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17 April 2015

Petrodollar system risks US "collapse"

The Blog


The US government's reliance on the petrodollar system for its global superiority risks taking the United States to collapse, a report at Counterpunch details.


Rather than revising this system, the US political elite tends to rely on warmongering and "scapegoating" foreign enemies to blame them for the US currency's own systemic problems, Ben Denby writes in a deep analysis for the independent investigative publication:
The willingness to engage in the politics of scapegoating and blame-shifting in order to maintain positions of economic privilege within an increasingly overt imperial global order has become completely ingrained and normalized in political discourse to the point where the norms of free societies are not only history but so completely neglected in popular discourse as to be almost beyond recollection. In their place is not only a series of propaganda norms that set the meaning of freedom on its head, but also function to facilitate the kind dynamics necessary to maintain the ideological pretexts that what is now really an imperial establishment needs to operate without being revealed as such.
This practice became most apparent after the 9/11 attacks, Denby argued in the article, which appeared recently in Counterpunch's 27-29 March Edition. Arguing that the idea of confronting foreign enemies to fend off economic problems amounts to "hubris" and "hypocrisy", the analysis follows that the aggression of the US government against its own people and foreign powers is likely to become more acute in coming years as it fails to cope with its collapsing position of privilege in the world.

The Counterpunch article continues to reflect on US aggression to conclude that "this endgame or slow-motion downfall of US economic and military power will unfold in ways manifesting this exact same lack of respect for the imperative to maintain a basic harmony between means and outcomes". The result will be that the US government will increasingly curtail freedoms and human rights and attack other countries, continuing these offenses in the very name of spreading freedom and defending countries.

It is worth noting that many establishment journalists and politicians tend to discourage critical assessments of US power on the basis that such assessments amount to "Russian propaganda", even when the critics have no connection to Russia or Vladimir Putin. Such McCarthyism may be a prime example of the "scapegoating" warned of in the Counterpunch report quoted here.

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