American Dollar control of the world - could it be ending?

Date:   11/23/2007 9:34:07 PM ( 17 y ago)

Note - this post is mostly made of quotes, of which are in quote marks below, from an article titled:
"Averting World War III, Ending Dollar Hegemony And US Imperialism"
By Rohini Hensman 17 November , 2007
Countercurrents.org - link>
http://www.countercurrents.org/hensman171107.htm


The unquoted parts are mine, so you will see that this is mostly plagurised, but I think it it is good stuff that needed editing down ; read the whole article at the link above:)


"Ending American Imperialism"

"All who do not share Bush's interests in continued global imperialism are cheering as America's best weapon - "US Dollar hegemony" - is being beaten back to where it will no longer fund Americas huge debts - fiscal and trade - and their military bases all over the world."

Ron Paul even said it - "Empires collapse because they go broke trying to police the world".

"US Dollar hegemony" refers to the way that American currency, the US dollar, is used all over the world as the default currency to trade. Oil sales and other trade to the USA is done in US dollars, Poorer nations need to have US dollars to help ensure oil imports when their own economies have troubles. The USA is the only nation on earth that can just print up their currency, and that gives them an economic advantage [and pays for their deficits and military expenses] because the US trade deals put the payments made to those other nation's for their good and resources right back into the US as treasury notes and so on that are kept in American banks. Thats just the way it works, partly "just because the Americans say so", they dictate the details of trade with other nations.

I won't pretend to understand all the details of it, but basically it is the fact that the US currency is the standard for global trade, and because those dollars are simply printed up when they need more of them. That is how most of the goods flowing into the USA have been paid for, and the nations America trades with, especially where oil is concerned, are being paid in those dollars. Saudi Arabia, for example, made a deal with the USA long ago to ship their oil to America and get back military hardware and promises that "The House of Saud" will be kept in power in Saudi Arabia, and that the Americans would build up the infrastructure of Saudia Arabia for them [with american contractors], which has all been done and continues to be done that way. The wealthy Saudi Kings do get paid, but they have their $billions in USA treasury notes.

"Estimates are that about $8 Billion a day flows back into the US treasury because of the fact that the world uses the US dollar as the default currency."


What about the average American citizens?
"The costs of empire will become apparent to the US public only when they have to pay those costs, and this will happen only when other nations stop colluding in its imperial adventures, and when the dollar loses its role as the world’s reserve currency. A large and growing number of the American public are opposed to US imperialism, and all of them are affected adversely by it, whether they realize it or not"

"American Taxpayers would also regain power as their contributions to government spending increased in importance; the war could continue indefinitely so long as foreigners fund it, but once tax-payers are funding it, a tax strike could bring the troops home."


The Problem[s] of America Imperialism -
"The world order cannot much longer survive having a heavily armed rogue state on the rampage in violation of all international law and multilateral treaties. The world economy cannot afford to depend on the currency of a bankrupt nation with a colossal military budget. And the earth itself is put at risk by a country which devours massive quantities of fossil fuels and spews out greenhouse gases at a catastrophic rate."


The Solution:
"US imperialism would not be able to pursue its destructive policies without the unlimited supply of blank cheques extended to it by the rest of the world, so it is the responsibility of the rest of the world to withdraw that source of funding. The beast has to be killed by attacking it at the point where it is most vulnerable."

"The dollar is sliding, and developing countries which hold all or most of their foreign exchange reserves in dollars are losing money as it loses value. If it crashes, their reserves could be wiped out."

For citizens of the world who are opposed to US imperialism, we should refuse to use the US dollar except within the US itself :
"{Mass action of this sort played a major role in ending British rule in India and thus the British empire; employed on a much wider scale, it can help to end the US empire.}
- We should appeal to governments in oil-producing countries not to denominate their oil trade in US dollars.
- Barter deals which do not involve oil could also be concluded between developing countries.
- World trading patterns would also need to change. If the dollar sinks drastically with world trade unchanged, many countries which now rely on exports to the US will be affected adversely by its inability to import their goods with a weakened dollar. A reorientation of trade away from the US would therefore be necessary ; China and Japan, the biggest creditors of the US, suffer most from the decline of the dollar, and would have to work out alternative trade patterns to safeguard their economies."


Feeling the Benefit:
"A redistribution of resources from militarism and wasteful consumption of the rich and powerful to productive consumption of working people would play a positive economic role, not only in Third World countries but also in Europe and North America" This is what the world has to gain by stopping the US imperialism "

Global Warming could be tackled when oil is not at the crux of the US Empire's dollar hegemony.

Peace on Earth could be a real possiblity when American foreign policy stops supporting and installing ruthless dictators and creating narco-states in order to get hold of those nation's resources. We might be surprised at how many of the wars and warring people's on earth are instigated by the American imperial juggernaut.



 

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