May 01, 2006
Watching the Constitution Fade Away
By Paul Craig Roberts
The Bush administration has done more damage to Americans and more harm to America’s reputation than any other administration in history. Yet, a majority of Republicans still support Bush. This tells much about blind party loyalty.
By encouraging the move offshore of American jobs and manufacturing, Bush has run up tremendous trade deficits that have undermined the world’s confidence in the dollar as the reserve currency. Recently, both Chinese and Russian government officials warned of the dollar’s shaky status. The fall in confidence in the dollar is evidenced by the sharp run-up in the price of gold. In January 2001 the price of gold was about $240 per ounce. Today the price is $660 per ounce.
The price of gasoline has risen from around $1.30 per gallon to over $3.00 per gallon. Obviously, Bush’s war in the Middle East did not ensure the oil supply.