Monday, November 29, 2010

Dumping the Dollar

Paul Craig Roberts reports that China and Russia agreed to use their own currencies in bilateral trade activities. China already has this agreement with Brazil, and I think Indonesia as well. Other nations will no doubt follow these precedents and trade using their own currency. The dollar will lose its status as the world's currency reserve, which marks the decline of its imperial status.

Roberts writes:
"Meanwhile in America the sheeple remain content with, or blind to, their role as sheep to be slaughtered to feed the rich. The Obama administration has managed to come up with a Deficit Commission whose members want to pay for the multi-trillion dollar wars that are enriching the military/security complex and the multi-trillion-dollar bailouts of the financial system by reducing annual cost-of-living increases for Social Security, raising the retirement age to 69, ending the mortgage interest deduction, ending the tax deduction for employer-provided health insurance, imposing a 6.5% federal sales tax, while cutting the top tax rate for the rich...In addition, America's elderly are finding that fewer and fewer doctors will accept them as patients as a 23% cut looms in the already low Medicare payments to doctors"

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