Saturday, July 11, 2009

Doomsday to the Dollar Hegemony?

On Saturday, December 16, 2006 China announced that it intended to drop the Dollar as the main trading currency. That stirred a pandemonium because it would have caused more economic hardship. Many Americans were thinking that nothing will work as they looked at the future with hopelessness and less anticipation. People could foreshadow high rate of unemployment especially considering most manufacturing industries have been taken out of the country. Enemies of the US and stupid immigrants sang how China will take over the World and silence the US.

We have waited now for three years and behold the Dollar has not collapsed; rather it is gaining its strength daily. Fortunately for the US though, Arabs and OPEC sided with the US and downplayed the Chinese threat. The Chinese could not and cannot do anything without the help of the Arabs since the main commodity that is traded in dollars is oil. If China alone does not use American dollars is not as disastrous as when all countries reject using the Dollar the main marketing currency.

Such a threat to mighty America should not be disregarded by the Africans especially seeing what China is doing now in Africa. The Chinese are bent at conquering the world and are doing that slowly but aggressively. Each American and anyone living in America and Europe must consider it their obligation to protect the American economy because a collapse means the collapse of the world’s economy and total misery.

When I initially read it in a newspaper I panicked. However, upon careful
consideration, the fact that oil trade is still in dollars and most countries in the world import oil in dollars, the Doomsday is not too near as it may appear to be. If the US stifles Chinese expansion in Africa and South East Asia, the Chinese will soon realize they made a bad choice. Thirdly, if the US reduces taxes on manufacturing industries and then impose high taxes on goods coming from abroad be them from American companies (because hitherto American companies are not subject to custom laws like Foreign companies though both groups operate abroad) or not, those companies that ran out will come back and there will be low rates, low prices and unemployment will plummet.

Consequence since America is the greatest consumer of Chinese products they may boycott their products because they are manufacturing theirs at home at competi9vtive prices that can compete with the Chinese. Since China cannot buy her own products she will then need the cooperation of Europe and others to succeed and bring a doomsday to the Dollar Hegemony. And until kingdom come Europe will not site with China in the nearest future so we can still breathe a sigh of relief for the Dollar Hegemony.

Until then, thank God for America.

Prince & PA Hamilton Ayuk.

“Bonyfish beware because the same net that caught the jawless fish, caught the cartilaginous fish” (Hamilton Ayuk).
Beware earthly paradise seekers because there is a serpent in every paradise"(Hamilton Ayuk).

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