[Paleopsych] A superpower on life support
christian.rauh at uconn.edu
Thu Feb 3 15:20:12 UTC 2005
FYI, Brasil has always issued its bonds in US dollars, this year it is
issuing 20% of them (at least) in Euros. And private export contracts
have been moving to Euros too since the middle of last year.
The problem with the Zero Sum game here is that the US will probably
stick the gun to the face of its comercial partners before going to the
same level of negotiation. As a pre-emptive measure, of course.
Steve Hovland wrote:
> In recent years the US has been styling itself as
> the last remaining superpower, able to dictate
> the establishment of a Pax Americana without
> significant opposition.
> If you look at our finances, you see a different
> The USSR crumbled because they could no
> longer afford the Cold War game.
> We are about to crumble because we can no
> longer pay cash to finance our activities.
> Most of our prosperity is financed by a mountain
> of debt that now threatens the economy of the
> entire planet.
> In their foolish greed our largest corporations
> have exported vast amounts of capital to India
> or China, who now have trade surpluses while
> we have trade deficits that compound our
> budget deficits. This is a zero sum game.
> The day will come when the world recognizes
> that we have spent all of the gold that we found
> at the end of our continental rainbow a mere
> 200 years ago.
> When that day comes they will no longer buy
> Dollar bonds, but Euro bonds. Indeed, the last
> straw with Saddam Hussein was that he started
> to price his oil in Euro's.
> When that day comes we will find that India,
> China, Japan, and Europe will be our equal
> partners because we won't be in any position
> to refuse their demands.
> When that day comes we will no longer be
> a psychotic Gulliver stomping on all who dare
> to oppose us. We will be one among equals
> living in a more benign equilibrium with the
> Steve Hovland
> paleopsych mailing list
> paleopsych at paleopsych.org
A little patience, and we shall see the reign of witches pass over,
their spells dissolve, and the people, recovering their true sight,
restore their government to its true principles. It is true that in
the meantime we are suffering deeply in spirit, and incurring the
horrors of a war and long oppressions of enormous public debt......
If the game runs sometimes against us at home we must have patience
till luck turns, and then we shall have an opportunity of winning
back the principles we have lost, for this is a game where
principles are at stake.
- Thomas Jefferson, from a letter he sent in 1798 after
the passage of the Sedition Act
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