Top Leaderboard, Site wide
Shop the Truthdig Gift Guide 2014
December 20, 2014
Truthdig: Drilling Beneath the Headlines
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Get Truthdig's headlines in your inbox!


Loss of Rainforests Is Double Whammy Threat to Climate






Truthdig Bazaar more items

 
Report

The American Empire Is Bankrupt

Email this item Email    Print this item Print    Share this item... Share

Posted on Jun 14, 2009
Wikimedia Commons

By Chris Hedges

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.

Advertisement

Square, Site wide
“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.”

China, as Hudson points out, has already struck bilateral trade deals with Brazil and Malaysia to denominate their trade in China’s yuan rather than the dollar, pound or euro. Russia promises to begin trading in the ruble and local currencies. The governor of China’s central bank has openly called for the abandonment of the dollar as reserve currency, suggesting in its place the use of the International Monetary Fund’s Special Drawing Rights. What the new system will be remains unclear, but the flight from the dollar has clearly begun. The goal, in the words of the Russian president, is to build a “multipolar world order” which will break the economic and, by extension, military domination by the United States. China is frantically spending its dollar reserves to buy factories and property around the globe so it can unload its U.S. currency. This is why Aluminum Corp. of China made so many major concessions in the failed attempt to salvage its $19.5 billion alliance with the Rio Tinto mining concern in Australia. It desperately needs to shed its dollars.


New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

By ardee, June 26, 2009 at 5:46 pm Link to this comment

KDelphi, June 26 at 3:37 pm #

I believe it more a case of ennui and estrangement from the process than the people actually having a hand in all the bad cess this nation commits. Mostly we allow our govt to do as it wishes, in our name sad to note.

This is why the lesson of Iranian current events should shame every patriotic American. Eight years of the worst President in American history and we did nothing still. A new president whose campaign is proving to have been one gigantic lie and still we do nothing.

I await a tipping point and am certain it will arrive. Optimism, the one necessity for any activist.

Report this

By KDelphi, June 26, 2009 at 12:37 pm Link to this comment

Yes, the ‘Merkin people can be counted on to do the right thing, when they have tried everyting else.

Report this

By ardee, June 26, 2009 at 12:23 pm Link to this comment

Anarcissie, June 26 at 11:20 am #


It seems to me that at the moment religious fanaticism and the politics that derives from it are in retreat.  This doesn’t mean they aren’t dangerous—the Nazis were in decline when Hitler succeeded in seizing power in Germany—but it does mean the danger from them is lessening.

............................................

I think that the Bush administration, and Karl Rove especially, had used and abandoned the religious right well before leaving office, and their power was more myth than reality. They certainly had a more public forum under Bush but I do not believe they had real power.

Perhaps it is my faith in the American people that makes me less than concerned about these fanatics. We may be less active in our own governance than is good for us, no , make that we ARE less active,but we tend to reject extremism of all sorts….sooner or later we do.

Report this

By elisalouisa, June 26, 2009 at 10:43 am Link to this comment

Night-Gaunt:
After careful review I have ordered two books:

“Handmaid’s Tale”  by Margaret Atwood and
“The Myth of Free Trade: The Pooring of America” by Ravi Batra.

How truly sad that we must dig so for the truth. Scary too, considering what we come up with when we do dig.

Report this
Night-Gaunt's avatar

By Night-Gaunt, June 26, 2009 at 8:54 am Link to this comment

Where is it lessening? Obama not only isn’t changing and removing the fascist elements set up by Bush/Cheney he is increasing them and broadening them as he goes. Where have you been?

Check out “Turning Soldiers into Crusaders” right here and tell me “things are lessening” here as we still teeter on the brink of a huge depression. [We already are in one now but it could easily get far worse.]

Report this
Anarcissie's avatar

By Anarcissie, June 26, 2009 at 8:20 am Link to this comment

It seems to me that at the moment religious fanaticism and the politics that derives from it are in retreat.  This doesn’t mean they aren’t dangerous—the Nazis were in decline when Hitler succeeded in seizing power in Germany—but it does mean the danger from them is lessening.

Report this
Night-Gaunt's avatar

By Night-Gaunt, June 25, 2009 at 9:30 am Link to this comment

Check on the “Business Coup” of 1934 when the richest tried to take over but failed. FDR did not do a thing to them and hushed it up. They learned their lesson. Just it was the wrong one.

They are religious fanatics and power mongers too. http://www.talk2action.com/ covers a great deal of it and just how deep they have their clawed tentacles into our society. They believe they have the Devine right of Kings on their side. To me they have been making their overt moves since 1980. [The middle class appeared and had its best times from 1945-1980. We also became a permanent debtor nation.] They have the “7 Pillars” or “7 Mountains” of control that they want to subvert and the economy is a big one.

They are as much followers of Niccolo Machiavelli and his ways as much as John Calvin‘s theocracy of Geneva as one of their models. Machiavelli believed the most difficult thing in the world to do is to replace one organization with another. To do that one must be removed for the other to flourish.

Look at Dmitry Olov‘s 5 levels of civilization collapse at http://www.cluborlov.com/ to see what they are and how we aren’t set up to bounce back from a bad fall. I think the Dominionists will give a “helping hand” to us at #3. They will ‘save us’ from utter barbarism by giving us a rigid theocracy with no protections. The desperate will jump at that chance. Better than being eaten as food or raped or just starving to death.

I have been studying this since 1990 after I read the “Handmaid’s Tale” and Margret Atwood was on the mark at the danger posed by these people. The rest is up to you if you care to research for yourself.

Report this

By elisalouisa, June 25, 2009 at 8:56 am Link to this comment

Night-Gaunt:
Like the ones who have dragged down the dollar and our republic in their scheme to put a Christian empire in its place.
**********************************************************************************
Excuse me Night-Gaunt, pass this by me again.

From where I stand it was Wall street in its excessive greed and recklessness in their quest for personal gain who dragged down our country with nary a care as to the hardworking citizens who picked up the bill.

Report this
Night-Gaunt's avatar

By Night-Gaunt, June 25, 2009 at 7:47 am Link to this comment

I prefer my judgment of criminals to be while I am still alive. Your world is of comfort in some kind of ill defined, much less proven after existence. A post biotic one that is all based on faith. Blind faith that is a prerequisite for you to have such a comfort zone. Humans can judge, they can also punish which they should. But only those who do harm to others. We should correct or balance what evil has been done if we truly consider ourselves civilized beings.

Like the ones who have dragged down the dollar and our republic in their scheme to put a Christian empire in its place. I don’t trust an invisible being of less substance than the air of dubious origin to rectify this. Do you really in your heart-of-hearts believe that Christian96?

Report this

By christian96, June 25, 2009 at 3:59 am Link to this comment

Garth—-I believe it was Philip Agee who quit the
CIA when he finally realized they were nothing but
puppets for the USA corporations.  At least some
of them have a conscience.  Our leaders will not
get by with what they have done to other nations.
I have been studying the Bible for 32 years.  God
not only knows what they do but also knows their
thoughts.  Someday they have to die and face the
judgement.  There is justice in the universe.

Report this

By garth, June 24, 2009 at 5:23 pm Link to this comment

THOUGHT FOR THE DAY!
“But what counter-insurgency really comes down to is the protection of the capitalists back in America, their property and their privileges. US national security, as preached by US leaders, is the security of the capitalist class in the US, not the security of the rest of the people.”—Philip Agee, CIA Diary, p562

Report this
Anarcissie's avatar

By Anarcissie, June 24, 2009 at 9:16 am Link to this comment

clitb32:
‘Somehow I have trouble understanding how we lose by buying from overseas. When we buy something for a reduced price, we have the desired item with money left over which we can use to buy something else. The money spent, in turn, in order for the receiver to benefit, must eventually be used to buy something from us. Of course, the item sold by us will generate us a profit…so where have we lost? ...’

This Adam-Smithian argument works only if the goods produced overseas are produced under similar conditions to those produced here.  In many countries, wages are extremely low, unions are forbidden, and there are no environmental regulations, i.e. the common people’s property interest in their surroundings is flouted.  The result of trading with such countries is to drive down conditions for working people in this country to the same level as those that exist in the worst, most slavelike country.

Report this
Night-Gaunt's avatar

By Night-Gaunt, June 24, 2009 at 8:26 am Link to this comment

Well Jim Lunsdford the present situation I think was deliberately designed to put us in this situation. But not to become “socialist” but to become a theocratic fascist corporate state. One long in the planning.

A mix of socialism, for protecting the least of us, and controlled capitalism for the innovation would be the best way for us. Rather like Switzerland. No extreme poverty or wealth allowed and we have both.

But the people perpetrating this are long termers and their plans are so close to completion it hurts. Mostly we are the ones hurting. Bringing down the middle and lower middle classes and to have corporate capitalism run rampant, like cancer, to do its dirty work. The “Shock Doctrine” turned directly against us by them. Argentina or Chile, which model would you prefer? The elites loved it and prospered, while everyone else lived in fear of starvation or being shot or disappearing. Trained by us and guided by us so why not here then? It was only a matter of time till it would be directed against us.

Report this

By sherri speir, June 23, 2009 at 8:29 pm Link to this comment
(Unregistered commenter)

OMG, who died and made you an oracle???  You claim to have powers no one else claims, what does that tell me???  Absolutely nothing…

Report this

By Jim Lunsford, June 23, 2009 at 7:51 pm Link to this comment
(Unregistered commenter)

Just to prgill, who would have figured that such a grammar nazi thinks form is more important than function? You remain anonymous in your criticism. How typically small.

Report this

By Jim Lunsford, June 23, 2009 at 7:48 pm Link to this comment
(Unregistered commenter)

I find it hard to believe we have so many people claiming it is vulture capitalism that is the cause of all this mess. And calling for socialism. As if that has ever helped an economy out. The only socialism we can look forward to in this country, is the socialism of the NAZI party of WW2. Capitalism is not the problem here. Maybe if we got rid of the FED, CIA, FBI, and most of the military we might not have so many unnecessary expenditures. Is there any reason our military budget should surpass the rest of the world’s combined budget? No, it is insanity. We’ve given tax breaks to encourage our manufacturing to leave the country, we’ve forced states to drop consumer protection laws so that they could go and buy a house irregardless of it being a sound financial decision. All so that a few crooks could make money. Hell, personally, I don’t see why anyone in this country can be surprised at our downfall. I am more surprised that we haven’t fallen already. As for the oil prices being in Dollars making us invincible? Lunacy. Look up the agreement between Brazil and China. They are changing their standard in their trade. We are fallen because Rockeffelor was successful in his educational charity foundation goals. We became good little worker bees and a nation of non-thinkers Thinking being best left for leaders. This demise was deliberate. Which leads one to wonder just how could anyone think Socialism could ever work, since it relies so heavily on a government. And what government in history has been one you could trust? Not one. No; what we need is a return to capitalism, something that hasn’t been practised here in a hundred years. And we need a new government, One with far less, and preferably no central powers. Else, we will remain under a yoke of terrible tyranny.

Report this

By WykydRed, June 23, 2009 at 7:13 pm Link to this comment

To find the GM cuts, Google or Bing “GM cuts Health care and dental benefits”.

I cannot find ANY article that states “the government forced” GM to do this. What all the articles say is that GM itself has decided to make these cuts on retirees to cut costs.

Report this

By david, June 23, 2009 at 1:36 pm Link to this comment
(Unregistered commenter)

All our “representatives ” have ignored the 1935 Supreme courts ruling say that ” congress CAN NOT pass their powers to another ( the FED)” , meaning they have never had congressional authority!Now this administration wnats to give this illegal money cartel even more power! Clearly, this government does not govern by the constitution or enforce the laws of the land. They never kave, and can’t, produce the law that says we must pay tax on our labor or the reason for allowing bankers to destroy the country. We ,technically, have been bankrupt since going off the gold standard. The Fed jus bought $1.4 of U.S. bonds.. where did this money come from? they simply printed it! Not until we govern according to the constitution, which as a republic we are required to do, will this country return to order. Our elected officials are the tyrants directly responsible for this madness. We must hold them responsible now!

Report this

By clitb32, June 21, 2009 at 10:56 am Link to this comment
(Unregistered commenter)

Somehow I have trouble understanding how we lose by buying from overseas. When we buy something for a reduced price, we have the desired item with money left over which we can use to buy something else. The money spent, in turn, in order for the receiver to benefit, must eventually be used to buy something from us. Of course, the item sold by us will generate us a profit…so where have we lost?
HERE…Money spent here by foreign interests is used to buy property and industry, INCLUDING TECHNOLOGY. The profits derived from the acquired industries and technology are solely theirs, after taxes of course.

Report this

By claremontbob, June 20, 2009 at 11:05 pm Link to this comment

Our current economic crisis has been caused, not by the dollar’s decline, but by rampant over-leveraging, speculation and misrepresentation which has almost destroyed the credit markets.  If Obama succeeds in getting those under control, the U.S. can still have a functioning economy despite its huge debt.

I recently attended a lecture by Steven Zarlenga, author of “The Lost Science of Money”.  He pointed out that government should not have to borrow to create money.  Instead government should extend credit to create money during weak periods and should reduce credit to decrease the money supply to fight inflation during strong periods.  This would give government (not bankers) control over monetary policy, and government would collect rather than pay interest on money.

Our Federal Reserve system forces the goverment to borrow when the economy needs more money.  It’s a compromise between those who wanted private banks to control the money and those who wanted the government to do so.  The President appoints (with approval of Congress) the visible member (the Chairman), while the bankers elect the other members (the Presidents of the Federal Reserve Banks).  But the Chairman isn’t responsible to the President or Congress, and the bankers’ appointees can outvote him.  The Federal Reserve system ensures that money creation creates income for banks and expense for government (i.e., taxpayers).

The system of fractional reserves, in which banks can lend a multiple of their assets, also gives bankers control of the money supply: they expand or contract it by expanding or contracting their multiple (based on their level of greed or fear at the time).

Zarlenga shows that historically private banks have been irresponsible, while banks fully controlled by government have been responsible in the amount of money they create.  For example, the great German inflation of the 1920’s began when the Deutsche Bank was privatized and ended when Finance Minister Hjalmar Schacht re-nationalized it.  Zarlenga gives many other examples from foreign and American history to show that bankers’ greed is responsible for the creation of excess money in the form of credit and that such a system tends to weaken and bankrupt governments by placing them in debt to banks.  Banks are also responsible for strangling the economy by issuing too little credit when their fear overcomes their greed, as is happening now.

Expansion of economic activity—whether the result of increased productivity or increased population—requires an expanding supply of money in the form of cash and credit.  The effect of our existing system in which the government cannot stimulate the economy except by borrowing means that either our economy cannot expand or else government, businesses and/or families amass huge debts.

The requirement to incur debt to create enough money to support the economy exists whether the government is a large or small portion of total income spending and debt.  If the government’s share of income, expenditure and debt were reduced to zero, businesses and families would still have to increase their debt unceasingly to expand the supply of money and therefore the economy.  This is unsustainable.

The expansion of debt occurs unevenly—when faster it creates booms, when slower or when decreasing it creates busts.  Even if it were to occur evenly, sparing us the boom-bust cycle, it would still result over time in a mountain of debt.  It’s insane.  Like many other facets of our society, it exists only because of the outsized power of a special interest—in this case, the banking industry.

Report this

By christian96, June 20, 2009 at 10:20 pm Link to this comment

By christian96, June 21 at 1:11 am #


To say this article is depressing is a gross
understatement.  However, I believe it is probably
accurate.  I am old and probably will not be around
to see the final collapse myself but my heart is with
our children.  Isn’t there something that can be
done?  Where are our great minds?  I am not a history
buff.  How did other empires collapse especially the
Roman empire?  Can’t our great minds learn something
from their collapse and alter our course on this
sinking ship?  Is it going to take violence against
the ruling class in our country to correct this
ship?  Haven’t we developed to the point where reason
and rationality can take the place of violence?
Perhaps it is too late.  Our congressional leaders
let the military-industrial complex get out of hand.
Now people around the globe hate us because we used
force around the globe to pull down governments and
establish ones coducive to the greed of our
multi-national corporations.  It looks like the
chickens have come home to roost.  God’s will be done!

Report this

By christian96, June 20, 2009 at 10:11 pm Link to this comment

To say this article is depressing is a gross
understatement.  However, I believe it is probably
accurate.  I am old and probably will not be around
to see the final collapse myself but my heart is with
our children.  Isn’t there something that can be
done?  Where are our great minds?  I am not a history
buff.  How did other empires collapse especially the
Roman empire?  Can’t our great minds learn something
from their collapse and alter our course on this
sinking ship?  Is it going to take violence against
the ruling class in our country to correct this
ship?  Haven’t we developed to the point where reason
and rationality can take the place of violence?
Perhaps it is too late.  Our congressional leaders
let the military-industrial complex get out of hand.
Now people around the globe hate us because we used
force around the globe to pull down governments and
establish ones coducive to the greed of our
multi-national corporations.  It looks like the
chickens have come home to roost.  God’s will be done!

Report this

By Kim, June 20, 2009 at 11:36 am Link to this comment
(Unregistered commenter)

After reading this article and the comments… I enjoy hearing the intelligent conversation.  However I am amused at the writer’s remarks about a fascit right? The two parties operate as one…paving the way for the American collapse… Obama…doing the quick slam dunk for the NWO One World Government…backed by the World Bank.  The media is Disgusting…nothing less and nothing more, than a cheap copy of the likes of Hitler’s propaganda machine…and have joyfully aided the elites that have been taking us into as quickly as they could communism and fascism. (We have been ENTERTAINED as a society, into moral apathy, decadant conformity, and lulled into conformity which has drained our courage and moral strength. We were once a moral people, we no longer are… Dewey (zealous communist, pres.of teachers union 1960’s , rewrote our history books, instilled situation ehtics, “tore God down out of Heaven in true Marxist form” and gave us new math…that would instead of training our nation to reach logical and common sense conclusions…would manipulate the figures and learn to find the answer that their teachers/authority said was the right answer- It’s called- RE-EDUCATION…BRAINWASHING.)
What is happening now to our country is called judgment, for bad decisions, egomanaical greedy leaders and an apathetic people who refuse to demand better of them.

Report this

By ardee, June 20, 2009 at 3:18 am Link to this comment

tahitifp, June 16 at 11:15 pm

I will try, for the third time, to post the results of my search for corroboration of the claim by beerdoctor.

I can find absolutely nothing about such a demand by the Obama govt. regarding this. I do find that , when the initial funds were given to GM, the bush administration requested that they bring their wages in line with industry standards.

I fail to understand why TD disallows a post containing no derogation or insult? I do note, the longer I stay here, the heavy hand of the administration in censoring, not only opinion, but certain websites from linkage as well….Bodes ill for my tenure here I fear.

Report this

By Ricardo, June 20, 2009 at 1:52 am Link to this comment
(Unregistered commenter)

There is a fundamental error in judgment here by the author with regards to Russia/China’s motivations. Russia has a larger stockpile of nuclear weapons than we do, and many of our weapons are deteriorating. Obama has also declared his intention of a “nuclear free world” starting with our own stockpiles. According to Gates, they have massive cuts planned for our nuclear weapons and vessels or equipment necessary to deliver these weapons. On the other hand, the Russians, around the same time, declared a huge spending increase to revamp their nuclear weapons and even boasted of new weapons they claim can defeat the U.S Missile shield (like the RS-24 system they claim they will start deploying after the START-1 treaty expires at the end of this year). China, similarly, boasts it has anti-ship missiles capable of sinking the most advanced of our fleet. Meanwhile, our “war economy” is defunding itself, or spending itself into things that are irrelevant and useless for actual world wide domination, or to repel a force intent on world wide domination. I wouldn’t quote the CIA for actual information regarding the spending of China or Russia on their military. The CIA, of course, has been penetrated by Russian and Chinese intelligence for decades. Defectors like Golitsyn long proved the point when they came out of the USSR able to quote word for word our most sensitive documents.

It is true, the United States has screwed itself by this massive spending and “casino capitalism”. However, the irony is that the pioneers of this “casino capitalism” would likely still be supported by our author in a political campaign. It is people like our author here who fail to see Russia and China as the actual bad guys in the world. If Russia and China were to pull the plug on the dollar as the author theorizes, it would be an act of economic war which would result in the deaths of millions of people world wide, followed shortly thereafter by a nuclear attack or land invasion of the continental United States. We’d finally have world wide “convergence”, but with the Russians and Chinese dictating the terms. It’ll be the fulfillment of long term Communist strategy first conceived of in the late 1950s. Basically, the KGB defector Anatoliy Golitsyn would be proven correct. Unfortunately for our author, if Golitsyn is correct, he’ll be dying pretty soon in the “revolutionary holocaust”. The “former” KGB and Chicom generals don’t care if he’s a good, loyal American hating communist. He’ll die like the rest of us in a ditch somewhere, or maybe in an explosion, or perhaps one of his communist friends will cook and eat him when they run out of food.

Report this

By Michael Brown, June 20, 2009 at 1:51 am Link to this comment
(Unregistered commenter)

Don’t depend on the press too educate you about this situation. They cannot do it and they will not do it It is not allowed by their bosses so they have too keep their mouth closed and continue too entertain you with comedy and useless news. Peace out

Report this

By Michael brown, June 20, 2009 at 1:29 am Link to this comment
(Unregistered commenter)

This situation has been a long time in the making over the last thirty years.if you have been reading the New York Times for the last 6 too 7 years the prediction was all ready made so now it is being forfilled. Weather you use the bully tactics of the Republicans are the mass deception of the democrats nothing is working for the country anymore. How long did you think it would stand when it was rotten from its inception. How long did youn think that the baddest boyn on the block would hold sway over everybody else? What go’s around comes around. People are tired of the same old thing and the want too see something different. The system is rotteen too the core. Obama and nobody else is ever going too save this made that has been sitting in the living room of this government for over the last 30 years. America does not produce anything anymore.They don’t own all of the worlds or the majority of the worlds top buisnesses anymore.so their power is declining.Anytime you cannot getb rid of the US dollar that means that its basically a piece of shit. Nobody trust this currency anymore because its lost its value. The country has been crying broke fot the last five years and its getting worse. ou can’t blame folks for wanting too come up with their own standard of currency since the present one is no longer working. History is repeating itself only this time America will not come out on top. If they try too go to war they are going too lose and they are going too lose bad. They cannot afford to fight Russia China Iran and North Korea by themselves.Don’t depend on the government too tell you the truthn about where they really stand today on the face of the world stage. Get ready for a future police state because it is coming. Remember the fall of the Soviet Union 1989.Looks like the plaque is not residing with us.Dr Martin Luther King anf Malcolm X both predicted that America would not allways be a super power. We got too learn how too adjust ourselves too the situation. The masses have overdosed with material bullshit and now they are suffering for it. Complacency can kill you. I am not going too shed my blood stupidly. Riots want be the solution. Peace

Report this

By ron hansing, June 19, 2009 at 1:24 pm Link to this comment
(Unregistered commenter)

The plunging dollar 6.20.9

Chris you sound like a conservative… Only you make two mistakes in your reasoning.

1. Yes the 2008 600 plus billion for military spending but that is not the cause of the declining dollar. We always had high military spending and the dollar did not decline.

It’s Tarp 1 and 2, and the 2009 Obama budget, and more spending with carbon caps, which china and Russia will not follow, and unbudgeted universal Health care. When this happened, this was the cause of the plunging dollar.

2. The economic collapse was due to regulations, not the lack or regulations by congress. Congress, pushed the subprime loans, and forced Fanny and Freddy to buy 50% of it loans from the middle and poor, many of these loans were toxic .Why is there so much mis- information out their. It’s the technique used by all dictators, Blame someone else for the mess. Sadly, the majority of Americans still think that’s the villains are Wall Street and the Banks… but it is really the congress. Get real, tell the truth.

And three, the bankrupsies will continue for the next three years since many ARM will be coming due, and since these ARM’s albeit more secure, still are a great danger because, so many people are out of work… due to the phony “stimulas spending” which in essence is a bailout of states and city, that did not balance their budget. Think California. And bailing out wall street and the banks… Let the free market work. NO BAILOUTS. And this is really the third rail of the stability of the dollar. They know that there is much more to come.

This is a gross failure of government. The result will hit the poor the most. Thanks a lot, guys.

All this information is readily available from reputable sources on the internet.

Ron hansing

Report this

By Arouete, June 19, 2009 at 4:01 am Link to this comment

Another wonderful article from one of my favorite writers. I hate the pessimism but feel uneasy that he is spot on about all of it. Congratulations on your award!

BTW: This essay is again all over the Internet and posted in its entirety. Is this by permission? Chris Hedges is a TruthDig columnist. You have him here because he draws traffic to your web site. When others publish his entire articles it draws traffic from your web site. To cite in a critical article is ‘fair use’ not an entire work. No one seems to own copyright for no one defends its exclusivity. If Truthdig and Hedges do not assert copyright you may well loose it.

Report this

By ardee, June 19, 2009 at 3:11 am Link to this comment

The Beerdoctor
The recent acquisition of General Motors by the United States government came with the stipulation that GM must abolish their eye and dental care benefits for their employees. This demand came from the Obama administration directly, not the corporate board or disgruntled stock holders.

Once more into the breach…..

I have used every search engine at my disposal to attempt to find corroboration for this rather earth shattering assertion and can find nothing to support it.

While the Bush bailout came with a demand that wages at GM be more in line with industry standards I see no support for your assertions as to the demands of the Obama folks.

Can you provide any substantiation or did you simply get carried away a bit?

Report this

By bogi666, June 19, 2009 at 3:06 am Link to this comment
(Unregistered commenter)

What CEO’s do and a proverb NEVER HIRE A HARVARD MBA. The optimal ideal of an MBA is to become a management consultant and go around the country to advise CEO’s to lay off people with the expectation of finally becoming a CEO to do the same for the purpose of boosting quarterly profits on which CEO bonuses are based. All short term, the 90 day outlook. This is what GW Bush meant when he referred to his administration based on business principals. It was a buzz word. Furthermore, the business world doesn’t like or want dissent, WHICH IS WHY BUSH SURROUNDED HIMSELF WITH YES MEN as do all corporate CEO’s. Cook the books and take the bonus monies and run.

Report this

By tman, June 18, 2009 at 5:30 pm Link to this comment

If all the politicians are corrupt and have caused this mess the U.S.A. why not each state hold recall elections and replace the corrupt with honest?
That is if you could find anyone that is honest.

Report this

By herewegoagain, June 18, 2009 at 3:52 pm Link to this comment
(Unregistered commenter)

This is a bit of a doomsday scenario. If our dollar’s value really became worthless in the global markets, then I believe the US would naturally become isolationist/protectionist in our trade policies.

In other words, we’d produce goods again in the US and Americans would buy these goods. Yes, we’d still have one hell of a transition period, but Hedges makes it sound like we have no resources here to create and sustain our own markets. And that’s just not true.

Report this

By ardee, June 18, 2009 at 2:29 pm Link to this comment

tahitifp, June 16 at 11:15 pm

I have looked high and low, even using that new search engine,Bling, errr Bing, and could not corroborate this statement. The way the poster who offered it bailed on backing it up I suggest it is another in a long list of canards.

The Bush bailout to GM did note that the company would have to bring its hourly wages more in line with industry standards though.

Report this

By Clark, June 18, 2009 at 1:20 pm Link to this comment
(Unregistered commenter)

It is difficult for me to understand how the concept of Stock Markets ever passed the smell test.  Why are taxpayers liable for corporations that serve no public good?
Stock Markets are a scam.
They were invented by the filthy rich to keep themselves filthy rich.
They are the basis of nearly every calamity we face to day, economically speaking.
We need a barter system…direct commerce between product and consumer, without all of these leeches [insurance, bankers, brokers etc.]

Report this

By Orion, June 18, 2009 at 9:39 am Link to this comment
(Unregistered commenter)

For 50 years the US has been buying the world’s raw materials and intellectual capital with crinkly little pieces of paper.  These crinkly little pieces of paper are worthless except for what the foreign countries can buy in the US, which really isn’t all that much.  At some point the marks will finally realize they’re being swindled and stop taking said crinkly little pieces of paper and the scheme collapses.

Report this

By Dr. Jeep, June 18, 2009 at 8:32 am Link to this comment
(Unregistered commenter)

No, it’s not America being the victim of a power elite. Everybody bought into this, either from total acceptance or stupidity. Everybody wants to use government to get what they want and deny things to people they don’t like. We traded one tyrant 3000 miles away for 3000 tyrants one mile away.

And that kind of society does not get off without suffering.

It’s chickens coming home to roost. So for now form your own communities and protect each other, and let the rest get the fate they deserve.

Report this

By babette, June 18, 2009 at 6:26 am Link to this comment
(Unregistered commenter)

Uh, AWM:

“Queen Elizabeth II, head of state of the United Kingdom and of 31 other states and territories, is the legal owner of about 6,600 million acres of land, one sixth of the earth’s non ocean surface.

She is the only person on earth who owns whole countries, and who owns countries that are not her own domestic territory. This land ownership is separate from her role as head of state and is different from other monarchies where no such claim is made – Norway, Belgium, Denmark etc.

The value of her land holding. £17,600,000,000,000 (approx).”

Read the rest on “The World’s Biggest Landowners.”

911= USrael

Report this

By MG, June 18, 2009 at 6:18 am Link to this comment
(Unregistered commenter)

Abolish Federal Reserve and Income Tax

Report this

By MG, June 18, 2009 at 6:16 am Link to this comment
(Unregistered commenter)

Abolish Federal Reserve

Report this

By babette, June 18, 2009 at 5:47 am Link to this comment
(Unregistered commenter)

“Then we can count on our own government to nuke the crap out of us, because the small groups are living simply but peacefully, running their own lives and making their own rules.”

Isn’t that what the guvmint in fact do, sans nukes, to the Branch Davidians?

Thanks Chris, Wykydred, Garth, Cyr and a couple of others. I’m trying to think of a superlative would be superlative enough, can’t. So pick one for yourselves.

Here’s my prediction: WWIII.

b
911=USrael

Report this

By billydddd, June 18, 2009 at 4:31 am Link to this comment
(Unregistered commenter)

This article Makes you wonder if this auother was paying attention in his economic classes.  Has he ever heard of the word interdependent?  If he did he would realize, while these other nations would love to smash the dollar, they can’t do it.  They can’t because their economies are to dependent on ours. To do so would be essentially crashing their own economies. The reach of the global recession clearly demonstrates this interdependency. 

I don’t know, but it seems this author is a bleeding heart socialist.  Being Lithuanian I clearly say from experience socialism does not work. Many like to lament on income differences but what they fail to notice is the net effect on everyone.  No other economic system has radically changed the fortunes of the whole populace as free market capitialism.  For god’s sake our poor would be the middle class in many nations around the world. It does not make it right all the time but you have to ask yourself what would work in its place. The rapid ascent of the fortunes of the US is a direct result of capitialism.

Other nations bought our dollars, not because of the ‘war economy’theory, but because it was the most stable and secure currency. They will continue to do so for those same reasons.  We are going through a corrective phase and a painful one.  The US will rebound because the hallmark of capitialism is an incentive based system anchored in the ability to innovate and adapt.  Don’t throw the baby out with the bathwater!

Report this

By arty kraft, June 18, 2009 at 4:00 am Link to this comment
(Unregistered commenter)

This gallows thread of fear and resignation seems, in a way, to be a secularized version of Revelations. The End Times are here, they say, because of human foibles rather than demons and anti-Christs. Not so fast.

True, there are still trillions of unaccounted Credit Default “toxic assets” on ledger sheets, but the captains of industry know how to cook the books pretty well. And when the cooking can’t accomplish the trick, Economic Magic 101 works. For example, the rationale for suspending mark-to-market—in other words no longer operating according to reality—has proved astoundingly successful.

The same group who rigorously scrutinize your credit score when you apply for a job believes it’s OK to suspend that sense of scrutiny when it come to high finance. And what do the people do? Blog about a relatively unattractive women in England who can sing fairly well. Or, worse, pretend “The Taking of Pelham 123” is worth remaking. Meanwhile the significant issues elude common understanding. And that’s the secret: sheer stupidity is actually working. It’s sort of like a Bizarro version of Murphy’s Law: What you don’t know about can’t really hurt you; if you believe things will work out, they will, sort of.

Yes, the polticians are corrupt, the Federal Reserve a syndicate for the privileged, Wall Street an avenue of exploitation and greed, the media a flabby pretense of actuality, and the Neocons a bunch of neoimperialists who helped bankrupt our collective soul. But the good news is that so far, most people don’t know, don’t care, and don’t care to know.  And, oddly, that just may work out. Not completely of course, or as well as it has in the past. How?

Just ask the Chinese, or any other foreign importer, who knew from Jump Street that supporting the buy-and-borrow cycle America has been in for decades would lead to disastrous results. How could a country that relinguished its manufacturing base, foolishly believing it had entered the Information Age—the hoola hoop of the 80s—and then bet its future on everlasting inflation of housing prices end up in a good place? Nonetheless China, India, Mexico, et al. signed up for the ride. Why? Because they don’t have sufficient numbers of indigenous buyers to support 13% growth. They’d be lucky to hit 5 - 6% without the U.S., which is why they stick with treasury notes.

Just as the U.S. has gotten hooked on defective potato peelers, posioned dog food, cheaper clothes from India and tainted produce from Mexico, those countries are hooked on profitability. The needle is as much in their arms as it is in ours. Do you think they’re just going to yank it out and deal with Brazil? Who else is going to buy their stuff? Russia? Ha. And without selling their stuff, they’ll go bust.

In the end, if things do totally unwind, the evil doers, like Cheney, always held Plan B: When the dung hits the fan, the U.S. has weapon-systems few know about, which can and will serve as powerful forces; the U.S. is flush with coal, and, like Nazi Germany, if forced to, can thrive on it for a long time, albeit with dirty air; as corrupt as the neoimperialists have been, and may become, there are few viable political alternatives in a world made dangerous by recurring depression. What happens if the chips are down and Russia faces off against China, India against Pakistan, a devastated Eastern Europe against Western Europe for having turned their societies upside down with the EU? 

Right or wrong, good or bad, the U.S. will remain a vital player in global affairs regardless of what coin of the realm dominates world markets. In the meantime, the middle and lower classes, especially with low credit scores, will have to work two jobs, go without dental work, deflate their wish lists, and drink more coffee just to stay awake. And, fortunately for them, by that time, they’ll be too drowsy to keep up with how miserable their world has gotten.

Report this
David J. Cyr's avatar

By David J. Cyr, June 17, 2009 at 8:53 pm Link to this comment

What Hedges doesn’t consider, in his Truthdig article predicting the imminent collapse and quick dissolution of America’s empire, is the incredibly terrifying credit default security which has long kept lender nations fearful to cash in all their U. S. Treasury notes; that security being the full spectrum dominant military that’s perfectly prepared to “win” the final global world war… that debtor controlled massive military which those lenders have paid for.

Should the nations of the world decide to replace the dollar as the world’s reserve currency, it’s possible that Hedges’ predictions may come true; but only if that global corporate crime syndicate, which owns the U.S. government and its military, would be satisfied to discard that magnificent tool that has been so usefully persuasive to have there poised behind it, so that every deal it negotiates with others is a deal that those others can’t refuse.

The humiliations that the U.S. military suffers in highly restrained asymmetrical “counterinsurgency” resource wars can mislead people into perceiving the U.S. military as being a hapless paper tiger. But when it comes to its capability in all out free fire mass extermination by any means available, it’s matchless. The world class gangsters, who own this empire’s matchless military, are clearly totally self-indulgent sociopaths. There’s no credible reason to believe they have any concern for any people anywhere. They both could and likely would use the U.S. military’s potential to murder billions of people in a matter of days, before they might ever relinquish their position as the Power straddling the globe.

The U.S. is not the USSR. Russia crumbled peacefully because its militarily fell apart before its government did.

It’s long been perfectly obvious why the U.S. military has been positioning itself in encirclement of the former USSR and China. We have no reason to believe, that should their demise be imminent, that those in control of the most devastatingly destructive military might ever assembled would not willfully and extensively use all of that military might… with mindlessly medieval extreme prejudice.

Report this

By Eric150, June 17, 2009 at 8:42 pm Link to this comment
(Unregistered commenter)

Those who think the dollar will not fall because oil is priced in it are missing a larger point. Russia is currently the largest oil producer in the world. All that needs to happen is for Russia and OPEC to dispense with accepting dollars in exchange for oil; then the game truly will be over. I have seen elsewhere (Asia Times) that foreigners are now only buying short term bonds from the US. These can be easily dumped, if necessary. This sets the scene for the insolvency of the US government. At that point thr situation will get very interesting, in a bad way.

Report this

By kevin, June 17, 2009 at 7:28 pm Link to this comment
(Unregistered commenter)

america could solve its troubles in one year time with a very simple plan….no taxes taken out of our checks…give us the extra cash..the money is spent and goes around…very simple…duhhhhhhhhhh

Report this

By Pollyanna Marx, June 17, 2009 at 6:17 pm Link to this comment
(Unregistered commenter)

If you read your Marx, or the Marxist currently writing in the respected journal “Foreign Policy,” Leo Panitch, the phenomenon described by Hedges and Hudson is no surprise. 

The capitalists—the bourgeoisie in Marxist lingo—have bled the US to a mere husk and moved on.  The nations of Eurasia will now be adapting their laws and customs—and, above all, their systems of criminal enforcement—to maximize the profits of the bourgeoisie.  And if the workers of those countries fall for the same line of propaganda as American workers have, great fortunes and great inequality will emerge and grow until the next crisis, just as they have in the West over the past 60 years.

But what to do back here at home?  We, the workers who are left behind, are the creators of real value.  However, as long as we use bourgeoise methods of exchange, we will be poor and impoverished.  Maintaining capitalist social relations without the capitalists will mean deprivation and despondency.

Luckily for us, the bourgeoisie can’t take the real value, the bricks and mortar, the communities where we live, or our education, with them.  And honestly, aren’t you tired of having a job telling people they can’t have a health service, or an insurance payment, or whatever it is that customers thought they were buying?  Or, conversely, telling some businessperson how to get around a rule or regulation or how to avoid paying more tax? Or making or selling some piece of junk or item that is toxic to pets or babies or the environment?

If we work it right, we can have real jobs making things people want and providing services that are helpful rather than annoying.

Yes, we have huge challenges:  this round of capitalism poisoned the planet, radically changed the climate, damaged our health, destroyed the ecosystem, etc., etc. And we will have to restore the tattered fragments of our political system so that our forefathers’ great invention, representative democracy, is back in the saddle. 

However, if we don’t panic, we can build the society we want our children and grandchildren to live in, which should be reaching its peak just as capitalist Eurasia implodes.

Report this

By Rach, June 17, 2009 at 6:14 pm Link to this comment

I realize that many of these comments are in disagreement with the premise of Chris Hedge’s article “The American Empire Is Bankrupt,” but what is supportive of Hedge’s argument, and as he recommended reading, is the essay by Prof. Michael Hudson: “De-Dollarization: Dismantling America’s Financial-Military Empire: The Yekaterinburg Turning Point.”

It’s an outstanding essay.

Moreover, if another country could destroy our economic infrastructure, it could make the U.S. economically impotent, then that country could conquer the U.S. without firing a shot. It seems to me makes the America more vulnerable than any weapon, nuclear or otherwise, our enemy might possess.

Report this

By john u, June 17, 2009 at 5:50 pm Link to this comment
(Unregistered commenter)

The big downward spiral/decline began with the Reagan tax cuts in 1981. During his presidency (1981-1989) the US went from the worlds biggest creditor nation to the worlds biggest debtor nation. The whole thing was papered over with a phony ‘boom’ fiananced by huge budget deficits and the S&L frenzy that collapsed in 1990. The Reagan tax cuts provided the moral hazard of expecting something for nothing that shifted into overdrive with Bush 43 and the lubrication from the many bad deregulation decisions made during the second Clinton administration. Bush 43 came into office expecting to finish the Reagan Revolution….believing he just needed to cut taxes, pass education ‘reform’ so he could be seen as a compassionate conservative, and then just sit on his duff for the next 8 yrs. 9/11 changed the plan though…..now it was permanent war financed by permanent deficits. And that’s where we find ourselves today….....broke from supporting a military and wars we can’t afford and a buffoonery of a healthcare system that costs $600 billion a year more than it should. The only way to even possible rectify the situation is single payer healthcare and huge military spending cuts.

Report this

By jeff, June 17, 2009 at 5:37 pm Link to this comment
(Unregistered commenter)

Listen folks, do you think the Ruble or Yen is about to displace the greenback. Will never happen. The conference between the countries mentioned, is as reactionary as many comments here. None of the countries listed has the internal security that the U.S. still enjoys. Don’t be fooled by fearmongers. Where’s the world gonna park its money? India, with the threat of extremism at every turn? China, which exerts price controls and daily currency manipulation? Russia,a still totalitarian state held together by a repressive government and who’s chief export to the world is organised crime? Let’s get real, folks.

Report this

By Rontruth, June 17, 2009 at 2:26 pm Link to this comment

I agree that Congress, especially in the previous eight years, six of which were run by Republicans, in Congress and the White House, was the problem. The GOP played it’s usual lying games, having lied to their constituents as long as they had about how big tax cuts (they didn’t tell their little mom and pop business owners and low paid workers how little in tax cuts they would get) would make everyone go out and spend that little dribble so that the rich for whom the working poor work, would just raise those wages up, etc.

Of course, that was a load of horsecr-p. Then Bush gave huge tax breaks to his wealthy donors, who helped pay for his re-election in 2004. He had already let bin Laden attack, knowing from the “August 6 Principals Daily Briefing and Memo that bin Laden planned to attack. No. He went ahead with a month-long vacation in Crawford at the ranch.

Then, instead of doing what his own economists, some of whom he fired after they predicted what would happen to our economy and the dollar, said he should do and retract the tax giveways to his rich friends, he kept the tax cuts in place anyway. Afterall, he was “the decider.”

I say, let the wealthy scoundrels do with huge tax increases, and with less bailout monies, and let the chips fall from fourth floor windows, as did the wealthy who lost everything under Herbert Hoover in 1929. He let them get all they wanted with fast, short term gains, all at the expense of the working people of America.

The war in Iraq needs to be stopped within the 18 months that Obama promised during the campaign. The war in Afghanistan needs to be turned over to France and Britain. We need to rebuild what, and pardon this expression, Bill Clinton left us when he left office from the economically most successful presidency the country ever saw!

Report this

By PRGP, June 17, 2009 at 2:25 pm Link to this comment

Beginning with Ronald Reagan, continuing with GHW Bush, Clinton and climaxing with the boy idiot “W”, this race to the bottom has been predictable and predicted by many- myself included.  The mass of Americans would seem to be intellectual/fiscal idiots or religious delusionists (saved by end times, no doubt). 

What began as a grand and nobel experiment in government has rotted to its core from greed, hubris, dis-compassion and fundamental ignorance.  Even now,the congress refuses reality (single payer, stop the war bleeding, nationalize the banks, energy and health care? - not on their K Street watch!!)and rakes in millions from soon to be dead companies.  Where is the American Bastille and where are the pitchforks, torches and guillotine to take some measure of justice to power?

Report this

By Jim Lunsford, June 17, 2009 at 2:00 pm Link to this comment
(Unregistered commenter)

Uh, to those who said Rome’s fall ushered in the Dark Ages, I just wanted to point out that only the western half did. The rest of the Roman Empire lasted until the end of WW1. Called the Ottoman Empire. Not a bad run indeed. But, in this rapidly changing era of computers, our demise won’t be nearly so slow. Already, we have shrills calling for the removal of “hateful speech” on the internet. And for the round=up of those damned ‘truthers’, of which I would be one.  I hope they do change the currency, though I think it will be a bit more gradual, at least they will arrange some deals where it will be changed in their geo=political arena. Personally, I think that we are going to be a tinpot dictatorship for quite some time. At least until people get pissed off enough to stand up and fight.

As for socialism, I’m not in favor of it. Capitalism isn’t the problem here. It’s been the government regulations with which the corrupt have manipulated the government into introducing that has locked out the natural changes associated with new products coming out to meet demand. Instead, we have this socialistic-capitlaism called Corporatism in our country. We haven’t been a republic in over a hundred years. It’s just that we are only now realizing it.

I hope for anarchy as a systsem of government. A state-less society has no corruption in it’s government. Government isn’t the solution. It is the problem. Before you dismiss this idea outright, perhaps you should check out anarchy a bit first. It’s a tried and true method of peace, prosperity, and liberty. Worked for Iceland for 300 years. Worked in Ireland. Worked in our western states. It is not only doable, it is the only method which could ensure future generations are not living under the inevitable tryanny of government. Socialism is a failed experiment. Look at our country if you don’t believe it.

Report this

By Palindromedary, June 17, 2009 at 1:20 pm Link to this comment
(Unregistered commenter)

Holy sh!t, Chris, this is scary stuff!  Great article! And Michael Hudson is always right on.

Report this
Samson's avatar

By Samson, June 17, 2009 at 1:14 pm Link to this comment

The wealthy elite have no patriotic interest in America or Americans.  I’m not sure its a plot to destroy America, but I do believe that they simply don’t give a damn. Their own greed and grabs for power are more important to them.

We should let real marxist and socialists appear on TV and talk to the American people.  That would put an end to this “Obama is a marxist” junk, as anyone who’s ever listened to both Obama and a real marxist knows that Obama is a lot closer to the Rockefellers than he is to being a marxist.

Hedges history is that he spent time overseas war correspondent, and then attended the seminary.  Both occupations tend towards a certain rigid mind-set and a tendency to preach to people.  But, I’d wish you’d given specific examples in this column, as I’m not sure I’m seeing it as I re-read the bit above where I type.  Mr. Hedges is spelling out the problems we face as a nation quite clearly.  And that seems to be all he’s doing.  I’m not sure I see the ‘rupture’ you talk about,  so if you could cite specific passages of his text, that would be appreciated.

Report this

By Mike3, June 17, 2009 at 1:13 pm Link to this comment
(Unregistered commenter)

Agent 47: I agree with you to some degree in your assessment of the American character. But before we go into: “noble”, “very smart” and “hardworking” (you forgot “wise” there, just joking), let’s say that Americans are no better or worse than everyone else. The problem as I see it, and you do too I think, is that Americans have forgotten that the Founding Fathers made them sovereign. And their presidents have evolved into a pompous circus act that (depending on your political perspective); are either good guys, (Obama), bad guys (the Bush’s and Nixon), magicians (Clinton), or clowns (Ford and Carter). And then there is the American Empire. Didn’t someone once say that you couldn’t serve two masters? Very true; the Empire and the Republic are mutually exclusive. A good analogy is Heisenberg’s Uncertainty Principle, the more precisely we measure a particles position, the less accurately we can ascertain its velocity, and vice versa. If the American people think they can have both, they are deluding themselves.

Report this

By GoldenCow, June 17, 2009 at 12:51 pm Link to this comment
(Unregistered commenter)

“USa will find a place in the new world those in USA that can not be reeducated in the new ways will be lock up or buried,for it is your own leaders that are working towards this step into the future.
You have voted for change and an audacity of hope program it is your audacity to hope for change that they are speaking of.”

You know what? As long as the NWO dessimates and permanently silences the right-wing, neocon, “christian” Third Wave evangelical conservatives in this country . . . I’m okay with this.

Report this

By WykydRed, June 17, 2009 at 11:25 am Link to this comment

I found this on a Google search:


Votes continued Thursday in Flint for UAW/GM contract ratifications and negotiations.

Here are some highlights from the agreement:

For active workers:

  * There will be no more over time
  * The cost of living adjustments and performance benefits will be suspended
  * There will be changes to Easter Monday and Memorial Day vacation requirements
  * All vacation pay must be taken before the end of the year; it cannot be paid in a lump sum in one check

GM is offering the following buyouts:

  * For eligible production retirees, GM is offering $20,000 plus a $25,000 car voucher
  * For eligible skilled trade retirees, GM is offering $45,000 plus a $25,000 car voucher
  * For voluntary quits, GM is offering:
      o For workers with 10 years or less - $45, 000 plus a $25,000 car voucher
      o For workers with 10 - 20 years - $80,000 plus a $25,000 car voucher
      o For workers with more than 20 years - $115,000 plus a $25,000 car voucher

Retirees:

  * Eye and Dental benefits will be cancelled as of July 1, 2009
  * Medical Prescription copayments will double on both generic and name-brand medications”

<a href=“http://www.connectmidmichigan.com/news/news_story.aspx?id=305754”>Here’s the link to the article

Report this
Night-Gaunt's avatar

By Night-Gaunt, June 17, 2009 at 10:16 am Link to this comment

One thing Obma isn’t is a follower of Marx unless Bush I & II, Clinton and Reagan were too. The policies started in 1980 have been moving forward to this day. See the Business coup of 1934. They have more in common with Machiavelli & Hitler than Marx. If they had succeeded we would have been part of the Axis and the last 75 years would have been very different! [FDR did not punish them in any way.] They learned from their error and have been working all of these years to get their way. They seem to be winning.

Also what is happened to this thread? It is treating me like an unregistered user and it is broken to boot!

Report this

By Chet Roman, June 17, 2009 at 8:59 am Link to this comment
(Unregistered commenter)

Folktruther

Employment in China is declining. I was in China earlier this year and the estimate is that over the last 18 months approximately 20 million people lost their jobs.

The growth rate in China has been cut in half and one month of 8% (if you believe the Chinese statistics) growth does not mean there has been no job loss.

Report this

By Dedalus, June 17, 2009 at 7:04 am Link to this comment

I think Hedges is a brilliant writer with a fatal flaw. The Orientation, Mind-set, etc. that he operates out of is so solid it’s rigid. The plus is the voice of authority; the clarity of thought, the flow of style. The bad side is, it’s clear that his thinking is SO structured to fit his Ideological Template that he simply can not waver or break past it. Instead of “I’ve fallen, and I can’t get up.” It’s “I’m stuck in a Rigid Mind-Set, and I can’t get out!”  That is why in so many of his articles there is a point where he just goes off; where there is a rupture, and he begins once again to engage in hysterical awfulizing, and, to keep his balance there is, even if briefly, the appearance of a Sacred Cow/Scapegoat dynamic.  For him, and most here, it’s the bogeyman, strawman, or some variation of their cookie-cutter “Right-wing” blah, blah, blah.”
Hedges and others think that the ONLY way to orient yourself to Reality is by Politics, THEIR Politics. Connected to this is the incredible inability to admit you’re wrong; and connected to that is the need to blame someone else. He’s an hysterical drum-beater whose flaw discredits his obvious talent.
It’s THIS that is dying today. From the Rich, Poor, Black, White, Jewish, Christian, Atheist, Anarchist, etc. They’re all going down.  And even if what is he says is 100% true, and of course it isn’t, it is still merely symptomatic, though admittedly impressive as symptoms go, of this much larger phenomenon of Mankind’s addiction to absolutes.
But Hedges, and not just Hedges, can not afford to look at things in this way because then HIS World-view will come crashing to the ground.  I have news for him, it’s going to anyway; because it is an organic part of the bankruptcy he talks about in his article.

Report this

By David, June 17, 2009 at 4:50 am Link to this comment
(Unregistered commenter)

If you assume that this financial mess was an accident or simple ineptness on the part of the power elite, then there may be a way out. However, if it was and is an intentional destruction of the United States of America, which is what many believe, then there is no way out, and the United States of America will be destroyed as planned.

Report this

By arya, June 17, 2009 at 3:16 am Link to this comment
(Unregistered commenter)

The downfall of the $US hegemony and the destructive politico-economic and military power on which it rests is inevitably going to collapse, with no doubt painful consequences for both the American people as a whole (who have sustained this system for over a century)and for humanity as a whole and the earth itself.

However, the good news is that the end of the $US hegemony will (hopefully) open the way to build a more just financial/economic system and a peaceful world for both humanity as a whole and for the Earth.

Thus, the collapse of the $US hegemony is actually a blessing in disguise for the american people, the Earth and all of humanity…

rgds,

Arya

Report this

By Dave, June 17, 2009 at 1:09 am Link to this comment
(Unregistered commenter)

America is heading for a post industrial backwoods
third world existence,it can not avoid this.
there are many reasons why.
mostly corrupt and bad politicians,ignorant people and no long term views.
Oh there will be many who say war but at this stage that is ridiculous at best.
As the only war that is sustainable now by USA is a nuclear one in which USA will not win.
So the day has arrived by the end of summer 2009
the fat lady will sing her last refrain.
We will see USA totally destroyed so that the NWO is created.USA will be held down so that it can never challenge the one world govt.
the days of a unipolar world view are over.
it was the American politicians who handed the keys to their own demise to China.
there is no way out of this those that think there is do not see correctly there is pain and only pain for America.
USa will find a place in the new world those in USA that can not be reeducated in the new ways will be lock up or buried,for it is your own leaders that are working towards this step into the future.
You have voted for change and an audacity of hope program it is your audacity to hope for change that they are speaking of.

Report this

By jbaer, June 16, 2009 at 11:07 pm Link to this comment
(Unregistered commenter)

Here’s something I had read on another forum.  US gov’t securities are considered the most secure backing possible for a loan.  China can simply use its US securities as backing for loans, to be paid back in US dollars.  The loans can be used to buy commodities or whatever else China wants.  If the dollar maintains value, China uses its trade surplus to pay the loans.  If the dollar plummets, China pays off the loans with worthless dollars or just hands over worthless collateral.  In either case, China is in a win-win situation.

Report this

By acudoc, June 16, 2009 at 11:01 pm Link to this comment
(Unregistered commenter)

The solution is absurdly simple: stop doing exactly that which got us into this mess in the first place (a mess solely engineered for the benefit of a financial and political elite—-and at the expense of the productive sectors of society).

Repeal the Federal Reserve Act of 1913, prohibit the practice of fractional-reserve banking and lending without consideration on the part of bankers, allow the price of gold in a free and non-manipulated market to skyrocket until every dollar bill is backed 100% by gold and fix the dollar at the exact weight of gold it represents, let a free market in interest rates emerge, and force government to truly borrow any budget shortfall in real capital, not IOUs to a greedy banking cartel that creates the money ex nihilo and makes all of us indentured servants for life!

There it is. Anything short of this is a perpetuation of the fraud of the 20th century.

Report this

By Folktruther, June 16, 2009 at 9:16 pm Link to this comment

Employment isn’t declining in China, Anarcissie.  Look in the back of an ECONOMIST magazine and they will give the decline of industrial production of the countries of the world.  Except for China, which has increased in May about 8% on an annual average.  It is a differnt economic system, a kind of party capitalism, which used their economic stimulus to build more cities, to get the Chinese off the farms.  Instead of giving the money to the banks wich the state owns.  this isn’t socialism or anarchism, but it is better than neoliberalism.

Report this

By garth, June 16, 2009 at 8:48 pm Link to this comment

Two sayings came to mind when I read BobZ’s post that Russia backed the dollar.  The first is that a wounded animal is the most dangerous and the other is, “if you’re going to try to kill the king, you’d better kill the king.”
I think Putin knows that Brzezinski’s reptilian brain is fixated on destroying Russia, and a move like the one proffered would put Russia in a very difficult if not dangerous situation. 
Professor Ravi Batra and others predict a collapse of the US economy by late this Fall.  Why not wait until the US is on the ropes and has a weakened ability to mount a confrontation with Russia or China?  The US already has enough rope.
Russia’s and China’s economies are doing farely well, thank you.

Report this

By tahitifp, June 16, 2009 at 8:15 pm Link to this comment

Does someone have a link to this factoid? Thanks.

By elisalouisa, June 16 at 8:15 pm #

The Beerdoctor
The recent acquisition of General Motors by the United States government came with the stipulation that GM must abolish their eye and dental care benefits for their employees. This demand came from the Obama administration directly, not the corporate board or disgruntled stock holders.
    *********************************************************** ***

Report this

By tahitifp, June 16, 2009 at 8:12 pm Link to this comment

oops, that should be Garth, not beerdoctor.

Well, that makes three of us.

Report this

By tahitifp, June 16, 2009 at 8:08 pm Link to this comment

Beer Doc:

  “First, scratch Obama from the potential candidates in 2012.”

****************

I totally agree.

Report this

By samosamo, June 16, 2009 at 7:24 pm Link to this comment

Value of the dollar on the euro and yen remains steady as it has for a year, more or less.

Currency Pair Price Change
EUR/USD 1.3844 + 0.0004
USD/JPY 96.4950 + 0.1000
GBP/USD 1.6373 -0.0034

But that is for today.

Report this

By m, June 16, 2009 at 7:12 pm Link to this comment
(Unregistered commenter)

Follow the money.

Our politicians were paid to let this happen. Who do you think legislated the ok to send jobs overseas? Who do you think deregulated the banking industry to allow their contributors to make billions by stealing from the American public?

http://tinyurl.com/n9v7yb

It’s going to get much worse.

Report this

By DavidH, June 16, 2009 at 7:10 pm Link to this comment
(Unregistered commenter)

It’s all really quite simple. The fat cats are looting millions everywhere they can because they know what’s coming: Obama is a Marxist. America is over.

The big money guys have no patriotism, moral sense, or caring for anyone but themselves and their families. They’re getting what they can and to hell with the rest.

Obama is a puppet of the monied class. This “hope and change” bit is nonsense.

Report this

By BobZ, June 16, 2009 at 6:44 pm Link to this comment

This article now appears to be much ado about nothing. Russia is now defending the dollar as the worlds reserve currency in advance of the meeting on the 17th. Not to say that this won’t happen at some future date, if we continue to try and maintain troops around the world and don’t contain deficit spending. The Congress needs to get serious about pay as you go spending and adopting more progressive tax policies that can support single payer health care reform and social security and medicare entitlement.

Report this
Anarcissie's avatar

By Anarcissie, June 16, 2009 at 6:04 pm Link to this comment

yj:
‘Whoever wrote this doomsday “article” has not grasp on basic economics and monetary policies.

The devaluation of the dollar is the last thing China wants….’

It may be the last thing they want, but if it’s happening anyway they’re going to have to deal with it, aren’t they?

Report this

By elisalouisa, June 16, 2009 at 5:15 pm Link to this comment

The Beerdoctor
The recent acquisition of General Motors by the United States government came with the stipulation that GM must abolish their eye and dental care benefits for their employees. This demand came from the Obama administration directly, not the corporate board or disgruntled stock holders.
      **************************************************************
Amazing. Especially considering the fact that the bonus and CEO pay issue has been handled with kid gloves. “Government doesn’t want to interfere.” However, this mantra was conveniently put away when money flowed to the tune of trillions of dollars to financial institutions on Wall Street.

Report this

By yj, June 16, 2009 at 4:59 pm Link to this comment
(Unregistered commenter)

Whoever wrote this doomsday “article” has not grasp on basic economics and monetary policies.

The devaluation of the dollar is the last thing China wants, since their currency is pegged to the dollar. If the dollar falls, their currency will go down along with it, and all their commodity import prices will go through the roof.

If China unpegs their currency from the dollar and the dollar falls, all the crappy Chinese exports will be too expensive for Americans to buy, so they would stop buying them, and it will be worth to manufacture things in America again.

In case anyone hasn’t noticed, oil is denominated in dollars and that is not going to change anytime soon. In a way the devaluation of the dollar could be the best way that could happen to the USA, as it will kill the trade inbalance with China and make this country into a manufacturing powerhouse again.

Report this

By garth, June 16, 2009 at 3:50 pm Link to this comment

BeerDoc,

Thanks for the comment and great post.  I watched DemocracyNow just before reading your post and I was reminded of how Obama dodged the question about Baucus’s feeding at the Health Industry trough.  But about single payer, he said if we were starting from scratch…blah blah. 
Well, I thought, why don’t we start from scratch.  First, scratch Obama from the potential candidates in 2012.  Just take the ball and pat him on the ass as he walks off the mound and goes back to the dugout of other one term ho hums who should’ve never run in the first place. 

Your statement, “It would seem that democracy’s ultimate betrayal is convincing the powerless that they actually have a stake in politics. So instead of getting on with our own lives with each other, and finding solutions without uninvited political interference, we are told Yes We Can! while being shaken down for our time and money, but some political operative out of Chicago.” is exactly what they did tothe middle class American by starting 401ks and the like.  It made every Joe Schmoe think that he was a member of the investment class, a part of the system. In reality he was putting money in the bankers’ pockets while they were pissing in his and telling him it was raining.  They were in fact ripping off every contributor with excessive fees that they refused to disclose.
So, now, as you point out, this idea of skin in the political game has been revealed as a similar type of fraud.  The Corporations and the Bankers (Bunko Artists) write the laws, Congress merely enacts them.  We are like the English explorers an Africa that they used to show in cartoons, sitting around in a pot of water about to come to a boil and wondering what’s for din-din?
Funny, Night-Gaunt, in the last job I had, emails from the young turks would fly around asking, “What would John Galt do?  You are right on.
Michael Hudson on the Thom Hartmann show today brought up one of the possible outcomes of this debacle:  The middle class takes a 20 per-cent drop in its standard of living.
One of earliest signs of change you better believe in is that here in Mass, the registry no longer notifies drivers when they need to renew their licenses.  One young man I talked to was stopped by the police and his license was one day overdue.  He spent the night in the hoozgow and paid a $100 dollar fine.  My question is what part of ‘to serve and protect’ was that?

Report this

By m, June 16, 2009 at 3:20 pm Link to this comment
(Unregistered commenter)

ALL of this happened because our “leaders”, senate, house, presidents for years have been taking millions from special interests and then voting against Americans. It’s all about corruption.

Go to http://www.fec.gov to see what the Federal Election Committee knows about your senators, that you don’t.

Report this

By bogananda666@windstream.net, June 16, 2009 at 2:42 pm Link to this comment
(Unregistered commenter)

It doesn’t take a genius to realize that a society which depends on consumption fueled by narcissistic-consumerist-gluttony and paid for with borrowed money at usurious, loan shark, rates by the banks is not sustainable for the long term. THE REAL AXIS OF EVIL IS the Wall St., Wash., D.C. corridor of corruption financed by tax revenues DOLED OUT TO THE CORPORATE WELFARE KINGS WITH THE INTEREST AND PRINCIPAL paid by individual taxpayers. The Pentagon War Departments purpose is to protect the interests of the CORPORATE WELFARE KINGS worldwide with some 800 known military installations which are actually 800 additional Constituencies supported with American tax dollars and replete with corruption through kickbacks through contractors and subcontractors an untraceable labyrinth of audit accountability. The definition of a failed empire is when the cost of the colonies exceeds the benefits exploited from the colonies. This is the Soviet model where the health of the Russian Republic was used to support all the other Soviet Republics. A successful empire is when the wealth exploited from the colonies exceeds the costs of the colonizer. The USA is a failed empire by definition.

Report this

By Agent 47, June 16, 2009 at 1:31 pm Link to this comment
(Unregistered commenter)

Mike3: I disagree with you: The american people are hardworking, noble and very smart.  People in this country hate Democrats and Republicans, they hate CIA, capitalism, NSA, police raids, banks, corporations, ATT, and the wars.  Americans would love a system like the Bolivarian-Democratic system or the European Direct Social Democracies. Americans are not dumb.  The thing is that people don’t go out with a T-shirt saying: “I hate capitalism, i would like a social democracy in America with higher wages and more opportunities”  But people in this country have already hated their own government, since the Nixon era.

Report this

By Dar, June 16, 2009 at 1:29 pm Link to this comment
(Unregistered commenter)

Whenever I read such articles of doom and gloom, I keep thinking of the famous line “Reports of my demise have been greatly exaggerated”.

Despite whatever faults it has, America, by virtue of its massive size, population, (natural and human) resources, and history, has a strong resilience that most nations around the world can’t match.

It’s doubtful if this economic crises will really bring it down like written.

Besides, isn’t the dollar just monopoly money anyway, whose value is determined by smoke&mirrors; and emotions/perceptions, rather than anything concrete?

Report this

By ardee, June 16, 2009 at 1:20 pm Link to this comment

Wyckyd Red

But they didn’t believe Obama would change shit. He hasn’t.

I fear that many did indeed think Obama to be the “savior” of the Democratic Party and the USA in fact. That folks think saving is possible is sad, but that is not the basis for my “hope”.
 
You aren’t including the millions of people in this country who DON’T vote because they stood back and just see the bullshit lies and promises. Their voices mean nothing to ANY side of the political coin, and a coin seems to only have two sides.

I look upon the fifty percent or so of the electorate who dont vote as fertile ground for change. Of course, providing the impetus for their involvement in the process is the key.

Hope is only a concept created and held onto by humans who are at the end of their rope. But, I hate to tell you, you cannot FORCE anyone to have it, preach it or demand that anyone else hold onto it and adhere to its every tenet like you seem to do. Daydreaming a better world seems to be more relevant than standing back, observing without pre-determined dogma and calling it like it is, not like someone wishes it to be.

I fail to see any motivation stemming from despair, so either hope or sit by and await the deluge? Why even comment upon our political condition if working for a solution is not a part of the equation?

Report this

By KDelphi, June 16, 2009 at 12:57 pm Link to this comment

If this is what it finally takes.

It has with every other Empire.

Report this

By truedigger3, June 16, 2009 at 12:18 pm Link to this comment

BobZ wrote:
“The rich will not be immune from this calamity either if it does come about.”

BobZ,
I am sorry to disappoint you. The super-ich will come out of this richer and with much fatter bank accounts and the rest will come out with reduced living standards and some will be destitute.
Yes, some of the excess consumption will be wrung out
of the system, but the result will not be evenly and
fairly distributed.  Some frugal people who lived
within their means will suffer tremendously and
some pigs will get more pork piled on them.
Bail-out money anybody.!!?? Anyone want a bonus??!!

Report this
Anarcissie's avatar

By Anarcissie, June 16, 2009 at 11:50 am Link to this comment

garth:
‘I’m glad that this thread is getting around to the fact that corporations have moved jobs out of the US to anywhere in the world where they can get the cheapest labor.  I lost my job to two Indians a few years ago.  The only problem was that it didn’t work out as expected so the job was brought back to the US.  Now, it is in Oregon. ...’

That sounds typical.  Ten years ago, there was a great deal of noise about how either American jobs were going to be exported to Mexico, India, and so on, or millions of Indians and Chinese were going to come over here and take away the jobs of native-born Americans.  And some of that no doubt happened, although much of it did not work out as wonderfully as its promoters declared it would.  In any case I don’t think it accounts for most of the unemployment which is now occurring.  Employment is declining in India, China, Mexico and elsewhere just as it is in the United States.  There is no point in building cars in Detroit or Mexico if you can’t sell them, and the automakers can’t sell them because working and middle class people are out of money, out of work, out of credit, and out of belief.

Report this

By WykydRed, June 16, 2009 at 11:41 am Link to this comment

By Night-Gaunt, June 16 at 1:17 pm #

My pointWykydRed, is that they who instigated this crap in the first place will come out of it doing well and will be putting out their claw of friendship to save us from the very disaster they caused.
——————

Yeah, I gotcha Gaunt. And I still say I do not care. Because we all seem to understand that is what is going to happen, especially after we’ve all seen year over year over year of software firms openly breaking the laws time and time again to squiggle Indians over here so they can fire the expensive Americans. And we’ve spent that long reading article after article that points out HOW they make false papers and lie their asses off to get people who will work 22 hour days for damn near nothing only to have them show up on “To Catch A Predator”, go back home, have new papers made and get lieballed back into this country. Is there any outrage? Sure. Has anyone in these companies been arrested? No. Has it been stopped? Hell no.


Work has left this country and everyone at the top knows we’ll bitch about, but won’t do shit. revolution doesn’t exist. Americans prefer to live on the ashes of past glories and frankly, this would take too much time, firepower and actually getting off the couch.

Something has to break, and it already did, but no one except a rich bunch of guys taking offense at “the rich being taxed” has done diddly about it except bitch and moan. Lockdown has to occur to turn things around, and it’s got to be as mean and harsh as every Revolution.

There’s a whole list of shit, but hell with it. We’ll just all have to live in tents with people we’re okay with and lots of guns and bullets. Then we can count on our own government to nuke the crap out of us, because the small groups are living simply but peacefully, running their own lives and making their own rules. So I say again, I do not give a single shit what happens to this country and the people in it. Just don’t step into my camp and say you’re here to help. We’ll just shoot your dumb ass.

The rich will survive by leaving and going to live in other countries while screwing up this one, so who cares? That’s not the way it will be, that’s the way it is now.

Report this
thebeerdoctor's avatar

By thebeerdoctor, June 16, 2009 at 11:30 am Link to this comment

re: rolmike

If you are referring to Girolamo Savonarola, now that is funny. Just keep the pissed off Jesuit away from my abstract paintings! Being a humorless scowl is one thing, but eventually people still want to have fun.
Let’s see: SAVONAROLA COLA? I like the sound of that…

Report this

By Jim Lunsford, June 16, 2009 at 11:27 am Link to this comment
(Unregistered commenter)

It seems as if everyone thinks our demise is only a negative thing. Personally, I don’t think we are going to have the same governmental system coming out of this as we did coming in. Is that a bad thing? Yes, there are people who stand to profit of our misery, and they live within our borders. We call them our leaders. They also stand to lose everything, including their lives, if they don’t find a way to either suppress us or re-direct our anger. Or maybe do their jobs and find a way for most of us to survive.
Personally, I think there will be war here. I hope we emerge from it a country that believes in more individual freedoms. That also entails individual responsibilities though. Something most people seem to forget.
personally Chris, I don’t care if your pluralities don’t match the singularities, or whatever the hell that grammar nazi was saying. I’m looking at the substance, and it is correct as near as I can tell. We are going into a depression that is going to break this country’s government. Possiby it’s people’s will as well. That seems so much more important to me.
The empire is gone, and that’s a good thing. Mabye out of it’s dust we can start building stuff again. Maybe something good will come out of the nearly inevitable civil/revolutionary war to follow that is. That’s all the hope I’ve got for it anyway.

Report this

By Justice Cometh, June 16, 2009 at 11:11 am Link to this comment
(Unregistered commenter)

About time SCO flexes its muscles, expands and let these killers rot. BRIC countries have joined SCO as well, good one. Bye bye western hedgemoney & $$$

Report this

By tahitifp, June 16, 2009 at 11:05 am Link to this comment

I agree that the hope and change mantra lead to high expectations, which Obama has no intention of fulfilling.

To quote an acquaintance, “Hope is a mother******!

Less hope and more common sense and realism is in order, but all we’re getting is more hope, now disguised as “we must be patient.”

Hope, IMO, is the last bastion of fear that you’re not in control and no one else is either.

I hope this made sense.  grin

Report this

By HurryUpEvolution, June 16, 2009 at 10:57 am Link to this comment

Where Chris is a bit wide of the mark is apparent in this article: “Russia, China, others urge diverse monetary system” < http://ph.news.yahoo.com/ap/20090616/twl-eu-russia-summit-talks-c8e2916.html >.  The reserve currency change-over is intended to be incremental and gradual.

Report this

By Hoosier, June 16, 2009 at 10:40 am Link to this comment
(Unregistered commenter)

Bush JR. and his employees Rove, Greenspan, & Chaney should get a Fast Track Award for turning the U.S.A. into a SERVICING country they so much touted about.
The last administration should all have to Fast Track out of the country for selling the American people down the drain. They ought to feel real good about their selves.
The manufacturing jobs and CORPORATE GREED fled the country.
We now have middle class working men & women from all parties out of work.
NO WORK NO TAX MONEY for the states NO MONEY for families to stay above poverty.
It’s going to take a special human being to get the U.S.A. out of this one.
Lord Help Us!

Report this

By Snowie, June 16, 2009 at 10:36 am Link to this comment

I agree with the few commenters that say the situation is only changing guard. I see no move by the elite to end vulture capitalism. I have seen comments elsewhere where people think the chinese will save the day. The Chinese already have an authoritarian system in place. Parasitic capitalism moves about the globe finding its best exploitable soil.
Proof that there is no move to change to a sustainable world-wide system can be seen in recent conflicts in Peru, by the tribes who have been sustaining their own form of system for eons in the Amazon. Now the big oil and other corporations want to raze the forests of the Amazon. We all are complicit and buying computers and all the other do-dads is keeping this parasitism alive and on the move.

For those who think Chris Hedges is an alarmist, think again. There is no reason what he says cannot happen. It happened to the USSR, it happened in Germany, It happened in Argentina and so on. Thinking the U.S. somehow has a basket of bunnies to pull out when needed is just brainwashed thinking….exactly what is dooming the U.S. to oblivion.

The truth is the Oligarchs WANT the dollar destroyed. This actually benefits the power elite and will also wipe much of the debt off. The bankers, JP Morgan has 60 trillion in Interest rate swaps…thats just one of the big banks. It also has another mass of assorted derivatives that they don’t want YOU to know about. You cannot run a country with over half a budget going to military, trillions being syphoned from the taxpayer to give to Wall Street and expect every thing to work out ok.

Just won’t happen. Read Jim Willie over at http://www.goldenjackass.com and listen to him at http://www.contraryinvestorscafe.com

People, you have been suckered. The U.S. people are brainwashed and soon to be “pickin cotton” cuz that is all that will be left here.

Report this

By BobZ, June 16, 2009 at 10:23 am Link to this comment

Well if this worst case scenario is true, we had about a 100 year run - not as good as the Brits. There will be massive deflation and tightening of belts but we will survive. We will learn to live within our means and give up American imperialism just like the Brits did. Europe and GB are now better off without their massive empires. There population is happier - they learned to live within their means. They are not only happier but healthier. We can fall back on our strengths which is innovation. We can get back to what made us great in the first place. All is not lost. We still have the best universities in the world and the best health care facilities and the most resourceful people when we put our minds to it. Yes we came close to the precipise; now we know why our government got so panicky last year - they saw the abyss staring them in the face. One good thing is that we will all suffer together, just like in the 1930’s. The rich will not be immune from this calamity either if it does come about.

Report this

By rolmike, June 16, 2009 at 10:22 am Link to this comment

For having gone to Harvard Divinity School Chris Hedges seems more pissed than Savonarola! No divine spark of existential humor of an kind.

Report this
Night-Gaunt's avatar

By Night-Gaunt, June 16, 2009 at 10:17 am Link to this comment

My pointWykydRed, is that they who instigated this crap in the first place will come out of it doing well and will be putting out their claw of friendship to save us from the very disaster they caused.

Suffice it to say that most will take a mind numbing dictatorship over a ruined countryside with the threats of rape, pillage, and cannibalism if you don’t find food. The Storm Troopers for Christ will be there and most of us will take it in a second. That is what I mean. I hope it answers your question on it.

The problem of using the all inclusive Mary Ann McNeely is that it will invariably be wrong, because I did not. He was too slippery and vague in his pronouncements, unlike Dennis Kucinich who was the man and the FTB made sure he was ridiculed and marginalized. You should have seen that. But so many were so desperate they were blinded by it and some still are. Even now. [As was planned by the Dominionists in the first place.]

“My main problem with your hyperbolic and derogatory dismissal of most of this nation’s voters is that such pessimism leaves little room for hope, and lack of hope dooms us all.”Ardee

The problem I have found to be the most dangerous, and manipulated is hope. False hope dooms us all. False hope is what is used by kidnappers & abductors to make you to not act to escape, but to continue to go along in the hopes of freedom. The Nazis and Bolsheviks used it to good effect for them, not for their prisoners. Know your enemy because he knows you.

Also the Roman republic fell first and out of it cam the Roman empire which lasted for centuries. Then it split in two and the eastern fell first then the western much later. Our condition is more like the Roman Republic on the verge of being overthrown by the tyrants.

Garth our own gov’t has helped the corporations to sell our jobs and manufacturing overseas too. Low balled it down in the dumps wages to re-import back here. Yay! I wonder how many of them worship Ayn Rand?

Report this
thebeerdoctor's avatar

By thebeerdoctor, June 16, 2009 at 10:12 am Link to this comment

re: Garth

I am sorry to hear of your recent employment plight. But is it not typical of what the writer Thomas Pynchon referred to as the “ass backwards” approach? Think of the recent digital television conversion: all those digital to analog converter boxes, manufactured on China’s mainland or Taiwan.
You would think that after all these years planning this big switchover, somebody would have thought it might be a good idea to revive a manufacturing base to meet this need here. But of course not.
On today’s Democracy Now! you could watch President Obama speak complete double talk, when an earnest woman asked about single payer and why Senator Baucus stands in the way of it. Obama claims he would want single payer IF we were starting from scratch, which, I am told, we are not. But heaven forbid if the charismatic one would actually do something.
Which also brings up the notion that the American idea of profit above all else, has permeated nearly every public institution and program. Libraries have fire sales in order to maintain operation. Firehouses are forced to consolidate in order to… you guessed it, become more economically efficient.
Unless you live in the rarefied air of the Special Ones, those dubious recipients of corporate government largess, you soon discover soon enough, and often painfully, exactly where the road of economic perdition is easily found. I say: to hell with all these number crunchers! As James Joyce once said:
“All me life I have been lived among them but now they are becoming lothed to me. And I am lothing their little warm tricks. And lothing their mean cozy turns. And all the greedy gushes out through their small souls. And all the lazy leaks down over their brash bodies. How small it’s all!”

It would seem that democracy’s ultimate betrayal is convincing the powerless that they actually have a stake in politics. So instead of getting on with our own lives with each other, and finding solutions without uninvited political interference, we are told Yes We Can! while being shaken down for our time and money, but some political operative out of Chicago.
I am also reminded of something composer Anthony Braxton said when asked about art, and he told the interviewer that “our lives are works of art in the most profound sense.”
Of course a statement like that would be troublesome to the demographic research profiles at Walmart, but who bloody cares? It is time to forget about operating in life according to any consumerist grid.
The recent acquisition of General Motors by the United States government came with the stipulation that GM must abolish their eye and dental care benefit for their employees. This demand came from the Obama administration directly, not the corporate board or disgruntled stock holders. This reveals exactly what kind of concern are beloved government has for the citizens. So there is as much need to be concerned for the government, as they are concerned for you.
But, as I’m sure you are aware, Washington always has the option, when things start to get a little too rough, to cry havoc, and let slip the dogs of war.
(Haven’t I seen this movie before?)

Report this

By Chris Abajian, June 16, 2009 at 9:26 am Link to this comment
(Unregistered commenter)

“America will be composed of a large dispossessed underclass and a tiny empowered oligarchy that will run a ruthless and brutal system of neo-feudalism from secure compounds.”

I’m with ya for the most part, Wedgie, but seriously, that’s been America for a while.  The apocalypse already happened in some neighborhoods.  Only reason we’re seeing cracks in the media facade now is ‘cause the four horsemen have finished with the inner city and now they’re getting to the Upper West Side and rich white suburbs.

Report this

Page 2 of 3 pages  <  1 2 3 >

 
Monsters of Our Own Creation? Get tickets for this Truthdig discussion of America's role in the Middle East.
Right 1, Site wide - BlogAds Premium
 
Right Skyscraper, Site Wide
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 

A Progressive Journal of News and Opinion   Zuade Kaufman, Publisher   Robert Scheer, Editor-in-Chief
© 2014 Truthdig, LLC. All rights reserved.

Like Truthdig on Facebook