Washington’s desperation to contain the inevitable fall of the U.S. dollar reared its ugly head once again yesterday, as the CEO of Standard & Poor’s Deven Sharma was fired as the rating agency’s head, and serves as a warning to others that this could happen to you for telling the truth.
Like NY Attorney General Elliot Spitzer, IMF Chief Dominique Straus-Kahn, and a number of U.S.-installed North African and Middle East dictators, Sharma (presumably a clean guy) has become the latest casualty in the war for preserving U.S. dollar hegemony.
Plausible reasons for Sharma’s departure surely will be forthcoming. But the truth of Sharma’s departure is most likely due to his reluctance to contribute further to the coverup of the U.S. debt Ponzi scheme now reaching the critical collapse stage.
Essentially, theft of property (beyond income and property taxes as well as fees and fines levied above the true cost to government) by overt force, or though currency chicanery, is a war on the American people and its overseas creditors. And when a citizen of the U.S. is deprived of his livelihood for the sake of continuing the deception of U.S. profligacy and phony wars built upon the dollar’s primary reserve status, he becomes a casualty of that war.
Experience proves that the man who obstructs a war in which his nation is engaged, no matter whether right or wrong, occupies no enviable place in life or history.
—Ulysses S. Grant
No one will remember Sharma for seeking to right S&P’s shameful record. Unlike Rep. Ron Paul, Sharma can be fired. There’s no need to unleash the FBI to set up the target with criminal activity, or export inflation to poor countries in an effort to depose unneeded U.S. dictators through the guise of a “democratic” revolution; just fire the guy to let others know what happens to “snitches.”
Arguably, Sharma may have gotten off easily from the mob this time; he could have fallen victim to the “whistle blower” Andrew Maguire botched automobile hit-and-run job, which was executed within mere hours of his testimony about the JP Morgan gold and silver manipulation scheme at a CFTC hearing earlier this year.
So what does the Sharma story have to do with the price of gold? Everything.
Sharma’s abrupt dismissal underscores the underlying ruthlessness of a U.S. government, taking its rogue operations to the next level—in the open, for everyone to see—which will serve as a warning to others on the “good guys” side who dare come clean on the merits of escalating the war on American citizens and U.S. creditors.
But when the “bad guys” expose the truth, mom-and-pop-front-porch won’t take it seriously. After all, he is the bad guy, you know. Besides, taking on Libya’s Gaddafi is one thing. Taking on Russia’s Putin is another.
“Thank God … we do not print the reserve currency. But what are they stirring up? They are simply acting like hooligans,” Putin said in Moscow in mid-July regarding the Fed’s quantitative easing programs.
“They turn on the printing presses and fling them (dollars) over the entire world to resolve their immediate tasks,” he added. “They say monopolies are bad but only if they are foreign — their own are good. So they use their monopoly on printing money to the full.”
The only way the dollar can be debased in an orderly manner is for investors holding the dollar to continue believing it still will maintain its value (relative to other debauched currencies, of course), which is the point of Putin’s comment when he said “to resolve their immediate tasks,” and the point S&P’s Sharma made by downgrading U.S. sovereign debt.
Angering the world’s leaders through sadistic methods of currency devaluations, and firing of a man who shouts, “the emperor has no clothes” in plain view of the world, smells of desperation in Washington. The firing of Shama is another signal of a gold and silver market very near hyperbolic moves—moves that hard-money advocates have been forecasting for as far back as 10 years ago.
The last time U.S. policymakers ticked off world leaders through reckless monetary and fiscal policy to the extent they have done so since 2008 was during the 60′s and the Vietnam War. And we know what happened to the dollar relative to gold during the 70s.
Back then, it was French President Charles de Gaul who led the charge on Ft. Knox in an attempt to rein back reckless U.S. spending and dollar devaluations. Today, with the blatant disregard for the leadership role the U.S. has taken on as the administrator of the world’s premiere reserve currency, it appears that Venezuela President Hugo Chavez will attempt to fill the size-15 shoes of the great de Gaul, while S&P’s Deven Sharma takes the bullet for the American people and its foreign creditors.