March 15, 2008


IMPEACH BUSH

IMPEACH CHENEY

REAPING THE POISON FRUIT

Right-wing "philosophy" essentially consists of an aggressive foreign policy, a big military and huge military expenditures, a laissez-faire attitude toward business that says the less regulation the better, and minimal taxes for the most affluent people in the country. There is a mix of religion thrown in, with the usual claims that the United States is a Christian country, and that a restoration of school prayer and abolition of abortion would make God like us again. We are seeing the fruition of right-wing ideas with the grossly immoral war in Iraq, the destruction of our middle class at home, and the demise of American power around the world. This commentary by Paul Craig Roberts is at www.counterpunch.org:

The bottom line: US power is enfeebled. US power depends on the willingness of foreigners to finance our wars and on the willingness of foreigners to continue to accumulate depreciating dollar assets. The US cannot close its trade deficit. Oil prices are rising, and offshore production of goods and services for US markets results in a dollar-for-dollar increase in imports, while reducing the supply of domestic goods available for export.

The US cannot close its budget deficit while it is squandering vast sums on wars that serve no US purpose, handing out $150 billion in red ink rebates, and falling into recession.

US living standards, which have been stagnant for years, will plummet once dollar decline forces China off the dollar peg. So far prices of the Chinese-made goods on Wal-Mart shelves have not risen, because the Chinese currency, pegged to the dollar, falls in value with the dollar. In a word, tottering US living standards are being supported by China’s willingness to subsidize US consumption by keeping its currency grossly undervalued.