible if we
could find and elect a leader who said "My first step as the new President is
to cancel these global trade agreements."
Would that be possible, if they were able to stand up to all these
different people.
Paul Craig
Roberts: How would he get financed to
get elected?
Rob Kall: That's another issue, but could it be
done? Could we just step away from them
and "These aren't working. We're going
to start over again and write new, real global trade agreements that reflect on
our need to protect our industries and not let them just be totally destroyed.
Paul Craig Roberts: It can't happen for the reason I said, that
right now it serves the interest for the power, so they're not going to
overturn it. Now, when it becomes
apparent that we've destroyed ourselves, you can't get the power back. You think the Chinese are going let you all
of a sudden let you overcome this?
No. They'll hold the upper
hand. They're not going to say "OK,
let's now destroy ourselves the way the Americans destroyed themselves." I think it's all over with for the West. I don't think they can come back, and so what
we're going to be in is a period of transition in which the West becomes no
longer the ruler of the universe. It
will be slowly declining. In fact, the
collapse could be sudden. We don't know
what -
Rob Kall: Now you've written about that. You've written about how at some point the
dollar is going to burst, and you've talked in some interviews and your writing
about how, in these different bubbles -- are we in the middle of a dollar bubble
right now, a money bubble?
Paul Craig
Roberts: Yes. The dollar is one of the biggest bubbles in
history. The Federal Reserve is creating
over a trillion new dollars annually, but the demand for dollars is not rising
by a trillion annually. And so, sooner
or later, this has to affect the price of the dollar, that is, the exchange
value. And we already see the important
nations moving to decouple from the dollar.
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