Building a world of
resilient communities.



Economics - Oct 28

Click on the headline (link) for the full text.

Many more articles are available through the Energy Bulletin homepage

America and the Dollar Illusion

Gabor Steingart, Der Spiegel (Germany)
The dollar is still the world's reserve currency, even though it hasn't deserved this status for a long time. The devaluation of the dollar can't be stopped -- it can only be deferred. The result could be a world economic crisis.

Der Spiegel Editor's Note: The following essay has been excerpted from the German best-seller "World War for Wealth: The Global Grab for Power and Prosperity" by SPIEGEL editor Gabor Steingart. SPIEGEL ONLINE is publishing a series of excerpts from the book.

(25 Oct 2006)
Long article written in a readable style. It does a nice job of putting together the parts of the picture. The basic subject should be familiar ground for EB readers.

Submitter Steven Lesh writes:

For some historical background on how the US "Empire of Debt" (the title of a very well-written book by Bill Bonner and Addison Wiggin) came to be, see Dr. Michael Hudson's books "Super Imperialism" and "Global Fracture". You can download "Super Imperialism" in Adobe Acrobat .pdf from his web site -

The hunger for oil conquers all

Peter Fabricius, Pretoria News
In Africa, as elsewhere, it seems, oil trumps all. Especially when war in Iraq makes the stuff scarce and expensive.

The 1999 Petroleum Revenue Management Programme (PRMP), signed between the World Bank and the Chad government, was hailed as a model of how to ensure that the oil resource curse in Africa became the blessing it should be.
(16 Oct 2006)

GAO Chief Warns Economic Disaster Looms

AUTH, Associated Press via My Way News
David M. Walker sure talks like he's running for office. "This is about the future of our country, our kids and grandkids," the comptroller general of the United States warns a packed hall at Austin's historic Driskill Hotel. "We the people have to rise up to make sure things get changed."

But Walker doesn't want, or need, your vote this November. He already has a job as head of the Government Accountability Office, an investigative arm of Congress that audits and evaluates the performance of the federal government.

Basically, that makes Walker the nation's accountant-in-chief. And the accountant-in-chief's professional opinion is that the American public needs to tell Washington it's time to steer the nation off the path to financial ruin.

...To show that the looming fiscal crisis is not a partisan issue, he brings along economists and budget analysts from across the political spectrum. In Austin, he's accompanied by Diane Lim Rogers, a liberal economist from the Brookings Institution, and Alison Acosta Fraser, director of the Roe Institute for Economic Policy Studies at the Heritage Foundation, a conservative think tank.

"We all agree on what the choices are and what the numbers are," Fraser says.

Their basic message is this: If the United States government conducts business as usual over the next few decades, a national debt that is already $8.5 trillion could reach $46 trillion or more, adjusted for inflation. That's almost as much as the total net worth of every person in America - Bill Gates, Warren Buffett and those Google guys included.

A hole that big could paralyze the U.S. economy; according to some projections, just the interest payments on a debt that big would be as much as all the taxes the government collects today.
(XX Oct 2006)
The article has appeared in many online publications. -BA

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.


This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

The Meaning of Brexit: It's the Movement

And so there is another meaning, that Brexit represents both an explicit and …

Disabled People Lead the Fight Against Austerity

While the attack on peoples’ lives through social welfare cuts …

Patterns of Commoning

Just like farmers, we cannot really know how big and copious the harvest …

A Conversation with RSF Social Finance CEO Don Shaffer

"People get buried in a blizzard of financial terms that …

The Privilege of Being Privileged

The Ford Foundation believes we have an obligation to strengthen capitalism. …

Prop. 51 Versus a State-Owned Bank: How California Can Save $10 Billion on a $9 Billion Loan

However, there is a much cheaper way to fund this $9 billion school debt. By …

How Democracy Collaborative Will Create 50 Million Employee Owners by 2050

There are currently an estimated 10 million employee owners in the U.S. What …