Excerpt:
Move over Wall Street bankers, there’s a new king on the block. Those greenbacks on your PC monitors haven’t been yours since 2005, and you’re going to need to kiss the camel, bend over, and open your bank accounts again.
While the corporate media has been gleefully pronouncing, between sound bytes about Anna Nicole Smith and teabagging rallies, that the recession is over, two significant stories have been overlooked.
The first was a report last week in The Independent UK claiming that China, Russia and Gulf States are among nations prepared to ditch the dollar for oil trades and have heightened the uncertainty surrounding the US currency’s future. The second is a report in the New York Times reporting that “Saudis seek payments for any drop in oil revenues.”
What’s killing the U.S. economy now is the cost of buying our own money back. Like true good capitalists, the Gulf kings charge a 7% interest payment from Citibank and 9% from Merrill. That, in turn, pushes adjustable rate mortgages into the stratosphere and pushes manufacturing into China by making borrowing and energy costs impossible to overcome. The results are felt by Americans as they lose their jobs and their homes.
Now, with falling oil prices, the Saudis have the nerve to secretly talk about dumping the dollar and publicly suggest that the U.S. pay them for a drop in revenues due to decreased oil consumption if pollution curbs cut oil sales! Perhaps we are bombing the wrong countries.
Read more here: http://www.examiner.com/examiner/x-23316-Madison-Independent-Examiner~y2009m10d14-Meet-the-new-boss