New Steal

Rumors have been circulating on the Internet about the new economic thinking coming out of the United States. It seems the desperate authorities there are now prepared to consider even the most unusual and outlandish schemes to try to resolve America’s economic woes (real or perceived).

The United States has accumulated huge debts, and these debts are growing faster than it is humanly possible to imagine. These debts can no longer be repaid — they can only be canceled, annulled. The simplest way to do just that appears to be the devaluation of the dollar but it will be a very hard blow to the European Union, China and Japan especially, and especially now that both institutions and individuals across the world, scared of the current crisis, have been staging a minor run on the dollar (and of course a rising dollar only serves to increase America’s debts and to compound its problems).

However any devaluation of the dollar that is acceptable to America’s “allies” might not be enough to effectuate a required reduction of the U.S. debt burden.

And rumor has it that such devaluation might be augmented with a number of “special” measures.

It’s been suggested for example that all one hundred dollar notes circulating outside the United States might be either directly declared to have been “printed by Bin Laden” or “serving the needs of the international terrorism and illegal trade in weapons and drugs”. Naturally such a declaration can only be  followed by a refusal to accept such notes as legal tender from then on which will make them worthless.

However the most radical step appears to be the introduction  of the much-talked about Amero, with non-U.S. residents being subsequently forced to exchange their dollars for Ameros at an arbitrary and very unfair exchange rate.
This sure could go a long way to solving America’s debt problems (and to dampening the exuberance of Japan, China, South Korea and other creditor nations which has really been in the face of America for some time now) but, if ever implemented, it will be a huge mistake by the United States as it will thereby abandon its global dominance which is America’s principal tool of balancing its internal markets and keeping ongoing social processes in check. By implementing this New Steal economic policy the United States will force itself to abandon all instruments which it has habitually used to maintain internal stability. And the consequences could be dire.


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