179 sats \ 5 replies \ @elvismercury OP 2 Nov 2023 \ on: _Broken Money_ book club, part 3 bitcoin
While discussion of the petrodollar system often centers on the ways the US unfairly benefits, Lyn talks about some undesirable effects owning the reserve currency has had. In particular, she describes harsh consequences for its manufacturing capacity and infrastructure.
Aside from manufacturing, what other insidious domestic effects can you think of? What have been the social consequences of the petrodollar system?
Well, this one is quite specific, and it depends on your acceptance of the government narrative, but there has been substantial evidence of Saudi involvement in the events of 9/11 and other terrorist acts. U.S. citizens lost their lives that day and the economic losses were immense. Due to the petrodollar connection, legal redress was denied and the perpetrators were shielded from civil and criminal liability. The injustice continues to this day.
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Yeah, that was the elephant in my mind when I wrote that. Even then, how things unfolded was suspicious and weird. Now, it makes so much more sense, albeit a tragic and infuriating kind of sense.
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There's a ton to be discussed here. In fact, I'm going to appropriate this question for today's econ takeover post.
I'll lay out some more thoughts then, but our cultural attitude of looking to the government to solve every problem has roots in the petrodollar, as does the nearly complete destruction of every private civic association.
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Awesome -- post a link here once you do, please, so I can find it for posterity!
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Alright, our posts are now mutually linked.
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