The Empire’s Collapse and the Fall of the Dollar
(This post is part of my eBook, The United States Empire and its Fall)
In spite of all of the corruption and the gutting of the standard of living and quality of life in the United States it is very probable that the empire’s final collapse will be brought on for another reason. That is the fall of the dollar as the world’s currency.
Since the American people are never supposed to get the idea that we are an empire and that our government basically will do whatever it can get away with to shape the world to its liking and profit, one doesn’t hear about the leverage offered by the dollar being the global reserve currency.
Consequently no mainstream news is going to talk about how any threat to the petrodollar is a threat to the United States’ ability to exert global influence to its advantage. But it is, in fact, a huge threat to the empire. And economically it is a threat to the stability (such as it is) of our lives and lifestyles in the US.
One can see evidence that the government of the United States recognizes that threat in actions it has taken to protect the petrodollar. Consider this: the following countries went off of the petrodollar (or in the case of Libya, were about to) and began selling oil in other currencies:
• Iran – an existential enemy since they threw off the dictator we had installed when we overthrew their democratic government, that was going to nationalize their oil, in 1953.
• Iraq – a country whose government we overthrew in 2003. They are back on the petrodollar now.
• Syria – a country we have been trying to overthrow for many years.
• Venezuela – a socialist country that nationalizes its oil and uses the money for its people; needless to say, an enemy of the empire.
• Russia – our archenemy because we can’t subject them. They are strong again and just won’t kowtow to us after we tried to plunder them after the Soviet Union collapsed.
• Libya – Gaddafi was organizing African countries to use a pan-African currency and to go off the petrodollar which we nipped in the bud when we attacked Libya and overthrew the country in 2011.
Yes, this is a shortlist of the United States’ most recent interventions and countries we demonize. Coincidence? I think not.
Barack Obama was an awful president responsible for a myriad horrible anti-life policies but he was attractive and one of the best public speakers ever, so when he championed American exceptionalism and the empire it was with a pretty face and mellifluous voice. Democrats were lulled to sleep.
Then comes Trump. Trump is an awful president and a despicable human being. Lacking the charisma of Obama he is crude, rude, and obnoxious but he has one silver lining. He is accelerating the fall of the empire. This is good for the world and ultimately good for the people of the United States.
Trump has been on a sanctions binge. The downside is that these sanctions, being a form of siege warfare, are incredibly destructive and deadly. The silver lining here is that his sanctions are so widespread that he has alienated so many countries that they are now just saying to hell with the United States, we are going to do business with each other; who needs you?
China and Russia and all of the countries we have been trying to overthrow are allied and closer than ever.
Furthermore, Trump has even threatened our European allies with sanctions if they don’t go along with our sanctions against other countries. The Europeans are really wimpy and just seem to have no spine when it comes to naysaying the United States but they are beginning to show signs of independence.
It won’t happen overnight but the Dollar is dead as far as being the global currency. This was the United States’ ace in the hole. It will be the final nail in the coffin of the US empire.
Refer to these articles for a more information about the birth of the petrodollar and a more complete picture of the rise and the fall of the petrodollar and the implications:
Petrodollar Warfare: The Common Thread Linking Venezuela and Iran by Kei Pritsker and Cale Holmes
Countries Worldwide Ready to DUMP America. Video: Holland Cooke hosts Michael Maloof and Peter Schiff