Wednesday, May 16, 2007

A Small War Guaranteed To Damage a Superpower

Patrick Cockburn and Tom Engelhardt describe what the Bush Administration Has Wrought in Iraq.

It starts out an "excellent essay on the misadventures of our Empire" (Billhaynes). At the end, the solutions he advocates include a committment to strengthen the U.N., international arms control, and protectionist trade policy (including a reference to "free trade" as "outdated doctrine").Perhaps tarrifs would be a good temporary source of funds to pay down the national debt, but if they are to be used, they should be maintained at a revenue-generating level, and not a level designed to implement an "industrial policy." The way to "reduce our dependence on our trade partners" is not to hinder international trade, but simply to stop creating artificial credit--end the Federal Reserve.

The only credit that should be available is that which is willingly offered and accepted by individuals at rates determined in the marketplace. The People can figure out best how to reduce our dependence, each in their own way, without the interferance of government.Bad loans should have consequences, and irresponsible creditors lending to iresponsible debtors should not be bailed out by the government. We are reaching the point where this will be enforced upon us by nature itself--the government itself is close to going bankrupt. By attempting to protect people from the disciplinary pain of minor bank failures, we have set ourselves up for one big, final, world-destroying bank failure: the bankruptcy of the U.S. Government and the collapse of the U.S. Dollar.

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