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Petroleum-backed Dollar

1 Apr

April 1, 2012

Petroleum-backed Dollar

The US dollar fiat currency is, contrary to the view of many experts, backed by a mineral. It’s not gold or silver but petroleum.

This is what the struggle in the Middle East. It is all about control of the access or transportation routes for petroleum and natural gas. If the United States controls the access/transportation routes, then it can control the currency in which petroleum and natural gas are sold.

The US dollar is propped by the fact that petroleum and natural gas are sold in US dollars. Any threat to this must be extirpated: witness Saddam Hussein and Muammar Khadafi. That is why so much pressure is being applied to Iran, which has threatened to set a petroleum bourse.

The US military is used to defend the petro-dollar. The US doesn’t care who buys the oil so long as it is in US dollars.

The fact that the US dollar is backed by petroleum allows the US to create hundreds of billions, even trillions, of dollars out seemingly thin air.

The US government is willing to immiserate its own population to pay the costs of its military actions, so that the elite can have access to all the benefits of speculation and military conquest.



26 Mar

March 26, 2012


Freedom: Getting what you asked for


There are many in the blogosphere who have taken on the libertarian ideology like a newfound religion. Like most religious converts, they are blind to the fallacies of their new security blanket.


We don’t need government for anything, they say. We shall home-school our children. We will not pay taxes. We want to be free.


Okay, so who will build your roads? Who will clean your water? Who will take care of your sewage?


Everyone for himself, they say. We want a utopia of “freedom”, they say. Instead, they will get a utopia of chaos where a ‘man’s life is solitary, poor, nasty, brutish and short’, to quote Hobbes.


Freedom from government and regulation? Isn’t that what we have now? And, of course, the most powerful in society, the big corporations and the financial elites, have all of the freedom that the libertarians are calling for. And look at the mess we’re in.


It was freedom from government regulation that caused the BP oil spill in the Gulf of Mexico and, to a large extent, the Fukushima nuclear disaster.


It was freedom from government regulation that has caused the world economic crisis.


It was freedom from government regulation that has led to the rise of the fraud that is genetically modified food and patents on life forms.


It was freedom from government regulation that has led to the pharmaceutical quackery industry that has inventing diseases and drugs that are more toxic than the illnesses themselves.


It was freedom from government regulation that has led to horrors of processed foods, e-coli and listeria outbreaks.


All governments have been hijacked by the rich and powerful, leading to economic dislocation, wars, and environmental catastrophe.


Government is good if it takes care of the general welfare of the population. Government is bad if it becomes an instrument used by a powerful few to impose their will on the many.


I advocate the return to the Rule of Law, where the individual’s rights are guaranteed and protected, and are considered of greater importance than the interest of the tribe, religious group, or corporation.


I advocate the application of laws and regulations to control powerful interest groups whether they are industries, corporations, political action groups, religious and tribal advocacy groups, etc.


I call for the return of strong government to take care of those things which are for the general welfare (water, roads, electricity, etc.) and the ability to raise taxes from individuals and corporations according to their ability to pay.


And I advocate Equity over Equality. We are not all created equal, although we should be equal before the law. There will always be people who are better than others at doing certain things. I advocate that a person be rewarded equitably, according to the capital he puts into an enterprise. This capital may consist of money, physical and/or intellectual effort, etc.


These are the four factors I advocate:


  1. The Rule of Law
  2. Individual rights above all else
  3. Strong government for general welfare
  4. Equitable rewards


As an aside: Franklin Delano Roosevelt came from a banking family and was a member of the ruling elite. He saved the ruling elite from themselves by imposing government regulations to moderate their greed and restore the American economy.



On U.S. Politics

23 Feb

January, 2012

ON U.S. Politics

Judging from the quality of  the Republican candidates, it seems that the decision has been made to give  President Barak Obama a bye in the 2012 presidential election. Certainly the  economic and political elites have nothing to complain about the president’s  performance. He’s given them everything they wanted, from more military interventions for the American imperium, quantitative easing, the forced purchase of health care from private firms (Obamacare), the militarization of the police, the handing of police powers to the military, and the immiseration and cowing of the American population through the introduction of  neo-feudalism.

What’s there not to like?

Now, there are some who think that Ron Paul is the answer,  the one who can  successfully challenge President Obama. I think that this is  wishful thinking. First all, Dr. Paul is rather old (76 years of age) and his  solution to everything is to cut government, including social services. The way  I see it, that will only make things worse.
The  problem is that many, if not most, Americans think that anything involving government is bad. The feeling is visceral. Yet government is not inherently bad or good. It all depends whose interests are being served by government. If the government is controlled by those serving the interests of the so-called 1%, then you can rest assured that the 99% are going to get shafted. And you can bet your life that most politicians are serving the interests of the financial elites and major corporations, because it is these interests that bankroll their election campaigns and influence them through lobby groups, think tanks and public relations firms.
Obviously, changes need to be made  on campaign financing, that would limit the amount any one corporation could  spend on a candidate and/or political  party.
The U.S. government serves the interest  of major corporations. This is not socialism. This is corporatism, which is part  of fascist ideology.
When Senator Max Baucus  held hearings in 2009 on what was to become Obamacare, he excluded proponents of  single payer health care. (Why that’s socialism, dammit!). Now, U.S. citizens  are forced to buy health care from private health insurance firms. The premiums  are high and the quality of coverage is low, because the insurance companies are  seeking to maximize profits to detriment of the patients. Also, these companies use adjudicators who are incentivized to deny the payment of health benefits. Death panels?! We got ’em, you betcha!

So, what do ordinary U.S. citizens really want? Or what have they been trained to want? Everything for nothing! And if ordinary U.S. citizens feel this way, you can rest assured that the wealthy elites feel even more strongly about it and are in a position to bring it about. That’s where “free trade” comes in:

– the  exportation of millions of high-paying manufacturing, technical and service jobs to the Third World (to destroy the middle class and increase poverty)

– the importation of millions of unskilled  workers, even creating communities of foreign workers working for foreign  companies

– to enforce this new economic  order, the police have been militarized and the military have been given police  powers.

Habeas corpus and posse comitatus? Forget about it! Ancient history.

And they shall succeed and are succeeding!

Free market capitalism? Hell no, that’s only for girlie men! We’ve got  FMF: Free Market Feudalism!