Re: [Salon] In the Name of the Patriot Act: That's Ours

The dollar's share of global reserves at 60 per cent-ish is the same as it was in 2008. It briefly went up to almost 70 per cent after 2008. Much of its relatively modest subsequent decline since then to the longer-term trend share of 60pc comes from the Russian central bank's diversification into remninbi. So your premise is questionable. Your conclusion - that the dollar morally deserves to decline - seems to be your real point. 






On Sun, 13 Feb 2022 at 10:29, Patrick Lawrence via Salon <salon@listserve.com> wrote:

Hello to all.

   When I read of the indefensible move to commandeer Afghanistan’s reserves my mind went immediately to the withholding of Iranian reserves, and then to the theft of Citgo’s revenues and physical plant, and then to the piracy at sea last year. I gather we’ve now got this question’s version of John Yoo developing some pretzel logic to justify this disgrace. Apart from the question of mistrust in the dollar as global reserve, these people are nicely on the way to leading the world into state of lawless chaos—the larger matter, it seems to me.

    The dollar’s decline as the world’s reserve seems to be on its way far more quickly than one heard among the currency traders and strategists even a few years ago. Not quickly enough given the abuses.  

   Rgds to everyone,

Patrick.

 

Patrick Lawrence

Byers Cottage

314 Ashpohtag Road

Norfolk, Conn. 06058

 

tel.: + 1. 860. 542. 8003

cellular: + 1. 212. 658. 0243

e: pl@grantfarm.us

 

From: Clyde Prestowitz [mailto:presto@econstrat.org]
Sent: Saturday, February 12, 2022 7:41 PM
To: Warren Coats; Chas Freeman
Cc: Chas Freeman
Subject: Re: [Salon] In the Name of the Patriot Act: That's Ours

 

Hi Warren,

 

You are exactly right. But I tend to think that ending the dollar’s role as the global reserve currency would be good for everyone. Yes, it would be painful in the short term. But “no pain no gain” is the watchword. Clyde

 

From: Salon <salon-bounces@listserve.com> On Behalf Of Warren Coats via Salon
Sent: Saturday, February 12, 2022 9:46 AM
To: Chas Freeman <cwfresidence@gmail.com>
Cc: Chas Freeman <salon@committeefortherepublic.org>
Subject: Re: [Salon] In the Name of the Patriot Act: That's Ours

 

The attacks on our liberties facilitated by the Patriot Act only worsen with time. But the rest of the world grows more weary with the reserve currency status of the US dollar as the US increasingly sanctions its uses for one reason or another, sometimes unilaterally. Biden’s proposed confiscation of Afghan reserves at the NY Fed are another nail in that coffin. As they add up, plus growing concerns over the size and cost of US debt, we are ever closer to the one that sends the dollar over the cliff.

 

Warren Coats

9128 Vendome Drive
Bethesda MD 20817
Home 301 365-0647
Mobile 703 608-2975
http://wcoats.blog/  http://works.bepress.com/warren_coats/ https://twitter.com/wcoats2

 

 

On Feb 12, 2022, at 12:02 PM, Chas Freeman via Salon <salon@listserve.com> wrote:

 

 

Putting your reserves in American banks has its perils.  A timely reprise of 2003's snatch of Iraq's reserves.

 

--
Salon mailing list
Salon@listserve.com
https://mlm2.listserve.net/mailman/listinfo/salon

 

--
Salon mailing list
Salon@listserve.com
https://mlm2.listserve.net/mailman/listinfo/salon

This email was sent by a company owned by Financial Times Group Limited ("FT Group"), registered office at Bracken House, One Friday Street, London, EC4M 9BT. Registered in England and Wales with company number 879531. This e-mail may contain confidential information. If you are not the intended recipient, please notify the sender immediately, delete all copies and do not distribute it further.  It could also contain personal views which are not necessarily those of the FT Group.  We may monitor outgoing or incoming emails as permitted by law.

This archive was generated by a fusion of Pipermail (Mailman edition) and MHonArc.