The EXEGETIST: A Library Of Independent Political Thought. By: Jack H. Dawsey

Weak Dollar Raises Talk of Alternative World Currency

 By: Jack Dawsey

About a year ago in the Sampson Sun, I predicted the possibilities the U.S. dollar could be, (and I underscore the word could), be replaced with another currency.  At the time, I mentioned that it could be replaced by the Amero, i.e., a combination and merging of the American dollar, and the Mexican peso, and the Canadian maple leaf.  Since that article, just about every day seems to bring more bad news for the dollar.

There’s been steady erosion in the greenback’s value.  It’s down 16% according to some experts in just the last 6-months.  That’s down 16% in “your” money -not down 16% in the values on Wall Street where daily manipulations occur with the blessings of the Federal Reserve System and the U.S. Congress (composed of democrats and republicans).

Depending on whom you believe, the dollar’s real value is hovering near its 52-week low, and represents either the market’s devastating verdict on the Obama Administration, or the foolish rediscover of newly emboldened Wall-Street investors.  Maybe it’s a bit of both, but the beat goes on.

The dollar devaluation is now making Chinese officials nervous. They are taking a bath in losses on their enormous U.S. Treasury holdings, now paying a whopping .001 percent.  It’s been reported that foreign bankers are talking of promoting an alternative global currency, such as the euro, or the yuan or a new medium of exchange designed by the International Monetary Fund.

Not long ago the USA Today, a national newspaper, compared the following year-to-date changes in the value of the dollar against various other foreign currencies.  They published for example, that the dollar has fallen and weakened a negative -20.8% against the Canadian dollar, and weakened a negative -14.0% against the English pound.  It has fallen a negative -7.6% against the European euro, and a negative -5.0% against the Indian rupee.  And guess what?  It has even weakened a negative -6.8% against the S. Korean won.  Yes, that’s correct, South Korea.

Do you remember that country?  Did you know that some 50,000 plus young American soldiers lost their lives in Korea from 1951-1953? 

When my 17-year old Marine Corps brother, now deceased, was there in 1952 he lost the use of his thumb.  Moreover, as a result of fighting the North Korean and Chinese insurgents, he incurred a mental breakdown that he lived with for the next 45-years -with little assistance from the Veteran Administration.

He said that in 1952 South Korea didn’t have a pot to pee in, nor a window to throw it out.  Yet today, their currency is equal and rivals the American dollar.

Hum!!!!  Let me see.  Consider this: Since the Korean War, we have elected five republican presidents and five democrat presidents, and appointed one republican, Gerald R. Ford.  Nonetheless, our nation is deeper in debt than ever before and we’re losing the fight against foreign currencies.  Is there something wrong with this picture?

Still, and flying in the face of the last 60-years of American history, some voices on the far right wing of our political spectrum, such as Rep. Michele Bachmann, R-Minn. and the half-term governor of Alaska and nut-case Newt from Georgia are crying: anti-American conspiracy!  Or worse, “lock and load” your guns.  They blame the Obama Administration, apparently a political convenience.    

I wonder if the enormous U.S. debt that started 30-years ago and has continued through both democrat and republican administrations had anything to do to weaken the dollar?  I wonder if trying to fight two wars at the same time, on a U.S. Congress credit card has anything to do with a worthless dollar?  I’ll defer to the reader to figure that out.

By the way, vote Republican or Democrat in the May Primary.  When you do, listen carefully for a certain, pop-culture song while in the voting booth.  Your ears may hear Sonny and Cher singing their 1968 blockbuster hit: “And the beat goes on…”        www.theexegetist.com

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