Will Asia Dump the Dollar?

This opinion column, dated May 8th, is written by columnisy Andy Mukherjee for the globalist financial website Bloomberg.com

According to Mukherjee, at a meeting of financial ministers in Hyderabad, India, the Red Chinese are preparing - possibly along with other governments - to no longer anchor their currencies on the US dollar. They may start anchoring it on a proposed "Asian Currency Unit", which sounds similar to plans the notorious Trilateral Commission proposed decades ago.

If acted on, according to Mukherjee's column, the American dollar would drop in value by 25 percent.

How will this affect the average American? Red China and Japan hold a vast amount, if not the majority of American government debt. If they call in their notes, or peg their currencies to something else, the dollar loses value. That, in turn, will affect everything from interest rates to prices on all our daily necessities.

What should we do? As a government, we must cut spending. Not the rate of spending, but spending, PERIOD! Then cut wasteful government bureaucracies, keeping those most needed to keep things going and keep a check on big business and big banks.

What should we do as individuals? Permit me to put this in bold type -- GET OUT OF ALL DEBT AS QUICKLY AS YOU CAN!!!

For excellent advice on how to do so - although from a capitalist bent - I suggest the website of national financial expert and commentator Dave Ramsey. He has been on national television warning folks about the perils of debt, and has even been featured on 60 Minutes. Please go here for the relevant information.

And above all, pray and work to inform your neighbors about Distributism, wherever you read this weblog. And thank you.