posted on Jun, 25 2010 @ 04:26 PM
We can no longer drive global growth, but by golly, we'll make sure we can fund our wars!
He's right though, but it simply isn't that simple.
We were never in the business of promoting growth around the world; we were always interested in keeping the third world completely oppressed. We have
done this through advocating free-market reforms. If free market reforms are the way to rise to power, then why has every so-called 'free market
miracle', from Chile to Taiwan to South Korea, actually been the result of government market planning or nationalized industry?
The powers that be, an international marriage of state and corporate interests, promote the free market lie through multinational bodies such as the
International Monetary Fund, the World Bank and the World Trade Organization and keep the third world poor, fighting and defunct, a harvest ripe for
The second problem is the Triffin paradox: the US dollar acts as the international reserve currency, leading to a discrepancy in economic goals here
and abroad. Thus, we must run a trade deficit (importing more than exporting) in order to keep our money flowing abroad. Keynes foresaw this and that
it would blossom into an economic crisis, and he attempted to propose an international currency called the 'Bancor', which would backed by some
thirty-odd commodities, including gold.
Conceding to a global reserve currency such as this would be the most viable option for America and the rest of the world to prevent full blown
economic collapse. With a powerful reserve currency that isn't American dollars to draw upon, international economic grounds like the IMF, WTO and
World Bank would then need to work hand in hand with the governments of developing nations that are desperately in need of growth to direct economic
planning until a real market, albeit regulated and monitored, can take over.
The US can no longer drive global growth, but international cooperation can.