Oped: Who Is Our Daddy Now?
Who Is Our Daddy Now?
By Michael Gaddy © 2004
In the mid 90's everyone on the right was screaming for the head of William Clinton. It seems he had sold his soul, and our secrets, to the Chinese for money. Americans had a right to be furious. Today we face a much more serious threat: China does not need to possess our nuclear secrets, wage war against us, or waste their time and resources attacking us. Thanks to the failed economic policies of the Bush administration, they are buying America. Their payments amount to almost a billion dollars a day!
Obviously, China, unlike the United State, has studied history and learned from it. They recognize the way to a stable, flourishing economy is not through preemptive wars and the quest for empire, but through open and free trade. If the other countries of the world play into this strategy, so much the better. America once saw the benefits of this approach but has succumbed to the quest for empire and the belief it is better to bomb and kill potential trading partners than to simply trade with them.
When was the last time we heard any bellicose statements out of China? They are too busy trying to keep up with the most rapidly ascending economy on the planet.
In contrast, the United State is seeing its trade deficit with China escalate and watching the dollar in its rapid fall against other currencies of the world. A shooting war to take over our country will not be necessary, for a continuation of the present course of economic action based on the warfare/welfare state, will simply lead to China owning us: lock, stock and barrel.
It is obvious that we learned nothing from the economic collapse of the USSR. Their fall was accomplished without a shot being fired or a bomb being dropped. They had invested their countries wealth into their war/empire apparatus and not into a free market nation, producing goods for the worlds' consumption. You know, kind of like we are doing now.
A visit to the records of the Chicago Futures Exchange would benefit us all. But it is hard to see that far when all you have to watch on the news is Fallujah. The futures exchange on currencies should be alarming to a nation that is awake. But, what the hey, we have controversies of state: like Arlen Specter and gay marriage.
Currency traders are currently betting billions that our dollar will continue to crumble. They have fortified this belief by covering themselves with 200,000 short contracts on the dollar, which will entitle them to sell currency at a set rate on a fixed date in the future.
This volume of exchange concerning the dollar has quadrupled since early 2004, jumping by 17% in one week alone, from the dollar to the euro. Since February of 2002, our dollar has declined against the euro by an astronomical 30%. This somehow exactly correlates to our bellicose attitude and war against Iraq. To continue this war, and give tax breaks at the same time, Bush has had to simply print money we do not have the resources to back. It doesn't take a rocket scientist to know that such fiscal irresponsibility will only decrease the worth of our currency.
This is not counting the interest that must be paid with real dollars on this worthless currency to the Federal Reserve, a privately owned corporation. This corporation is owned by the FED central banks. They are as follows: Rothschild Bank of London, Warburg Bank of Hamburg, Rothschild Bank of Berlin, Lehman Brothers of New York, Lazard Brothers of Paris, Kuhn Loeb Bank of New York, Israel Moses Seif Banks of Italy, Goldman Sachs Bank of New York, Warburg Bank of Amsterdam and Chase Manhatten Bank of New York.
I include here a portion of a speech delivered by US Representative, Louis T. McFadden, (R) Pa. to Congress in 1934 on his thoughts on the FED.
"Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over. "This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the mal-administration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it."
But all of this will be better discussed in a future article.
Back before we began this preemptive war with Iraq investors were getting 82 cents for one euro. The rate has increased to $1.30. Our dollar is weakening across the board.
Economists are outdoing each other with bleak forecasts. Thomas Mayer, chief European economist at Deutsche Bank, believes $1.40 is realistic, while his counterpart at investment bank Goldman Sachs, Jim O'Neill, expects an exchange rate of $1.50. Finally, US economist Fred Bergsten is boldly talking about rates of $1.80 and $2.20.
Revealingly, the latest nosedive of our dollar came immediately after our election. The economic market is obviously seeing four more years of this administration as four more years of escalating debt and continued freefall for the dollar.
Hardly anyone in the economic community expects George W. Bush to spend his second term enthusiastically addressing the country's economic problems: the US budget and current account deficits. Double deficit spending by the US is alarming the currency markets. As long as the present trend exists, the dollar will not regain its strength.
A look at our economy here is essential. We Americans buy more than we produce ourselves and our buying is essentially based on credit. Our trade deficit was $531 billion in 2003. $441 billion of that was financed by foreign investors-mostly Asian. Primarily China and Japan are acting as our bankers-buying up our debt.
George W. Bush and his administration know that Americans will not cough up more tax dollars to finance those billions, so they delude us with talks of a tax breaks that only contributes to our decline. I am not speaking as a proponent of increased taxes here, only a proponent of peace and an end to aggressive war and its astronomical costs: both in human blood and dollars.
What we are unwittingly doing here, as Americans, is selling to our avowed enemy, our own nation and economy at the rate of one billion dollars a day, just so we can attempt construction of our own empire. Are we to believe that once China sees themselves in total control, that they will not take advantage of that situation?
Politicians and central banks worry already that the situation is gradually becoming too unstable for Asia's financiers. The financially astute in Washington are nervously asking themselves how long the Asians will continue to cover the US's double deficit. What happens if they slow down, halt or even reverse the flow of capital, switching from the dollar to the euro?
If China were to move out of the US currency, this could trigger a fatal progression: The dollar would rapidly lose value, the weak currency would drive up the cost of imports, inflation would grow, and the Federal Reserve would be forced to raise interest rates more quickly than manageable. Borrowing would become more costly, consumption would decline, and highly indebted households would be unable to service their mortgages. In the end, the dollar bubble would burst and the real estate bubble would follow suit. The result: financial chaos.
Rumors abound that both Asian and Middle Eastern nations are exchanging their currency reserves for euros on a large scale in an effort to spread their risk. British financial historian Niall Ferguson believes that the dollar regime has already come to an end, just as the pound sterling once did.
It would appear highly probable that by our aggressive war to "stop terrorism" we may have sold our country to China, a nation that would welcome our downfall as a super power.
China started, right after 9/11, to produce books and tapes in support of the attacks on America. On the most popular government tape, now selling briskly in China, rescue workers are shown picking through the rubble of the twin towers as the commentator proclaims that the city has reaped the consequences of decades of American bullying of weaker nations. "This is the America the whole world has wanted to see," says the commentator, "Blood debts have been paid in blood." On another film the commentary goes on to say, "Look at the panic in their faces as they wipe off the dust and crawl out of their strong buildings, now just a heap of rubble. We will never fear these people again, they have been shown to be soft-bellied paper tigers."
On September 11, 2001, The Chinese government signed a defense cooperation agreement with Taliban officials. China has been the largest foreign investor in Afghanistan, while, at the same time, domestically seeking to suppress Islam because it poses a threat to their authoritarian regime.
How does the above balance itself against the Bush administration including China in the global war on terror? Has not China supported every regime known to export terrorism? The Bush Administration has even considered a waiver on sanctions barring the sale of military-related equipment to China. Let's see now: does this not put him even with Bubba Clinton on the traitor scale? Where are all those conservative talk show hosts like Limbaugh, Hannity and O'Reilly who screamed for Clinton's head for trading military hardware to the Chinese?
The problem is: most Americans refuse to see this is not a political party thing. Between Clinton and G.W. Bush, we have given the Chinese; nuclear secrets, both ends of the Panama Canal, billions of dollars in deficit trading, let them buy our debt to the tune of a billion a day, give them the power to destroy our currency/economy, and basically put them in a position to take over control of our country. As the old saying goes: Qui Bono?
Even what has been referred to as, Pravda on the Potomac, The Washington Post, has said: Bush's policy toward China would make the Chinese "another weapon in the war on terrorism."
The "war on terrorism" is a really big tent and there is ample room for a lot of boogey-men in there.
Is anyone beginning to see through all these contradictions to the George H.W. Bush proposal of a "New World Order?"
Ironic is it not: that speech was given on September 11, 1990?
23 Nov 2004 @ 18:05 by jstarrs : Just check...
...the package when you buy something.
Where does it come from?
23 Nov 2004 @ 18:53 by : ;)
Yeah, I'm moving to China. I always wanted a cave in the Kun Lun mountains ever since I read the 'Jou Pou Tuan.' Also came to love the Chinese people when I was dropped deep LURP foreward recon during the NAM police action. Got out alive, I think, thanks to them. ;)
23 Nov 2004 @ 20:21 by astrid : Somewhere on these pages...
http://www.ithacahours.com/intro.html you will find a brief mentioning of the fact that China is one of the Nations/Governments, who sent very high ranking Gov. dignitaries to Itacha to study the Itacha Hours at work in Real Peoples' Real Lives.
I believe China to be smart enough to create two paralell Systems; one local, for small communities to thrive and care for the Land and each other; a much cheaper than a BIG bureaucratic Wellfare System.... and better for the People's health too!
This Local Money System is then "backed up by an "Official" Currency, that the Gov would use as Trade Currency with other Nations.The Local Currency could be exchanged at any Official Bank.
If I can see China doing this...then I think Chinesee can see themselves doing this!...One would think.....Remains to be seen.
Til then... On the other hand; the day the WORLD Economy collapses ( just like it did 1929 ) I think we have reached the FIRST REAL STEP to our FREEDOM and people will realize so fast that they will NOT be talked into another repeat of the Money-History, but stick to their own LOCAL means of trading, Local Currency, Barter and doing Things just because they need to be done!....and for NO money at all! I am so thrilled, because I can see how all kegs, how faulty they might be, works in and for the Universe!