It may be time for a NEW BRETTON WOODS CONFERENCE.
I don't know if the old hotel in New Hampshire is still available, but clearly something must be done about the Dollar in 2005, sooner rather than later.
The problem is that the notion of AMERICAN EXCEPTIONALISM dies hard, especially in the US.
Still world leaders are now so turned off by Dubya and his Neocons that they are unwilling to help. Many seem to think that the US has sinned against the Monetary Gods, and that Monetary Damnation is the only just result.
But what is to be done?
LIKELY, THE WORLD'S FINANCIAL COMMUNITY MUST "READ THE RIOT ACT" TO THE US KONGRESS AND LAY DOWN THE NEW GROUND RULES FOR THE US ECONOMY.
This is a bitter pill for Dubya etal, who dreamed of having a "transfomational presidency."
BUT SIMPLY PUT, THE WORLD IS SICK AND TIRED OF FINANCING AMERICAN DEBACLES AT HOME OR ABROAD.
THAT, GENTLE REAER, IS REALLY WHAT'S HAPPENING TO THE DOLLAR.
If Americans had any other leader than Dubya, likely something could be worked out. Dubya has "outed" the Big Lie of American Exceptionalism to the entire world!
If America had less military spending, and more spending on National Health Care to make American industry more competitive globally, and not requied seek lower costs in the global economy, THEN THE DOLLAR MIGHT BE SAVED.
SOON THE GLOBAL ECONOMY WILL START DICTATING THE TERMS OF TRADE TO AMERICA.
THE DEFICITS HAVE REACHED A CRITICAL MASS THAT CAN NO LONGER BE IGNORED.
A NEW BRETTON WOODS CONFERENCE IS FINALLY NECESSARY.
MY ADVISE TO GREENSPAN, DUBYA AND OTHERS IN CHARGE:
1. GET REAL ABOUT THE ECONOMY!
2. THE US ECONOMY CAN NO LONGER BE LOOTED BY THE AMERICAN ECONOMIC ELITE WITHOUT CAUSING SERIOUS DAMAGE TO THE ENTIRE GLOBAL ECONOMY.
3. CUT THE MILITARY BUDGET!! AND PUT THAT MONEY INTO NATIONAL HEALTH INSURANCE AND DOMESTIC HUMAN INFRASTURCTURE, SO THE US CAN TRULY COMPETE.
4. SIMPLY PUT, BEGGERS CAN'T BE IMPERIALISTS! THE DAZE OF AMERICAN IMPERIALISM ON THE "ASIAN DIME" ARE COMING TO AN IGNOBLE END! AND FOR THAT MANY WILL BE GRATEFUL.
5. RUN THE US DOMESTIC ECONOMY "AS IF" IT WERE NOT "EXCEPTIONAL" AND THEREFORE NOT SUBJECT TO THE NORMAL LAWS OF MACRO-ECONOMICS.
6. QUIT "BULLSHITTING" US ON THE US ECONOMY. NO ONE BELIEVES ANYTHING YOU SAY ANY MORE. THAT'S REALLY WHY THE DOLLAR IS PLUNGING. START TELLING THE TRUTH FOR A CHANGE. CUT THE PHONEY MUMBO-JUMBO, SOME OF US ACTUALLY KNOW WHATS GOING ON, EVEN IF THE BARSTOOL BUBBAS ARE "DUELY IMPRESSED" BY YOUR "BIG WORDS."
7. ADMIT TO YOUR MISTAKES AND DON'T LOOK FOR A FOREIGN SCAPEGOAT TO TAKE THE BLAME.
8. CONVENE A NEW BRETTON WOODS CONFERENCE ASAP.
