In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘End of empire’

BRIC group plans own revolution

Posted by seumasach on June 16, 2009

W.Joseph Stroupe

Asia Times

17th June, 2009

Russia announced on June 10 that it will purchase US$10 billion of the new SDR-denominated International Monetary Fund bonds. It also announced that it will further diversify its $140 billion of US dollar holdings. Brazil will also buy $10 billion worth of the new bonds, and China will buy $50 billion of the new bonds. India will likely announce its own purchases very soon.
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Mandelson Praises Euro

Posted by seumasach on June 12, 2009

As we predicted at the time, the return of Mandelson has reopened the question of joining the Euro. Recent events tend to confirm that Mandelson has influential backing within the British elite: his coming out on the euro seems to indicate, therefore, a deep division within them. We could posit that Mandelson represents a “realist” element, who recognise the game is up for the pound. It will be interesting to look for the reaction to this statement.

Daily Mail

12th June, 2009

Lord Mandelson has reopened the divisive issue of joining the single currency.

The Business Secretary described it as an “important objective” for Britain during a trip to Berlin, hailing the euro as “a great success”.

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China discovers value in the IMF

Posted by seumasach on June 11, 2009

Peter Lee

Asia Times

10th June, 2009

China’s fraught relations with the International Monetary Fund are driven by two conflicting agendas – the country’s effort to gain unimpeded access to resources in the developing world on bilateral terms, and its interest in using the IMF’s facilities as a international organization to issue Special Drawing Rights (SDR) assets to help Beijing diversify away from the US dollar.

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US moves into back seat

Posted by seumasach on June 9, 2009

W Joseph Stroupe

Asia Times

9th June, 2009

The US dollar certainly could stem its losses or even recover ground, if the ongoing commodities and emerging market rallies become too “animal-spirited” and get too far ahead of the reality of global supply and demand, and a significant correction occurs in these fledgling rallies.
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Obama is Morphing Into Dick Cheney

Posted by smeddum on June 8, 2009

 Obama is Morphing Into Dick Cheney
THURSDAY, 04 JUNE 2009 14:08 BY PAUL CRAIG ROBERTS
Matrixnewsnetwork

America has lost her soul, and so has her president.

A despairing country elected a president who promised change. Americans arrived from every state to witness in bitter cold Obama’s swearing in ceremony. The mall was packed in a way that it has never been for any other president. Read the rest of this entry »

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Hutton on Brown

Posted by seumasach on June 7, 2009

Hutton renews here the traditional preoccupation of the British oligarchy with chopping off the heads of monarchs. However, I find it quite bizarre to see Gordon Brown presented as a monarch. A puppet might be more apt- he is so obviously subordinate to the City, bestowing unlimited largess on them at unimaginable cost to ourselves. That the extreme concentration of wealth is incompatible with democracy and, ultimately, any viable body politic, seems to have been lost on us. However as I have argued here the oligarchy, on a high after pulling off the bailout heist, now wish to institutionalise the impotence of the executive and the political class in general.

If we are to stand up to these people we need a strong executive So, by all means, reform the legislative, introducing a written constitution with PR. etc.; but recognise that the logical consequence of this is to create a seperate, elected executive. In other words, a presidential system. The piecemeal reforms on offer will not extend democracy but restrict it and subordinate it to oligarchy: a return to what Disraeli dubbed the Venetian System

Confirming this is the fact that in all this debate supposedly about democracy nothing is said about the encroachments of oligarchy, the privatization of every aspect of political life, even the legal system, and such extraordinary abusesas the substitution of unelected, anonymous, unconstitutional bodies such as COBRA for
the cabinet.

Will Hutton

Guardian

7th June, 2009

I remember Tony Blair early in his premiership discussing cabinet government with Roy Jenkins. Or, rather, not discussing cabinet government. For, as Blair explained, he did not intend cabinet ever to last longer than an hour; the best cabinet was 30 minutes. He planned to drive government from Number 10, using all the powers at his discretion to get his way as fast and efficiently as possible. Jenkins gently reproached his young charge; it would lead to great political mischief, as it did. Think Iraq.

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As the Dollar Falls Off the Cliff …

Posted by seumasach on June 5, 2009

Paul Craig Roberts

Counterpunch

3rd June, 2009

Economic news remains focused on banks and housing, while the threat mounts to the US dollar from massive federal budget deficits in fiscal years 2009 and 2010.

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Michael Hudson on Chinese Soft Power

Posted by seumasach on May 30, 2009

Chinese soft power, as Michael Hudson indicates here, may be increasingly influencing US foreign policy in a trade off in which continued support for US treasuries is premised on the dismantling of the US empire. This is a scenario which we have been anticipating for some time:

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La Chine commence à s’écarter du dollar

Posted by seumasach on May 27, 2009

Voltairenet.org

22nd May, 2009

L’accord monétaire tacite entre Washington et Pékin est désormais rompu. Au cours des dernières années, la banque Goldman Sachs avait joué les bons offices pour convaincre le gouvernement US d’accepter la sous-évaluation du yuan, et pour convaincre en échange le gouvernement chinois d’investir en bons du Trésor US. Dés le début de la crise économique aux États-Unis, le directeur de Goldman Sachs, Henry Paulson, avait été nommé par le président Bush secrétaire au Trésor avec toute latitude pour maintenir cet accord. Plus récemment, le président Obama a nommé le lobbyiste pro-Chinois Gary Locke secrétaire au Commerce afin de poursuivre coûte que coûte cette coopération. Pourtant :

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Loud Paradigm Shift Rumblings

Posted by seumasach on May 24, 2009

Jim Willie

 

Contrary Investor’s Cafe

 

21st May, 2009

 

Numerous events have taken place of global importance. Alone, each story seems of some significance. Together, they paint a mosaic of extreme change in a very dangerous sequence of events that fit together. The greater aggregate story is that a tremendous paradigm shift is underway, with early steps and major moves by global players in clear view. The Western analysts and pundits and mavens are missing it. A PARADIGM SHIFT HAS BEGUN, WITH BANKING POWER SHIFTING TO THE CREDITOR NATIONS AS THE USDOLLAR IS SUPPLANTED, MADE POSSIBLE BY SEVERAL NEW INSTITUTIONAL PILLARS AS WELL AS NEWLY FORGED ALLIANCES. The consequences are significant and will change the face of global banking and commerce. The Hat Trick Letter has described the various steps and their importance all along the way. Much more detail is provided for each major point to follow in the HTLetter reports. Some in the United States and England believe that a return to normalcy comes. They are wrong by 180 degrees. The G20 Meeting of finance ministers and heads of state was the warning. The message from that meeting in London has been long forgotten, a call made in my public article immediately after its conclusion. This article provides an outline of events that have occurred only in the last few weeks, as the pace is accelerating for transformation that begins at the foundation. Piece it all together, use some mental power, sprinkle with only a little imagination, connect some dots easily, and take a look at the global picture that is emerging. Yesterday came the crowning blow, as the United Arab Emirates rejected the Saudis in the Gulf monetary union. My belief is that the rising power in the UAE wants Russia instead of the Saudis, who are tied at the US hip.

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Nation Ready To Be Lied To About Economy Again

Posted by seumasach on May 20, 2009

The Onion

4th May, 2009

WASHINGTON—After nearly four months of frank, honest, and open dialogue about the failing economy, a weary U.S. populace announced this week that it is once again ready to be lied to about the current state of the financial system.

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