We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Tuesday, August 4, 2020

Posts that I especially recommend today: Tuesday, Aug. 4, 2020

Crooke has an interesting background in British diplomacy, MI-6 spy analyst, and now geopolitical analyst. In this article he attempts to unravel the mysteries of global currencies, and in particular, the Federal Reserve's printing money and giving it mostly to US banks and corporations. His analysis explains this as an attempt to make US dollars cheaper and easier for the US government to pay off its soaring debts.
It is about U.S. explosive debt accumulation, on account of the Coronavirus lockdown. In a world where there is already over $100 trillion in dollar-denominated debt, on which the U.S. cannot default; nor will it ever be repaid. It can therefore only be inflated away. That is to say the debt can only be managed through debasing the currency. (Debt jubilees are viewed as beyond the pale.)
One thing to keep in mind: Control of the Federal Reserve lies mostly in the real ruling class that owns most of the USA--the financial and dominant part of the ruling capitalist class. However, these fabulously rich and powerful people are split between domestic financiers but are increasingly being challenged by transnational capitalists or "globalists". The latter see the cheapening of dollar as a hindrance to their transnational capitalist profits and are becoming worried about the US dollar as a prime global currency.
But keep in mind, these problems exist regardless of which capitalist party wins the elections. Elections are mostly irrelevant in this fake democracy in order to distract workers from the real issues. International workers, particularly highly skilled and trained workers who are essential to make economies run, have been largely co-opted with lucrative careers into serving capitalists. Capitalists have nothing much to do but to bet on stocks, bonds, and currencies in their Wall Street casinos. Meanwhile, ordinary workers are left to struggle to feed, clothe, and house their families on a planet that is increasingly threatened by global warming.
  • New Book Due Out September 1 posted by Edward Curtin from his weblog Behind the Curtain. (Note: I am promoting this book, SEEKING TRUTH IN A COUNTRY OF LIES, on the basis of Curtin's past record of excellent posts on his weblog.)