Today's Stories

October 19, 2009

Mike Whitney
The Dollar Will Not Crash

October 16-18, 2009

Alexander Cockburn
White House v. Fox News: a War Obama Can Win

Saul Landau
Autumn of the Patriarch

Paul Craig Roberts
The Rich Have Stolen the Economy

Carl Ginsburg
Where $18 an Hour is Too Much

Ralph Nader
Barney Frank the Bankers' Consort

Nikolas Kozloff
Rainforest Beef, Factory Farms and Anthony Bourdain's War on Vegetarians

Carlo Galli
Berlusconi: Still Doing Nothing, Still There

Dave Lindorff
Agent Orange in Vietnam: Ignoring the Crimes Before Our Eyes

Catherine Rottenberg / Neve Gordon
Educating Children in War Zones

Marshall Auerback
Dollar Spasms

Nicola Nasser
The Realistic Way Out of Iraq

Windy Cooler
The Ghost of John Brown

James L. Secor
Why I Miss China

Ron Jacobs
Escalation Unopposed

Wes Jackson
A Way of Knowing

Jesse Lerner-Kinglake
Global Food Fight

David Ker Thomson Against Leaders

Missy Beattie
Dinner With the President

Emily Ratner
Taping Our Mouths Shut to Scream Out Our Dissent

Stephen Martin
The Scorched Earth Mindset of the International Banker

Michael Snedeker
"A Place of Greater Safety"

Charles R. Larson
Cheeta: the Last of the Hollywood High-Rollers

David Yearsley
Judith Leyster's Sensuous Passions

Peter Stone Brown
It's a Bob Christmas for Halloween

Poets' Basement
Keeler, Beatty and Anderson

Website of the Weekend
Elements of Nature

October 15, 2009

Andrew Cockburn
Our Cheap Politicians

Brian M. Downing
Rethinking the Afghan Insurgency

Ramzy Baroud
Abbas and the Goldstone Report: Our Shame is Complete

Danny Weil
A Neo-Liberal Arts Education: Diploma Mills and Debt Peonage

M. Idrees Ahmad
Return to Peshawar: a Journey Home

Margaret Kimberley
Michelle's Family Tree

Ricardo Alarcón de Quesada
Cuban Five: Which Side Are You On?

Harvey Wasserman
Nuking the Climate Bill

Nirmal Ghosh
A Tale of Two Protocols: How Montreal Could Save Us From the Mire of Kyoto

Charles R. Larson
Sarah Palin Bears It All

Website of the Day
Tortured Law

October 14, 2009

Michael Neumann
Fearsome Words? a Suppressed Talk on the Israel/Palestine Conflict

M. Reza Pirbhai
Fighting the Taliban: What, Exactly, is Being Fought in Afghanistan?

Gareth Porter
Hawks Play Up the Taliban's Ties to Al Qaeda

Paul Craig Roberts
War Criminals Are Becoming Arbiters of the Law

John Strausbaugh Fortress Moon

Ralph Nader
The CBO's Flawed Report on Medical Malpractice

Dean Baker
Won't You Please Come to Chicago to Greet the Bankers?

Charles Modiano
White Silence: Where Does Brett Favre Stand on Rush Limbaugh?

Nadia Hijab
Abandoning "Women and Children"

Walter Brasch
An Extension of Her Motherhood: Sherry Carpenter, Journalist and Animal Care Provider

Website of the Day
Nader: Obama Has a "Concessionary Personality"

October 13, 2009

Peter Linebaugh
Putting the Spine Back in the Commonwealth

Shamus Cooke
What Obama Isn't Telling American Workers

John Ross
War on Mexican Women

Brendan Cooney
Ask Awal Khan About Obama's Prize

Frida Berrigan
Operation Enduring Detentions: Losing the Moral High Ground

Yves Engler
Is Canada More Pro-Israel Than the US?

David Macaray
Why the Government Fears Unions

Dave Lindorff
Democrats: Selling Out, But Still Getting Screwed

Mark Weisbrot
Occupying Afghanistan is Making Things Worse

Ricardo Alarcón de Quesada
History Repeats Itself

Binoy Kampmark
That Dirty Colonial War

Website of the Day
The Health Insurance Industry's Latest Doublecross

October 12, 2009

Pam Martens
Secret Deal Between Wall Street and Washington Shines a Harsh Light on Federal Housing Agency

Mike Whitney
A Dollar Rout or More Bernanke Trickery?

Martha Rosenberg
Yale Lab Tech Causes Two Problems for Animal Researchers

Jessica Arents
The Price of Peace: Our Arrest at the White House

Eamonn McCann
Massacre in Ireland, Massacre in Iraq

Bill Hatch
Dairy Industry Goes Down the Tubes

Sen. Russell Feingold
Time for a Timetable in Afghanistan

Niranjan Ramakrishnan
The Siren Song of World Praise

Gideon Levy
Obama's Betrayed Mission in the Middle East

Iyad Burnat
Why Does Obama Get a Prize and Bush Got Shoes?

Alan Cabal
Why Obama Deserves the Nobel

Dan Bacher
The Astroturf Method

Website of the Day
The Palestine Chronicle Needs Your Help

October 9-11, 2009

Alexander Cockburn
War and Peace

James Bovard
Eight Years of Big Lies on Afghanistan

Kathleen and Bill Christison
New Crisis Developing in Palestine

Andy Worthington
Congressional Depravity on Gitmo

Marc Levy
Talking Dirty to the Kids

Tariq Ali
Ahmed Rashid's War

Mike Whitney
The Securitization Boondoggle

Paul Craig Roberts
Warmonger Wins Peace Prize

Alan Nasser
Cockeyed Economics

Jack Z. Bratich
The Twitterest Pill: Policing Dissent in the Information Age

Steve Breyman
Time for a War Tax

David Michael Green
A Hapless Presidency

Dave Lindorff
The WTF Prize

Paul Buchheit
Fear of the Rich

Jim Goodman
Feedlots and E. Coli

Missy Beattie
Theater of the Absurd

Michael Leonardi
Ships of Poison

Nadia Hijab
The Plight of the Right of Return

Mel Packer
The Crackdown on Pittsburgh

David Macaray
The Raiding Game

James T. Phillips
Getting Burned

Charles R. Larson
One Man's Walk Through Hell

Michael Donnelly
Behind the Capitalist Curtain

David Yearsley
The Biggest Blot on Mel Gibson's Rap Sheet

Lorenzo Wolff
Rap That Threatens ... and Endures

Poets' Basement
Heyen, Ames and Buknatski

Website of the Weekend
Jobs Conference

October 8, 2009

Saul Landau
A Late September Morning With Fidel

Paul Fitzgerald /
Elizabeth Gould
Dark Omens for the US in Afghanistan

Linn Washington, Jr.
Pot and Perversion: Judicial Antics Expose Drug War Insanity

Marshall Auerback
Neo-Classical Economics Misses What Matters

Dave Lindorff
A Nation of Snoops

David Rosen
Bankrupt Morality: the Staying Power of Republican Sinners

Chris Darimont / Misty MacDuffee
The Bear Essentials: New Thinking Needed to Save BC's Salmon and Grizzlies

John V. Walsh
Remembering Hinton's Fanshen

Stewart Lawrence
The Edwards / Hunter Affair Reconsidered

Charles R. Larson
Conservatives in the Sandbox

Website of the Day
Et Tu, Code Pink?

October 7, 2009

Brendan Cooney
Are Republicans Breaking US Law in Honduras?

Paul Craig Roberts
Dead Labor: Marx and Lenin Reconsidered

Dean Baker
Bernanke's Recovery: Unemployment Up, Wages Down (But the Banks Have Been Saved ... Sort Of)

Jonathan Cook
A Third Intifada?

John Stanton
HTS: Congress Rewards Failure, Puts Personnel in Harms Way

Joanne Mariner
Tortured Language

Ricardo Alarcón de Quesada
Cherry Blossoms

Stephen Lendman
The Gaza War's Effect on Women

Sen. Russell Feingold
Time to Draw Down in Afghanistan

Mary Lynn Cramer
Doublespeak on Health Care

Website of the Day
How to Bag a Wolf by Aerial Assault

October 6, 2009

Mike Whitney
Dollar Hysteria: Is the Sky Really Falling?

Gareth Porter
The Iranian Rift in the IAEA: Leaked Paper Based on Disputed Intel

Jonathan Cook
How Israel Buried the UN's War Crime Probe

Boris Kagarlitsky
My Hour as Talking Head in Moscow

Iain Boal
The New Crisis at Pacifica

Ron Jacobs
Why Are We in Afghanistan?

John Ross
Wave of Anarchist Bombings Strikes Mexico

Michael Dickinson
Panic in Istanbul: Smoke, Mayhem and the World Bank

Stephen Fleischman
Beware the Predator

Ira Glunts
The Audacity of Nope

Missy Beattie
Outside Looking In

Website of the Day
Round Up the Usual Suspects

October 5, 2009

Pam Martens
Wall Street Titans Use Aliases to Foreclose on Families While Partnering with a Federal Agency

Mike Whitney
Dead Man Walking: Welcome to the US Economy

Paul Craig Roberts
How the Feds Imprison the Innocent

Harry Browne
Ireland Says, "Yes, Please"

Sara Mann
My Little Town: Nothin' But the Dead and Dyin'

Omar Barghouti
Dissolve the Palestinian Authority

Shamus Cooke
A Jobless Recovery?

Brenda Norrell
A Dirty New Low for Peabody Coal

Fred Gardner
Situation NORML: Reconciling Medical Pot Use and Legalization

Binoy Kampmark Copenhagen Blues: McChrystal and the Afghan Trap

Website of the Day
In Goldman Sachs We Trust?

October 2-4, 2009

Alexander Cockburn
Geezer Renditions

Saul Landau
News From Raul Castro

Diana Johnstone
After the German Elections: Is Socialism Really Dead in Europe?

Greg Moses
Cramming for the Downside

William Blum
The Fall of the Berlin Wall: Another Cold War Myth

Brian Cloughley
Iran's Nuclear Program: Where's the Proof?

Russell Mokhiber
Welcome Back, Michael Moore

John Ross
Chomsky in Mexico

Ellen Brown
IMF Catapults From Shunned Agency to Global Central Bank

David Ker Thomson
Cop Shocks

David Macaray
The Audacity of Toyota

Gary Engler
Unions in a Rut

Robert Fantina
Meet the New Boss (Same as the Old Boss)

Lisa Stolarski / Naomi Archer
Pittsburgh: Still a (Coal) Company Town

Anthony Papa
Here is Your Chance to Help End the Failed War on Drugs

Joe Allen
The Good Wife: Bad View of a Corrupt System

Harry Browne
Tarantino Scalps His Audience

Ron Jacobs
Collective Fiction

Charles R. Larson
Cultural Warriors: Austrialian Aboriginal Art Triennial

David Yearsley
Hanns Eisler's Great National Anthem for East Germany is Available: Make It America's

Poets' Basement
Taylor, Gardner and Landau

Website of the Weekend
Wrongful Convictions of Youth

October 19, 2009

Back to Business as Usual

The Dollar Will Not Crash

By MIKE WHITNEY

The dollar is not going to crash. There may be grumblings in foreign capitals and "secret meetings" between finance ministers but, for now, the dollar appears to be safe. 

Foreign countries don't trade in dollars because they like America. They do it because they have no choice. If they want oil, they need dollars; it's as simple as that.  

It's great to talk about a "basket of currencies" replacing the dollar, but that's still a work-in-progress. It might happen, or it might not; no one really knows.  What's clear, is that we still live in dollar-centric world where paper claims on wealth are arbitrarily increased at will by a handful of unelected officials at the Federal Reserve. It's a process which relies more on Gutenberg than moral authority. 

There's no sign that the dollar is about to lose its position as the world's reserve currency. For that to happen, central banks would have to start unloading US Treasuries, which they are not. Despite record government spending and mushrooming deficits, there is still a strong appetite for US debt. Treasury data show that foreigners purchased $28.6 billion more in US assets in August than they did in June. The flows are not enough to offset downward pressure on the dollar, but that could change in the months ahead. As capital flows increase, dangerous imbalances will reemerge, and the prospect of another financial calamity will become more likely. The Fed is rebuilding the system that just blew up using the same blueprint as before.

World leaders and central bankers mutter about Fed policies, but do nothing. There's been no resistance to the secrecy, the bailouts or the money printing.  The bottom line is that the people in power really don't want change. They just want to make speeches and blame America. It's all just empty posturing.

The financial crisis hasn't hurt the dollar a bit. The dollar isn't getting weaker because people are dumping it, but because Fed chief Bernanke is managing its value downward to increase exports and reduce the true cost of household and financial sector debt. What doomsayers are calling a "crash" is really just part of the Fed's plan.

The rest of the world should have chucked the present system more than a year ago when Lehman Bros. collapsed. But they didn't, because they were afraid to face their own future without holding onto Uncle Sam's hand. If they really wanted to stand on their own two feet, they'd pile their Treasuries and greenbacks in a heap and set them ablaze. That's what freedom looks like.

The reserve currency system sucks. It creates a de facto international currency which elevates one country above all others giving it special access to credit and implicit control over the global economic system. It inevitably leads to exploitation, abuse of power and systemic instability. 

The dollar should have been crushed when the opportunity presented itself. Now, the the window has closed and it's back to business as usual.

Mike Whitney lives in Washington state. He can be reached at fergiewhitney@msn.com.

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