End Is Near!—Gisele Bundchen Dumps Dollar
By Paul Craig Roberts
08 November, 2007
US dollar is still officially the world’s reserve currency, but
it cannot purchase the services of Brazilian super model Gisele
Bundchen. Gisele required the $30 million she earned during
the first half of this year to
be paid in euros.
Gisele is not alone in her
forecast of the dollar’s fate. The First Post (UK) reports
that Jim Rogers, a former partner of billionaire George Soros, is selling
his home and all possessions in order to convert
all his wealth into Chinese yuan.
Meanwhile, American economists
continue to preach that offshoring
is good for the US economy and that Bush’s war spending is keeping
the economy going. The practitioners of supply and demand have yet to
figure out that the dollar’s supply is sinking the dollar’s
price and along with it American power.
The macho super patriots
who support the Bush regime still haven’t caught on that US superpower
status rests on the dollar being the reserve currency, not on a military
unable to occupy Baghdad.
If the dollar were not the
world currency, the US would have to earn enough foreign currencies
to pay for its 737 oversees bases, an impossibility considering America’s
$800 billion trade deficit.
When the dollar ceases to
be the reserve currency, foreigners will cease to finance the US trade
and budget deficits, and the American Empire along with its wars will
Perhaps Bush will be able
to get a World Bank loan, or maybe one from the "Chavez
bank", to bring the troops home from Iraq and Afghanistan.
Foreign leaders, observing
that offshoring and war are accelerating America’s relative economic
decline, no longer treat the US with the deference to which Washington
is accustomed. Ecuador’s president, Rafael Correa, recently refused
Washington’s demand to renew the lease on the Manta
air base in Ecuador. He told Washington that the US could
have a base in Ecuador if Ecuador
could have a military base in the US.
When Venezuelan president
Hugo Chavez addressed the UN, he crossed himself as he stood at the
podium. Referring to President Bush, Chavez said, "Yesterday
the devil came here, and it smells of sulfur still today."
Bush, said Chavez, was standing "right here, talking as if he owned
In his state of the nation
message last year, Russian president Vladimir Putin said
that Bush’s blathering about democracy was nothing but a cloak
for the pursuit of American self-interests at the expense of other peoples:
"We are aware what is going on in the world. Comrade Wolf knows
whom to eat, and he eats without listening, and he’s clearly not
going to listen to anyone." In May 2007, Putin criticized
the neocon regime in Washington for "disrespect for human life"
and "claims to global exclusiveness, just as it was in the time
of the Third Reich."
Even America’s British
allies regard President Bush as a threat to world peace and the second
most dangerous man alive. Bush is edged out in polls by Osama bin Laden,
but is regarded as more dangerous than Iran’s demonized president
and North Korea’s Kim Jong-il.
President Bush has achieved
his dismal world standing despite spending $1.6 billion of hard-pressed
Americans’ tax money on public relations between 2003 and 2006.
leader and America’s currency are poorly regarded. Is there a
Perhaps the answer lies in
those 737 overseas bases. If those bases were brought home and shared
among the 50 states, each state would gain 15 new military bases.
Imagine what this would mean:
The end of the housing slump. A reduction in the trade deficit. And
the end of the war on terror.
Who would dare attack a country
with 15 new military bases in every state in addition to the existing
ones? Wherever a terrorist turned, he would find himself surrounded
All of the dollars currently
spent abroad to support 737 overseas bases would be spent at home. Income
for foreigners would become income for Americans, and the trade deficit
The impact of the 737 military
base payrolls on the US economy would end the housing crisis and bring
back the 140,000 highly paid financial services jobs, the loss of which
this year has cost the US $42 billion in consumer income. Foreclosures
and bankruptcies would plummet.
If this isn’t enough
to turn the dollar around, President Bush’s pledge not to appoint
an Attorney General if Michael Mukasey is not confirmed offers more
promise. If the Democrats will defeat Mukasey’s nomination, there
are other superfluous cabinet departments that can be closed down in
addition to the US Department of Torture and Indefinite Detention.
The American empire is being
unwound on the battlefields of Iraq and Afghanistan. The year is two
months from being over, but already in 2007, despite the touted "surge,"
deaths of US soldiers are the highest of any year of the war.
The Taliban are the ones
who are surging. They have taken control of a third district in Western
Afghanistan. Turkey and the Kurds are on the verge of turning northern
Iraq into a new war zone, another demonstration of American impotence.
Bush’s wars have endangered
America’s puppet regimes. Bush’s Pakistani puppet, Musharraf,
is fighting for his life. By resorting to "emergency rule"
and oppressive measures, Musharraf has intensified his opposition. When
Musharraf falls, thanks to Bush, the Islamists will have nukes.
American generals used to
say that the wars Bush started in the Middle East would take 10 years
to win. On Oct. 31 General John Abizaid, former commander of US forces
in the Middle East, put paid to that optimistic forecast. Speaking at
Carnegie Mellon University, Gen. Abizaid said it would be 50 years before
US troops can leave the Middle East.
There is no possibility of
the US remaining the Middle East for a half century. The dollar and
US power are already on their last legs, unbeknownst to Democratic leaders
Pelosi and Reid who are preparing yet another blank check for Bush’s
latest request for $200 billion in supplementary war funding.
There isn’t any money
with which to fund Bush’s lost war. It will have to be borrowed
The Romans brought on their
own demise, but it took them centuries. Bush has finished America in
a mere 7 years.
Even as Gisele throws off
the dollar’s hegemony, Brazil, Venezuela, Ecuador, Bolivia, Argentina,
Uruguay, Paraguay, and Columbia are declaring independence of the IMF
and World Bank, instruments of US financial hegemony, by creating their
own development bank, thus bringing to an end US suzerainty over South
An empire that has lost its
backyard is finished.
Paul Craig Roberts
was Assistant Secretary
of the Treasury in the Reagan Administration. He is the author of Supply-Side
Revolution : An Insider's Account of Policymaking in Washington; Alienation
and the Soviet Economy and Meltdown: Inside the Soviet Economy, and
is the co-author with Lawrence M. Stratton of The Tyranny of Good Intentions
: How Prosecutors and Bureaucrats Are Trampling the Constitution in
the Name of Justice. Click here for Peter Brimelow’s Forbes Magazine
interview with Roberts about the recent epidemic of prosecutorial misconduct.
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