In case you’ve run out of things to worry about this week, there’s this little gem: it appears our up-to-now friends and our sworn enemies have banded together to end the dollar as the world currency denomination. According to “The Demise of the Dollar” in the Independent:
Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
This is certain to result in economic war between China and the US. And increased energy prices. And a devalued dollar (inflation). Still think deficit spending doesn’t matter? That we need more “stimulus”? And that trade deficits don’t matter?
The American currency has maintained its pre-eminence in the world because of America’s economic dominance, not the other way around. Keep piling up a national deficit in the trillions of dollars, and we can kiss that dominance good buy forever. Yes, I realize that most people educated in our public school system in the past 40 years believe that will be a good thing. More egalitarian… and fair: why don’t we just spread the wealth around? But then, having been educated in our fine public schools, they think this without any concept of how the economy works. The first clue they’ll have is when they discover what a truly failed economy will mean to them personally. You know - that nasty intersection where utopian concepts and reality collide?
But the Obama administration has bigger fish to fry: they sent the puppet to Denmark to lobby for the Chicago Olympics, and they’re busy lining up Hollywood morons to hump for healthcare.
For all the Anglophiles out there: congratulations. We are well on our way towards joining them as another once great empire. Sleep well, the government has everything under control.
Oh, and we might want to reconsider our “energy plan”. I don’t really think you’ll want to be relying on those windmills if there’s another oil embargo. ANWR might not be such a bad idea after all. And perhaps a nuclear plant or two couldn't hurt either: if we start now, we could have a couple on line in a decade or so. That might help the grandkids.