March 16, 2005


National Security

I know that it makes wingnuts heads explode when I say this, but our deficit economy is as much of a long-term National Security issue as any war we'll ever fight. And it's an issue that we're losing on, thanks to Preznit Lucky Sperm and his idiot-bastard colleagues.

The US dollar's status as the world's main reserve currency is under threat as Asian banks back away from the superpower's ballooning twin deficits.

Over the past three years, central banks in the region have been scaling back their holdings of US dollars amid jitters about the United States' ever-expanding current account and budget deficits, which collectively soaked up at least $US1000 billion ($A1265 billion) of foreign currency last year.

A report by the Bank for International Settlements has estimated that the share of deposits held in US currency by Asian banks dropped to 67 per cent in the September quarter of 2004, from about 81 per cent of total deposits three years earlier.

The figures suggest that a dramatic but not widely publicised regional shift away from the US dollar is under way.

It's a move that heralds nothing but bad things for us and our economy. Thanks to the republicans we have become the longest-term, largest debtor economy in history, and their solution?

Why, Tax-Cuts of course. Idiots.

posted by Jo Fish on 03.16.05 at 12:30 AM





Comments:

Aaaah, but the rest of the world are members of the "reality-based" community of civilized nations...or at least many are. While, the U.S. has been taken over by some Rapturist wingnuts who expect Armageddon anyday now.

Of course, the only Armageddon will be an economic Armageddon in the U.S., while the rest of the world sits back and laughs after they've taken their money out of circulation in the U.S. before the collapse. They aren't fools. They're "reality based."

Tragically, on the other hand, the nutcases in charge of the nut-house up in Washington are definitely fools.

Hell, let's get it over with. Then maybe sane people can pick up the pieces afterward and start over again. We did it after the Great Depression...remember? And apparently this economic Armageddon path is what the wingnuts all want us to follow at present. And no one in Washington seems to give a damn. What a pity. And, once again, the children will pay the price of another sad bout of wingnuttery in the U.S.. Deja vu.

posted by: The Oracle on 03.16.05 at 01:27 AM [permalink]



After the pending bankruptcy bill is law the White House will file for bankruptcy. If it's good enough for business, why it's good enough for the good old US of A.

posted by: Shag from Brookline on 03.16.05 at 06:06 AM [permalink]



Tax cuts, full speed ahead. The Bushtanic moves into new waters with its leader's sense of clear vision!

posted by: Mr. Murder on 03.16.05 at 09:06 AM [permalink]



Wolforat being nominated for world bank- CSpan is cooling down to hide the rpess conference, busy on both floors. Time to watch insidertading MNSNBC and see if the market tanks.

Flip the remote- DOW down 91 points, stuttering stammering AWOL with mealy-mouthed platitudes goes one.

He practiced a long time to teleprompt this.

Fix the ear wire...

Guckert not there to ask him questions? Where's Jeffey Lube?

posted by: Mr. Murder on 03.16.05 at 10:54 AM [permalink]



"The White House today announced that, in an attempt to invoke the sacred memory of Ronald Reagan and associate it with George W. Bush, they will be fighting to triple the national debt by the year 2008. Democrats in Congress vowed to roll over and play dead with every last ounce of energy in their nerveless bodies. Senator Joe Biden could not comment, as he had a credit card company executive's package in his mouth."

posted by: G. D. Frogsdong on 03.16.05 at 03:08 PM [permalink]



thank the baby jesus we have a harvard mba, albeit an illiterate one, as our daddy. who knows where we'd be if an unschooled pumpkin like lincoln was at the helm.

posted by: the drunken cheerleader on 03.16.05 at 05:49 PM [permalink]



Oh, but focus on the good news, why don't you? Like how when the Chinese approved military action against Taiwan recently, how the US stood right up and told 'em to go to hell, despite the fact that they hold our financial future in the palm of their hands? You know, making good on our promises to protect Taiwan and all?

Um...maybe I got that wrong. Never mind.

posted by: firedoglake on 03.16.05 at 08:37 PM [permalink]



Well, I got my first 'content submission error' on the site with what I originally posted.

Nice work, Jo.

Can I possibly get the keys to the filter?

posted by: Barndog on 03.17.05 at 04:47 AM [permalink]



Barndog,
Send me what you tried to submit. Some words, or parts thereof get kicked by the spam filter.

Sorry bout that..

JF

posted by: Jo on 03.17.05 at 09:57 AM [permalink]



Isn't it great! When the dollar goes down to meet the ruble in the basement... all those factory jobs that went to China will come home! If we're willing to make working Americans play by China's rules, that is.

China's rules are: there are no (enforced) rules! No minimum wage. No 40 hour week. No overtime pay. No benefits. Dump all your toxic waste in the river.

Of course, there might be a years-long world-wide depression and panic while world financial markets are in chaos and investors refuse to risk any capital.

posted by: Ben on 03.17.05 at 01:51 PM [permalink]






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