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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: 2) by MichaelDavidCrawford on Tuesday February 05 2019, @06:41AM (3 children)

    by MichaelDavidCrawford (2339) Subscriber Badge <mdcrawford@gmail.com> on Tuesday February 05 2019, @06:41AM (#796534) Homepage Journal

    "Latifundia".

    At first Roman plantations worked by slaves, then more recently in Spain and Latin America.

    Nowadays, they sell slaves in the France- and US-liberated Libya. Quite a lot of chocolate is grown by child slaves, with many US confectionary companies refusing to boycott such chocolate.

    Please buy only Fair Trade Chocolate.

    --
    Yes I Have No Bananas. [gofundme.com]
    Starting Score:    1  point
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    Total Score:   2  
  • (Score: 2) by FatPhil on Tuesday February 05 2019, @11:50AM (2 children)

    by FatPhil (863) <pc-soylentNO@SPAMasdf.fi> on Tuesday February 05 2019, @11:50AM (#796614) Homepage
    Only buy Fair Trade if you've convinced yourself their operations aren't actually harmful to the local economy. Many humanitarians have concluded that Fair Trade is little more than a protection racket nowadays in some parts of the world.
    --
    Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
    • (Score: 0) by Anonymous Coward on Tuesday February 05 2019, @07:40PM

      by Anonymous Coward on Tuesday February 05 2019, @07:40PM (#796866)

      but it is still better than the alternative!

      It is just like security systems... it will not stop/detect everything and many are just snake-oil ... but the fact they exist makes robbery harder, make robbers question if it's worth it and may directly avoid in some cases.

      There is no silver bullet, every system can be workaround, but that doesn't mean that it fails always

    • (Score: 2) by MichaelDavidCrawford on Tuesday February 05 2019, @08:59PM

      by MichaelDavidCrawford (2339) Subscriber Badge <mdcrawford@gmail.com> on Tuesday February 05 2019, @08:59PM (#796906) Homepage Journal

      Fair Trade Coffee is so widespread by now that I find it hard to understand how it could actually be a bad thing.

      --
      Yes I Have No Bananas. [gofundme.com]