Reply #36: The quick version is [View All]

that the world economy is floating on a sea of oil -- especially in USAmerica...

Petroleum valued in Dollars has been the underpinning allowing the USAmerican Government to finance their debt (that's borrow from other corporate capitalist masters in other countries). The PetroDollar.

This debt was accrued to prop up our negative balance of payments (we "buy" more than we sell - mostly Chinese CRAP to fill the aisles of wal-mart) and the bloated, nasty, vicious U.S. war machine with its legions stationed throughout the world...

These legions are stationed primarily to protect the theft of the commons from the people of the Earth.

USAmerica ain't worth the paper that other countries are holding.

Saddam's MAJOR sin (and Iran's too) was his threat to quit selling their oil for dollars. Now other nations ARE converting because their faith in the USAmerican economic system is fading.

(The whole fucking thing is an exercise in "faith" based economics -- you don't REALLY think that paper $100 bill is really worth $100, Do you? It can't be converted into $100 of ANYTHING -- except USAmerican hot air)...


An analogous situation would be like buying a house at the top of the bubble with a no down, low interest "creative" loan. Now the bubble's burst (as it HAS). Now your balloon payment/Interest increase is coming due and the house isn't "worth" what you paid for it. So you try to sell it but the paper ain't worth its face value any more...

That's the USAmerican economy -- ain't worth shit, don't make nothing but hot air any more, and the rest of the Earth is catching on and bailing...

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However, by investing our time and talents and politics into local sustainability, into learning how to make things people NEED again, into building alternative systems of resource distribution that cut out the corporate capitalist masters, people to people economics again, we'll survive as the multi-nationals go down to their well-deserved ignominious end.