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