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Tuesday, April 04, 2006

Party now, pay later

As we celebrate the dispatch of another political fathead -- even after Jim Wright, Newt, Trent Lott, Bob Livingston, etc etc, the thrill is always sharp -- and dance around the May pole celebrating another bloodless bloodletting at the top, we should remember what our domestic discontents mean beyond the ponds.

The frauds and lies of DeLay's cronies in private life are not coincidental to their politics -- it's all of a whole. The rot that has allowed so-called fiscal conservatives to roll out budget sham after budget sham stinks up DC but also wafts into the global trade winds. The capricious warmongering, the tears for the poor and the loot for the rich, the purple prose of republican democracy splattered across an arrogant religiosity -- we sane Americans are not the only ones who notice.

Watching this American political theater of the grotesque are investors, bond holders, bond buyers and central bankers the world over. They all know that the American titan is leveraged to the hilt, dependent on Chinese communists and Arab monarchs to make the rent. How much longer will they sit idle on their stumbling investment?

The United Arab Emirates and Qatar said they may buy euros with some of their combined $30 billion of foreign exchange reserves on expectations the currency will appreciate. The U.A.E., whose reserves rose almost 30 percent last year, may agree to buy more of the 12-nation currency at the central bank's May meeting, Sultan bin Nasser al-Suwaidi, the bank governor, told reporters in Abu Dhabi. The central bank governors of Kuwait and Qatar said they were reviewing the performance of the euro. (Bloomberg News)

Remember that talking about the positive performance of the euro is not so subtlespeak for discussing the inherent volatility underlying the dollar. When huge holders of U.S. currency and debt begin questioning their investments, we should all start to worry. Thanks to our current leadership, DeLay included, our solvency has been mortgaged for the sake of some get-rich-quick schemes for the already rich; for the sake of an empty war in the world's most potent powder keg of a region; for the sake of me, me, me over we. And now we have to worry about royals and commies pulling their financial support of us, the great battleship of democracy.

That said, the Hammer is hitting the slammer. Praise Allah and pass the eggrolls.

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