The American Empire is Bankrupt

Please read this very important article of the BRIS meetings being held today and tomorrow by Chris Hedges in the Truthdig. An excerpt from the article is as follows:

"There are meetings being held Monday and Tuesday in Yekaterinburg, Russia, (formerly Sverdlovsk) among Chinese President Hu Jintao, Russian President Dmitry Medvedev and other top officials of the six-nation Shanghai Cooperation Organization. The United States, which asked to attend, was denied admittance. Watch what happens there carefully. The gathering is, in the words of economist Michael Hudson, “the most important meeting of the 21st century so far.”

"It is the first formal step by our major trading partners to replace the dollar as the world’s reserve currency. If they succeed, the dollar will dramatically plummet in value, the cost of imports, including oil, will skyrocket, interest rates will climb and jobs will hemorrhage at a rate that will make the last few months look like boom times. State and federal services will be reduced or shut down for lack of funds. The United States will begin to resemble the Weimar Republic or Zimbabwe."

Now, you should understand why I thought the Federal Reserve and Treasury would do everything in their power to strengthen the dollar going into the BRIS sessions. Tomorrow and Wednesday could prove very interesting for the dollar (UUP). By the way, UUP closed up 1.83% today. That for any currency is one major move.