The decline of a currency’s world reserve status is often a long process rife with denials. There are numerous economic “experts” out there that have been dismissing any and all warnings of dollar collapse for years. They just don’t get it, or they don’t want to get it. The idea that the US currency could ever be dethroned as the defacto global trade mechanism is impossible in their minds.
One of the key pillars keeping the dollar in place as the world reserve is its petro-status, and this factor is often held up as the reason why the Greenback cannot fail. The other argument is that the dollar is backed by the full force of the US military, and the US military is backed by the US Treasury and the Federal Reserve – In other words, the dollar is backed by…the dollar; it’s a very circular and naive position.
These sentiments are not only pervasive among mainstream economists, they are also all over the place within the alternative media. I suspect the main hang-up for liberty movement analysts is the notion that the globalist establishment would ever allow the dollar or the US economy to fail. Isn’t the dollar system their “golden goose”?
The answer is no, it is NOT their golden goose. The dollar is just another stepping stone towards their goal of a one-world economy and a one-world currency. They have killed the world reserve status of other currencies in the past, why wouldn’t they do the same to the dollar?
Globalist white papers and essays specifically outline the need for a diminished role for the US currency as well as a decline in the American economy in order to make way for Central Bank Digital Currencies (CBDCs) and a new global currency system controlled by the IMF. I warned about this years go, and my position has always been that the derailment of the dollar would likely start with the end of its petro status.
Yellen wanted this to be the best of all possible worlds, but the best world she could conceive of was terrible.
In June 1996, Janet Yellen — then a member of the Federal Reserve Board of Governors, later chair of the Fed herself, and currently secretary of the Treasury — wrote an extraordinary memo to then-Fed Chair Alan Greenspan. Anyone who wants to understand how the world works should read it, and thank Tim Barker, a historian who obtained it via the Freedom of Information Act.
What makes the memo so telling is threefold.
First, while expressed in abstruse technical language, it shares a perspective with the most radical left-wing critiques of capitalism. Yellen goes 90 percent of the way to proclaiming, “The history of all hitherto existing society is the history of class struggles.”
Second, Yellen is not, of course, calling for a proletarian revolution. Rather, as Noam Chomsky has pointed out, “vulgar Marxist rhetoric is not untypical of internal documents in the government,” just “with values reversed.” In Yellen’s case, she is making the case for, as she writes, the positive “impact of heightened job insecurity.” A rise in worker insecurity in the mid-1990s meant everyone was too scared to ask for raises, which meant businesses wouldn’t need to hike prices, which meant even with the falling unemployment at the time, the Fed didn’t need to raise interest rates to slow the economy and throw people out of work.
Third, Yellen is not a monster. Indeed, from the perspective of regular Americans, she’s about as good as it gets at the summit of power. The problem, for those of us down here on the ground, is her overall worldview. She might personally want things to be nicer but is certain the science of economics places incredibly sharp limits on the possible, and all we can do is try to make small improvements within those limits.
A new study released this week by the D.C.-based Center for Strategic and International Studies (CSIS) has concluded that America's defense industry is "not adequately prepared" for "a protracted conventional war" with an enemy with a large military like China.
The findings were the result of a war games simulation which also relied heavily on observations and statistics being gained from the Ukraine-Russia war, and Washington's ongoing military support role to Kiev.
Information from the Ukraine war led CSIS to find that the US would rapidly deplete its munitions, particularly long-range, precision-guided ones - in merely less than a week of a hot war with China in the Taiwan Strait.
Webmaster addition: So why are we giving away all the weapons to Ukraine?!?
Retired Rear Admiral John Kirby attempted to defend President Joe Biden on Wednesday amid the ongoing classified documents scandal — but when he answered a question from Fox News White House correspondent Peter Doocy, he left out one very important detail.
“I said babe, that’s the car. So, I immediately call the police, 911.”
While on the phone, Wiggins says, the teens started “literally shooting, the passenger is shooting at us, because they seen, they ran the stop sign, they seen me go through. They like ‘yea she following us.’”
Wiggins said that’s when she started firing her own gun back at the fleeing suspects before the teens crashed the stolen SUV head-on into a car on Kings Lane.
Americans are expected to shell out roughly $25.9 billion on Valentine’s Day, marking one of the highest spending years on record despite inflationary pressures and the looming possibility of a recession, according to a survey from the National Retail Federation.
Federal law enforcement officials were reportedly prepared to get a search warrant to raid President Joe Biden’s home in Delaware earlier this month if his legal team did not cooperate with an ongoing investigation into his handling of classified information.
Dr. Anthony Fauci’s federal science agency and EcoHealth Alliance, which took a U.S. grant for bat virus research and paid part of it to the Wuhan Institute of Virology, made serious missteps, government investigators said Tuesday.
When FBI Director Christopher Wray wants to use the bureau’s $60 million Gulfstream G550, he typically summons it to nearby Reagan National Airport instead of being driven 30 miles to the regional airport where it’s kept, a whistleblower told The Daily Wire, describing a costly habit paid for by U.S. taxpayers.
U.S. health officials who spread inflated COVID-19 child death data in public meetings apologized to the source of the false data but not to the public, newly obtained emails show.
Drs. Katherine Fleming-Dutra and Sara Oliver, with the U.S. Centers for Disease Control and Prevention (CDC), offered the false data in 2022 while U.S. officials weighed granting emergency authorization to COVID-19 vaccines for children as young as 6 months.
The study they cited for the data was published ahead of peer review by a group comprised primarily of British authors. The study was corrected after the public meetings.
Emails obtained by The Epoch Times showed that Fleming-Dutra and Oliver were alerted that they had spread misinformation. Neither the officials nor the CDC have informed the public of the false information. Newly obtained emails showed the officials apologized to Seth Flaxman, one of the study’s authors, and even offered to see whether the study could be published in the CDC’s quasi-journal.
“I feel … that we owe you an apology,” Oliver wrote to Flaxman on June 27, about 10 days after she and Fleming-Dutra falsely said there had been at least 1,433 deaths primarily attributed to COVID-19 in America among those 19 and younger. “We draw the attention of a variety of individuals with the ACIP meetings, and apologize that you got caught in it this time.”
Since the beginning of 2023, Israeli forces have escalated their military raids into the Palestinian cities, towns and refugee camps in the occupied West Bank, often confronted by young Palestinians. In various areas, Palestinians began to confront Israeli raids with firearms, especially in the northern occupied West Bank.
Earlier this month, the House and Senate Armed Services Committees named eight commissioners who will review President Joe Biden’s National Defense Strategy and provide recommendations for its implementation.
But the Commission on the National Defense Strategy, which is tasked with “examin[ing] the assumptions, objectives, defense investments, force posture and structure, operational concepts, and military risks of the NDS,” according to the Armed Services Committees, is largely comprised of individuals with financial ties to the weapons industry and U.S. government contractors, raising questions about whether the commission will take a critical eye to contractors who receive $400 billion of the $858 billion FY2023 defense budget.
The potential conflicts of interest start at the very top of the eight-person commission. The chair of the commission, former Rep. Jane Harman (D-Calif.), sits on the board of Iridium Communications, a satellite communications firm that was awarded a seven-year $738.5 million contract with the Department of Defense in 2019.
“Iridium and its Board members follow Iridium’s Code of Business Conduct and Ethics and all rules and regulations applicable to dealings with the U.S. government,” Iridium spokesman Jordan Hassin told Responsible Statecraft.
Punchbowl News reports that House Speaker Kevin McCarthy is planning a trip to Taiwan, which will be yet another incendiary provocation against Beijing if it occurs. The previous House Speaker, Nancy Pelosi, sparked a significant escalation in hostilities with her visit last year, the consequences of which are still reverberating today.
China has kept up the military pressure on Taiwan since Pelosi’s visit, and its warplanes regularly now cross the median line, an informal barrier that divides the two sides of the Taiwan Strait. Before Pelosi’s trip, China barely crossed the line. Now, it’s an almost-daily occurrence.
Ben Gvir sparked a diplomatic storm between Israel and its Arab allies and neighbours when the extremist politician stormed the compound earlier in January.
Israel Prime Minister Benjamin Netanyahu visited King Abdullah in Amman on Tuesday to reassure the monarch that the status quo at the Jerusalem holy site, which Jordan is the custodian of, will be maintained.
Ben Gvir said that despite the promises Netanyahu made to the king, he will continue to raid the holy site.
"I do not conduct my policy regarding the Temple Mount according to the policy of the Jordanian government," he told the Israeli Kan broadcaster.
On the afternoon of January 10, Van Bawi Mang, a member of an armed resistance group fighting against the Myanmar military, was resting in his barracks at a camp on the country’s northwestern border with India when a loud explosion jolted him back to the reality of war.
He scrambled into a nearby ditch as jet fighters flew overhead, glass shattering with the reverberation of the falling bombs.
The People’s Liberation Army has ramped up combat patrols around Taiwan to deter Taipei from boosting defence ties with Washington, but observers warned Beijing’s increasing intimidation could cause backlash.
The PLA has sent more than 400 aircraft sorties and 80 vessels to carry out operations near Taiwan since Washington approved increased military aid for the island late last month, according to data released by Taiwan’s defence ministry.
The situation began to escalate on December 25, when 71 aircraft and seven vessels from the PLA’s Eastern Theatre Command, which oversees the Taiwan Strait, kicked off a joint combat operation in the air and waters around Taiwan.
The Russian Defense Ministry said Wednesday one of its hypersonic-missile carrying frigates had conducted “hypersonic missile exercises” in the western part of the Atlantic Ocean.
The frigate Admiral Gorshkov tested the strike capabilities of Russia’s much-hyped Zircon hypersonic missile in the western Atlantic Ocean, according to a statement released by the ministry, using “computer simulation” exercises.
Russian President Vladimir Putin announced the development of the hypersonic Zircon (or Tsirkon) missiles back in 2019 when he said the missiles have a top speed of mach 9 (or nine times the speed of sound) and have a range of 1,000 kilometers (620 miles). The missiles, Putin said, “can hit navy or land targets.”
“In accordance with the training situation, the frigate practiced arranging [a] Tsirkon hypersonic missile strike against a maritime target at a distance over 900 kilometers away,” Russia’s defense ministry said in its statement about the exercise.
Yes, ChatGPT understands code, can write code, and can even help developers debug their code. This was previously unthinkable, and compared to previous AI text generation tools ChatGPT just seems to get it.
Billions of dollars worth of U.S. weapons are on the negotiating table between Russian strongman Vladimir Putin and Afghanistan’s Taliban government, according to at least one insider.
Presidentish Joe Biden’s bungled bugout from Afghanistan resulted in a windfall for the new radical Islamic government, including artillery, attack helicopters, and thousands of HUMVEES, machine guns, radios — all left behind as our orderly withdrawal degenerated into a rout.
The Department of Defense estimates the total value of the gear Biden left behind at a whopping $7.12 billion, and now Putin is reportedly offering to buy whatever he and the battered Russian Army need.
Administrators at a Virginia elementary school were warned on three separate occasions about a first-grade student carrying a gun but failed to act before he shot his teacher, the teacher’s lawyer said Wednesday.
New research by top US government scientists has found that people exposed to the widely used weed killing chemical glyphosate have biomarkers in their urine linked to the development of cancer and other diseases.
The study, published last week in the Journal of the National Cancer Institute, measured glyphosate levels in the urine of farmers and other study participants and determined that the presence of high levels of the pesticide were associated with signs of a reaction in the body called oxidative stress, a condition that causes damage to DNA. Oxidative stress is considered by health experts as a key characteristic of carcinogens.
The authors of the paper – 10 scientists with the National Institutes of Health and two from the Centers for Disease Control and Prevention (CDC) – concluded that their study “contributes to the weight of evidence supporting an association between glyphosate exposure and oxidative stress in humans.” They also noted that “accumulating evidence supports the role of oxidative stress in the pathogenesis of hematologic cancers,” such as lymphoma, myeloma and leukemia.
“Oxidative stress is not something you want to have,” said Linda Birnbaum, a toxicologist and former director of the National Institute for Environmental Health Sciences. “This study increases our understanding that glyphosate has the potential to cause cancer.”
The study findings come after the CDC reported last year that more than 80% of urine samples drawn from children and adults contained glyphosate. The CDC reported that out of 2,310 urine samples taken from a group of Americans intended to be representative of the US population, 1,885 were laced with detectable traces of glyphosate.
Bees are likely to be at high risk from exposure to glyphosate, the most widely used weedkiller in the world, via contaminated wildflower nectar and pollen after pre-harvest spraying (desiccation), according to new research from Trinity College Dublin and Dublin City University scientists in Ireland.
Glyphosate is the most frequently used weedkiller within the European Union and is also very common in other parts of the world. The residues the Irish scientists found in nectar in this study exceeded the European maximum permitted levels of glyphosate in honey and honey bee products, which suggests they could be harmful to honeybees and those eating the honey.