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The once Almighty US$

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Part of a short work of fiction. (See Chaps. 7-12) I won't.

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November 19, 2004

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The once Almighty US$

11.17.04 (4:12 pm) [edit]

"Indeed, the dollar is declining against all
currencies that have any international standing:
the British pound, the Canadian dollar, the
Australian dollar, and even against the Japanese
yen despite Tokyo's intervention to support the
dollar.

Overcome by hubris and superpower delusion, US
policymakers are unaware of America's peril.
Economists and pundits are equally in the dark.

No argument here on that. Why would any of them
tell you, even if they admitted this to themselves?
Not one in one-thousand Americans are cognizant of
the results of currency movements and that the
Almighty US$ would ever fall from favor.

Both the Clinton and Bush administrations are
guilty of permitting China to maintain a grossly
undervalued currency that sucks productive
capacity out of the US. [As if they could have
had any control over the Chinese.-jo] The combination
of cheap Chinese labor and an undervalued currency
are destroying US middle class living standards."

This report is valuable in some ways but the
author makes far too much of the trade figures and
not near enough of the unpayable =http://sfgate.com/cgi-bin/art..."debt.

There's just no way I see to pay it off without
the US gummint declaring bankruptcy and offering
pennys on the dollar to pay it off. They've bought
and sold the soul of every American alive and beyond
and they'll just have to close shop after the auction.

Check it out.