- Sometimes I feel sorry for George Bush, he has so much
responsibility. What with keeping the world safe for Democracy and feeding
all the starving children, there just aren't enough hours in the day! In
addition to his public responsibilities, he has one secret responsibility
that he doesn't want to talk about:
- Protecting the status of the Petro-dollar as the world's
- Simply put, the dollar has for several decades been positioned
as the only way for an industrialized country to pay OPEC for oil. No matter
who you were, you had to buy American dollars and then send those dollars
to OPEC, who would then use the money to buy American debt, or American
- It was the perfect set-up. Greenspan printed worthless
dollars, and gave them to people who gave us free gasoline, and free TV
sets, and free wicker furniture. The game changed, however, when the Euro
was introduced. Now, many oil-producing nations are accepting the Euro
instead of the dollar. Saddam loves the Euro.
- This new competition from the Euro makes Uncle Sam very
angry. So Uncle Sam came up with a plan; he sent a secret message to all
- You will only accept American Dollars, or we will kill
- This, to a large extent, explains the secrecy surrounding
the activities of the American government. It would be difficult for President
Bush to go on TV and explain the benefits of his Dollars or Death foreign
policy. Many left-wing pacifists would say that we shouldn't kill people
who accept the Euro. (Unless they are French.)
- In spite of the threats, the Euro is continuing to gain
in popularity. So what? You might ask. If oil sellers take one kind of
worthless note instead of another, that's no skin off our backs. But the
American government can't print Euros. It can only print dollars. Therein
lies the problem:
- No more Petro-Dollar reserve currency; no more free stuff
- Now, a lot of Americans might be angry to hear that they
won't be getting any more free stuff. Especially those people who have
come to believe that the American government owes them free stuff. And
there are lots of Americans who believe that.
- Here is a partial list of people who are going to be
very upset when the Free Stuff Program comes to an end:
- 1. African Americans who expect to receive reparations.
No money, cancelled.
- 2. Poor people who expect to receive welfare and medical
benefits. No money, cancelled.
- 3. Students who engage in after school activities, such
as sports. No money, cancelled.
- 4. Old People who expect to receive expensive medicine.
No money, cancelled.
- 5. Farmers who expect to receive money not to grow anything.
No money, cancelled.
- 6. Feminists who expect the State to act as husband
and father. No money, cancelled.
- 7. Mexican immigrants who expect to receive emergency
room medical care. No money, cancelled.
- Actually, the government would never officially cancel
any of these programs. They will finance everything with increasingly worthless
notes. The resulting inflation will make goods and services less affordable.
They will then hire good-looking economic commentators who will go on TV
to offer explanations that skirt the truth by a country mile.
- Old people will call their Congressman and shout: Where
is my free stuff? Al Sharpton and Farmers and Mexicans and Moms will march
in the streets. But it won't help. Broke is broke, although stealing Iraq's
oil may take up some of the slack.
- Fortunately, the U.S Government has one last card up
its sleeve: the U.S.A. Patriot Act. Rioting and unlawful assembly will
be classified as acts of terrorism. Thus, the government has the means
to control domestic turmoil, and a convenient foreign enemy to blame for
the whole mess. There is only one group that will be protected: Government
employees. Their pay and benefits will be indexed to inflation, so they
won't take the hit.
- For everyone else, it's time to start making TV sets
and wicker furniture. I wonder if RCA is hiring?
- February 12, 2003
- Ron Liebermann [send him mail] is a contractor and manufacturer
of Mylar balloons in Louisville, Ky.
- Copyright © 2003 LewRockwell.com
- Back to LewRockwell.com Home Page