Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
It is a helluva bet.

But it presupposes that there isn't anyone else at the table with a stronger hand.

What is the US going to buy this oil with? The US $ is rapidly becoming a "toilet currency" - to re-use the traders' phrase re the early Euro.

Its productive economy is being misdirected to wasted expenditure, largely military, and much of its "wealth" creation is a financial mirage, founded on a land price bubble of cosmic proportions.

We are seeing the end of dollar hegemony, IMHO. Some say the Euro will replace it as a global reserve currency but my take is we need to revisit Bretton Woods and start with a new, and "asset-based", approach.

The US simply does not have the financial resources to maintain its hegemony by conventional force - particularly the astronomic energy costs - nor does it have a nuclear monopoly.

I never thought I would be pleased that Russia maintained its nuclear arsenal, but MAD is the only thing that keeps the current crew - and those who follow - from what would essentially be a gargantuan global corporate Imperial kleptocracy.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Mon Oct 29th, 2007 at 05:56:44 AM EST
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