Commentary on Political Economy

Tuesday 9 August 2011

How the FT's Lex Column Is Written by Complete Imbeciles

I beg friends to have a look at this proof of complete and patented imbecility from the Lex Column of the FT on the reserve status of the US dollar:

As you can see, 'Lex' finds it surprisingly - a puzzle! - that global capitalists should stampede to treasuries at a time when US debt is being downgraded and that the US dollar should reign supreme just as the Fed prints more (not fewer!) greenbacks!

If you have followed our geopolitical and geoeconomic analysis below, however, you will be far ahead of the utter morons who write 'Lex'! The fact of the matter is that by printing more greenbacks the US is virtually destroying the economies of China, the rest of the BRICs and of Europe - unless Europe follows the dictates of American capital (the ECB is having little choice but to purchase national bonds and thus expand monetary policy, despite stern remonstrances from the Bundesbank). In such a climate of open hostilities, the dollar and treasuries will become even more entrenched as absolute leaders of the world - much to the idiotic bemusement of 'Lex', who actually insist on firing "warnings" about how this conduct actually endangers their global supremacy!

What these utter bastards, speaking with the interests of UK finance capital and the City of London in mind, forget is that what makes a currency "king" is not its exchange value, but the strength, the power, the might - industrial, financial and military - of the State that stands behind it!!

And to secure that power and might, the US authorities have to ensure that the dollar is "competitive" so that economic growth can restart in the US, together with employment and living standards, so that the US keeps being the linchpin of the global economy!!

And that is what Bernanke and the Fed have clearly in mind - and why they, not the nincompoops at 'Lex', are "magnificently right"!!

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