Death Of Illusion: Can The US Dollar Collapse? Part 3

( – promoted by buhdydharma )

So far in the first two segments of this six part interview we’ve heard Jane D’Arista, author of The Evolution of U.S. Finance: Federal Reserve Monetary Policy: 1915-1935 and research associate with the Political Economy Research Institute (PERI), University of Massachusetts at Amherst, talk with Paul Jay about the end of the American consumerism as the driving ‘engine’ of the global economy, and about the decades long development of the offshoring of labor and the companies that have been doing that attempting to continue profiting by selling their goods back into a US market with steadily declining disposable income, finally arriving at the point where massive government bailouts of the financial sector have been used to keep the illusion of a prosperous economy afloat at the expense of the average person.

In this third segment D’Arista goes further in her conversation with Jay to explain why and how the global economic system depends on the US as importer of last resort but that US workers wages are too low and there is no longer the cheap credit available to keep the system going that has been enabling people to live the ‘American Dream’ through debt, and why other countries are both unlikely and unwilling to take the place of the US as that importer of last resort that is needed to keep the illusion alive.

Real News Network – April 16, 2010

Can US dollar remain world’s currency? Pt.3

Jane D’Arista: System depends on US as importer of last resort but wages too low and credit not there

Transcript here

Part 1 of this interview is here.

Part 2 is here.


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    • Edger on April 16, 2010 at 15:44

    either more and better lies… or a bottom up creation of a new global economic system.

    When opportunistic weeds are plowed back into the soil of a field they make good fertilizer for a new crop?

  1. but not the perennial invasive ones. There roots can last even in the heat of composting Couch grass fore instance is like bamboo and I have spent years fighting it from eating my strong and hardy plants roots. It’s roots are sharp and cut right through the plants roots and require what I call a plant root canal. You also need to cut the annual weeds down before they go to seed when plowing them under. They can be composted as the seeds do burn out. Some weeds are beneficial and maybe just leaving them is okay, you just have to figure out which are the good ones. Dandelions are good eating leaves and roots.

    • Edger on April 16, 2010 at 19:57
  2. making this series very visible.

    i gave some dollars to the real news as they seem to be a ray of hope.

    the orange satan looks irredeemable to me at this point.

    the most important issues get some attention, but the constant distractions are a death knell over there.

    holding my breath for the time being.

    i couldn’t have imagined a financial scenario this devastating in my most horrible nightmares.

    my nightmares are about just me being on the street.

    meanwhile, back in my college classroom, some of my students remain blinded, utterly blinded, to the simple addition of 1 + 1.  very sad.  very sad.

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