Will the American Dollar Be the Next Casualty?

Will the American Dollar Be the Next Casualty?
Posted 9/23/2008 2:52 PM EDT on democratandchronicle.com

Time magazine recently featured an article about the current financial crisis in their September 29, 2008 issue. The article "The Price of Greed was written by Andy Serwer and Allen Sloan, the Managing Editor and Senior Editor of Fortune magazine.

This article confirmed what I said earlier on September 16th in my blog, Planned Economic Collapse, where I described how insiders confiscate the wealth of America by expanding then contracting the money supply, restricting the ability of business' to obtain loans, causing bankruptcies, default and confiscation of businesses.

The article clearly states that "AIG, like Lehman, was ultimately done in by credit rating agencies" who "At the beginning are far too lenient with borrowers", then, "the raters tighten up, maybe too much, then memory fades and the cycle repeats." That is exactly what I said happens. AIG's credit rating was downgraded, forcing them to post more collateral, $14 billion more overnight. Of course, they could not meet this unrealistic obligation, and their business was confiscated by the Federal Reserve who now owns 79.9% of it.

The Time article also stated, "A big reason the Fed and the Treasury felt compelled to bail out Fannie and Freddie was the fear that if they didn't, foreigners wouldn't continue funding our trade and budget deficits." That was quite the revealing statement. Foreign Central Banks are mentioned several times.

What happens when the foreigners (International Bankers) finally do lose confidence in the American Dollar and the ability of the American people to pay back an $11 TRILLION debt? It is only a matter of time. What if the American Dollar gets "downgraded" forcing the Government to put up more collateral which it doesn't have? What if the International Bankers tell us they want their money now, similar to what happened to AIG and Lehman Brothers? What if the International Bankers force the United States Government to merge it's currency with Canada and Mexico as a condition to continue to lend us money?

Our economies are already now intricately interwoven because of NAFTA and other fair trade agreements. Why not simplify and take it to the next step like they did in Europe? The Eurodollar replaced all the currencies of individual sovereign nations. When you are forced to use Amero-dollars, remember you heard it here first.