Hedging Against the Fed

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Though conservatives call this important story “Arabs Plot to Drop the Dollar,” it’s simply self-defense. Or are other peoples just supposed to be kicked in the teeth by the Fed and like it?  China, Russia, Japan, France, and Gulf Arab states seek to substitute for the dollar in oil transactions a basket of currencies including the yen, the yuan, the euro, and gold. Heroic. I’d like to use that myself. In fact, why isn’t the Fed’s crazed monetary expansion called a plot to harm others and regular Americans, to the benefit of the US state and its bankster and corporate allies? And if it does indicate another step in “The Demise of the Dollar,” all the fault is in Washington, DC–as usual.

UPDATE From Ryan Cowles:

In light of this, see Ron Paul’s 2006 article on Dollar Hegemony


7:40 pm on October 5, 2009