Throwing up one’s hand’s in helplessness is not the recommended strategy for coping with what’s coming. From John Day at theautomaticearth.com:
An article by our good- and longtime friend, John Day, family doctor in Texas, until he got canned for refusing the clot shot. Sometimes you think: did that really ever happen? It seems so weird.. But it did, and not that long ago. We lost thousands of qualified and highly capable doctors and nurses for…. well, nothing at all really, other than some people’s petty power games. We lost a lot of lives to those same games too. John looks ahead, rather than back:
John Day:
Western Civilization is at a tense point in history. The current economic arrangements are heavily parasitized, running low on feedstocks like cheap oil, and can’t grow any more, are in irreversible contraction within the current paradigm, legal and bureaucratic structures. The Henry Ford inspired industrial capitalism of the postwar years, where workers could afford the Fords they made, succumbed to the imperative to support the value of the $US, over the actual industrial economy of the US, after America’s vast hoard of gold ran out, draining into the wars in Korea and Vietnam.
In 1971 America’s production of “conventional” oil peaked as previously predicted, and Nixon was forced to default on gold support for the $US, because the gold ran out. The UK got the last of what there was, which was about 40% of what they claimed for the dollars they were handing over.The value of the $US had to be supported somehow. Nixon and Kissinger made the deal with King Faisal of Saudi Arabia, an expansion of the deal FDR made with the Saudis to provide security in return for respecting US/UK interests, and starving the Axis countries. Under the newer deal, the House of Saud could charge any price for oil, but it would be denominated in $US, and excess funds from sales would be invested in US Treasury securities.
The world would need to hold $US to buy oil, supporting the trade-value of the $US. The investment value of the $US also needed to be supported. Interest rates had to be high enough to provide a real return on investment, returning modest, secure profits, whether that was good for the American productive economy or not. After the $US price of oil tripled in the early 1970s, for political-economic reasons (Yom Kippur War, Arab Oil Embargo) there was a corresponding decline of relative $US valuation to that commodity, causing inflation, and a self reinforcing inflationary wage-price rise cycle.
