In midst of global warming’s frightening and growing droughts, increasing shortages of water resources in Latin America are being exacerbated by World Bank (WB) million-dollar loans to unstable governments desperate to rise out of poverty by attracting global industries to exploit their irreplaceable natural resources. And most use millions of gallons of water to do it whether it’s fossil-fuel fracking requiring 2,500,000 gallons per well or gold/silver corporations dumping cyanide and other death-dealing chemicals into waterways which millions depend on for drinking, household use, irrigation, or fishing.
“The dollar is our currency, but it’s your problem.” This is what US Treasury Secretary John Connally said to his counterparts in the Rome G-10 meeting in November, 1971, shortly after the Nixon administration ended the dollar’s convertibility into gold and shifted the international monetary system into a global floating exchange rate regime. The world has been suffering from this “problem” ever since the US obtained the “exorbitant privilege” of issuing the world’s reserve and trade currency under the Bretton Woods system after WWII.
The news about the Cyprus banks has been on the radar screen recently. Somehow, the most frequently asked question is what will Russian oligarchs do about it, because it’s them who have created an offshore world of their own there. Will they seek new offshore havens? Get the money back to Russia? Stay in Cyprus and adapt to the new realities of life on the island? In fact, the oligarchs and their money are an issue of minor importance. It all brings more serious things in focus, like, for instance, the future of world banking system that had became sick a long time ago. The Cyprus events produce evidence the system is at death’s door…
Like Marathon, Thermopylae, Plateau and Mycale roughly 2,500 years ago, Western freedom again depends on Greece. Today Washington and its empire of European vassal states are playing the part of the Persian Empire, and belatedly the Greeks have formed a government, Syriza, that refuses to submit to the Washington Empire
Paul Craig ROBERTS
The Honorable Paul Craig Roberts was Assistant Secretary of the US Treasury for Economic Policy in the Reagan Administration. As a presidential appointee to a secret committee, he played a role in the Reagan / Gorbachev negotiation of the end of the Cold War. In 1961 Roberts was a member of the US/USSR student exchange program. In 1989 and 1990, Roberts addressed the Soviet Academy of Sciences in Moscow on the subject of liberty. His book, Alienation and the Soviet Economy (1971 and 1990) is widely accepted as the explanation of the ideological origin and failure of the Soviet economy. Roberts was Associate Editor of the Wall Street Journal and columnist for Business Week and Scripps Howard News Service.
He has had many university appointments, including the William E. Simon Chair in Political Economy, Center for Strategic and International Studies, Georgetown University where his colleagues were Henry Kissinger, Zbigniew Brzezinski, and James R. Schlesinger.