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posted by martyb on Tuesday February 05 2019, @04:31AM   Printer-friendly
from the hello-ruble dept.

https://www.truthdig.com/articles/goodbye-to-the-dollar/

The inept and corrupt presidency of Donald Trump has unwittingly triggered the fatal blow to the American empire—the abandonment of the dollar as the world’s principal reserve currency. Nations around the globe, especially in Europe, have lost confidence in the United States to act rationally, much less lead, in issues of international finance, trade, diplomacy and war. These nations are quietly dismantling the seven-decade-old alliance with the United States and building alternative systems of bilateral trade. This reconfiguring of the world’s financial system will be fatal to the American empire, as the historian Alfred McCoy and the economist Michael Hudson have long pointed out. It will trigger an economic death spiral, including high inflation, which will necessitate a massive military contraction overseas and plunge the United States into a prolonged depression. Trump, rather than make America great again, has turned out, unwittingly, to be the empire’s most aggressive gravedigger.


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  • (Score: 0, Insightful) by Anonymous Coward on Tuesday February 05 2019, @06:31AM (2 children)

    by Anonymous Coward on Tuesday February 05 2019, @06:31AM (#796526)

    Sounds like a doom porn addiction to me, don't confuse it with reality...

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  • (Score: 1, Offtopic) by realDonaldTrump on Tuesday February 05 2019, @06:38AM (1 child)

    by realDonaldTrump (6614) on Tuesday February 05 2019, @06:38AM (#796533) Homepage Journal

    She can't hear you. But maybe you can hear me. 2018, tremendous year for our Manufacturing. 218,000 new jobs, the most in 21 years -- because of me. Rejected Sub!!! cnsnews.com/news/article/terence-p-jeffrey/2018-saw-largest-increase-manufacturing-jobs-21-years [cnsnews.com]

    • (Score: 3, Funny) by Pslytely Psycho on Tuesday February 05 2019, @01:14PM

      by Pslytely Psycho (1218) on Tuesday February 05 2019, @01:14PM (#796642)

      The real test will be how much of that is retained year over year.
      At least you used a right wing news site that shows their sources and is transparent in their bias.
      They do fail to account for the increase in population and I believe they were not using the seasonally adjusted numbers. (I only glanced over the source material, it is quite extensive)
      That does not mean they aren't good numbers. They are. I fear they may just be a blip from stimulating an economy at a point when stimulus was not needed.
      The huge increase to the deficit for the tax cuts will not be made up for with such paltry numbers however.
      Like always, trickle down is never enough to make up for the tax reductions, didn't work for Reagan (although he covered it pretty well by adding new taxes to make up for it) and it didn't work for Bush as it contributed to the crash of the strong economy he inherited from Clinton.
      Obama did manage to pull it out of freefall and begin a recovery, but failed to bring it fully home. He always struck me as Republican light...
      Time will tell with the current administration. The next two years will tell us if this is the right track. But it is starting to look a lot like 1974....

      Will Rogers summed up politics pretty well, it seems to still hold true:

      Democrats never agree on anything, that's why they're Democrats. If they agreed with each other, they would be Republicans.

      The 1928 Republican Convention opened with a prayer. If the Lord can see His way clear to bless the Republican Party the way it's been carrying on, then the rest of us ought to get it without even asking.

      About all I can say for the United States Senate is that it opens with a prayer and closes with an investigation.

      Will Rogers

      Shit ain't changed much.....

      --
      Alex Jones lawyer inspires new TV series: CSI Moron Division.