.... and like a beheaded corpse, still stumbling around, it has yet to come to that realization that should be obvious to anyone.
The American way of life, a system unsustainable by any stretch of the imagination, was facilitated on two facts: cheap gas and a valuable currency, the currency than morphing into cheap credit.
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 BREAKING NEWS |
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Since the US signed a deal with Saudi Arabia to value oil only in US dollar, something that happened in 1948, the US dollar has been a powerful currency, quickly rising to the level of the world reserve currency. As soon as all nations needed the dollar to purchase oil, there seemed to be no end as to how many dollars could be printed and what first the US government and than the ever down sized taxpayer, could afford...just add the cheap credit.
Godless consumerism never really took off the way it did until Nixon took the US off the gold standard in 1973. From then to now, there was no stopping it. Add to this, the cheap gas, partially guaranteed by that God forsaken deal between America and the worst of the worst of the Islamic jihadists, and the far flung suburban life style, with houses packed full of cheap priced and even cheaper quality Chinese goods, was born.
Of course, anyone with half an understanding of reality and economics knew it could not go on forever and so it has come to an end. However, the elite oligarchies of America, must be congratulated that they were able to keep it going for so long. Of course the estimated $500 Billion in plundered Russian wealth, from the early and mid 1990s, sure did help.
However, the era of the dollar is over and with it US power. The dollar has been in a steady free fall for the better of the past 6 years, faster than the steady decline of the preceding 30 years. How is it, that with a prolonged war, costing close to $1 trillion, no new taxes have been raised? Well, that's what printing presses are for and why since 2004, the Fed has stopped issuing the M3 report.
Due partially to this dieing dollar, the falling US power that has stopped being able to pressure Arabs into pumping more, increase in demand world wide and the resurgence of Russian industry drinking up their own oil, the price of oil has skyrocketed. It sure does not hurt that the US idiocy of having cake and eating too is still fully in the swing: that would be the plan to be foreign oil independent while not drilling your own oil or to build nuclear power plants.
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