The end of an empire

BRIC or BRICs is an acronym that refers to the fast growing developing economies of Brazil, Russia, India, and China. Why do you need to know this?

The BRIC is currently holding an economic summit in YEKATERINBURG, Russia . A summit that we asked to be invited to but, were turned down. It was reported today by the AP that Russia is trying to persuade the other countries to replace the dollar as the world's reserve currency. If this happens it will throw the United States into an unimaginable state of economic chaos. The end of the dollar’s reign as the world’s reserve currency will be the beginning of a terrible period of economic and political decline in the United States. Our status as a super power will be gone, hyper inflation will rival any in the world's history, and we will become all but, a third world country. If the dollar is no longer the world's reserve currency, the dollar could lose over 60% of it's value. . . . kiss our standard of living and the middle class good bye. And what is to follow will be very, very painful.

From Chris Hedges of Truthdig: " If they succeed, the dollar will dramatically plummet in value, the cost of imports, including oil, will skyrocket, interest rates will climb and jobs will hemorrhage at a rate that will make the last few months look like boom times. State and federal services will be reduced or shut down for lack of funds. The United States will begin to resemble the Weimar Republic or Zimbabwe. Obama, endowed by many with the qualities of a savior, will suddenly look pitiful, inept and weak. And the rage that has kindled a handful of shootings and hate crimes in the past few weeks will engulf vast segments of a disenfranchised and bewildered working and middle class. The people of this class will demand vengeance, radical change, order and moral renewal, which an array of proto-fascists, from the Christian right to the goons who disseminate hate talk on Fox News, will assure the country they will impose."

China has already replaced the U.S. as Brazil's number one trade partner. We are being squeezed out of the worlds economy. And probably for good reason. We've been in control for so long and we've blown it. Beginning with the Reagan Administration we have done all we can to destroy our manufacturing base and replace it with a service industry. Rather than making things we can sell, which produces actual wealth, we consume on credit, work at jobs that only requiring the skill to ask "Do you want fries with that?" , and make just enough $ to remain in debt without filing bankruptcy. Which by the way, only big business can do and still profit by doing it. Add to this the theft that is taking place at the Federal Reserve. Over the past year they have quietly printed over $9 trillion (with a t) and refuse to tell oversight panels who is receiving that money. Remember that The United States GDP is only 13 trillion. This makes the Bush / Paulson $750 billion bank heist look like a lemonade stand robbery. Obama and his administration isn't doing anything to stop this, if anything they are facilitating this financial breaking of America. If the Fed isn't stopped, what little value the dollar might retain after it is no longer the world's reserve currency, will be decimated. The United States could literally be bought for pennies on the dollar, and social services will be sold to private corporations. Police, Fire, and Postal service will be for profit entities and all highways will become toll roads, cats will chase dogs, rats and snakes will marry, boogers will eat 4 year olds . . .

Let's all hope I'm over reacting.

DaG out