[OPE-L] Loren Goldner, "The 'Dollar' Crisis, and Us"

From: glevy@PRATT.EDU
Date: Sun Dec 05 2004 - 16:21:37 EST

Loren Goldner, "The 'Dollar' Crisis, and Us

"The 'Dollar' Crisis, and Us
Loren Goldner, Break Their Haughty Power
Incredible as it may sound, ever since the late 1950’s, the world economy
has been tossing around a “hot potato” of an ever-increasing mass of
“nomad dollars” (dollars held outside the U.S.)  whose actual conversion
into tangible wealth would plunge the world into a deflationary crash.
Even now, few people are aware of the extent to which this “technical”
question of “economics” (and in reality a profoundly social question) has
in fact cadenced 45 years of world history, erupting into view in key
years such as 1968 (dollar convertibility crisis), 1973 (end of the
Bretton Woods System), 1979 (runaway global inflation, gold at $850 an
ounce) 1990 (Japanese deflation) or 1997-98 (Asia crisis, Russian default,
“hedge fund” crisis).  We are clearly today at another key turning point,
and perhaps (over the next few years) at the long-delayed culmination of
the whole story, when that mass of dollars, now grown to gargantuan
proportions (the $30 billion of 1958 have become at least $11 trillion
today) will be deflated, one way or another. This story continues at:

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