A flight from the dollar to a better world

U.S. Banks Brace for Storm Surge as Dollar and Credit System Reel by Mike Whitney

What's really interesting for leftists about pessimistic economic forecasts like this one is the thought of what will happen in a world with a devalued dollar. During the Vietnam war, when the US government was (customarily) spending beyond its means on means of killing people, it was forced to abandon its commitment to sell gold for $35 an ounce. But since foreign nations since then have lent us back so many of the dollars that have been created and spent, the dollar hasn't suffered the kind of major devaluation that would occur to any other country's currency if its government pissed money US-style. The situation that has developed pretty much gives the US government carte blanche to, well, write checks.

Bottom line being, a flight from the dollar might eventually take the form of cargo planes flying troops and material home from their hundreds of overseas bases. (And then, perish the thought, we'll have no worldwide base structure to protect ourselves from the USSR!)