Blistering indictment based on Ron Unz's articles in The American Conservative.
Read it at CounterPoint
Unplugging Americans From The Matrix
Paul Craig Roberts | former Assistant Secretary of the U.S. Treasury in the REagan Administration and co-founder of Reaganomics
(h/t Kevin Fathi via email)
He needs some adjustment here:
ReplyDelete"China, for example, is accused of manipulating its currency. As Unz says, the scapegoating is political theater designed for the ignorant and gullible.
[I'd say maintaining a fixed exchange rate is manipulating it's currency]
America’s economists, or most of them, have so prostituted themselves that propaganda has become wisdom. Most Americans believe that if China would simply let the value of its currency rise more rapidly relative to the dollar, America’s economic woes would be at an end. It is beyond belief that any economist could think that Americans with stagnant and declining incomes would be made better off by a sharp rise in the prices of goods manufactured in China on which Americans are dependent, [We're not dependent] or that the US dollar’s role as reserve currency, the main source of American power, [Whaaaaaat?] could survive such a manifestation of Chinese economic superiority."
I dont see how zealously seeking to achieve "financial claims" denominated in a foreign currency in exchange for real goods and services is working towards economic superiority or any other form of superiority ..
Maybe ultimately the Chinese Government doen't care whether their stockpiles of USD financial assets deteriorates. Perhaps the plan is to use their oppressed population to build up a stockpile so large that it can be used as a potential weapon against the US if need be. A general assumption at present is that China won't want to see the value of their USD stockpile fall. But what if they don't really care? Then they might kind of have the US by the balls.
ReplyDelete"we can sell our USDs till you're begging for mercy, capitalist swine"