To the editor: Contributing author James Galbraith’s piece in regards to the U.S. greenback’s position because the world’s reserve forex lays out the dilemmas of present U.S. financial coverage effectively (“We’re stuck with the dollar as the global currency, along with all the downsides,” Aug. 25). The status-quo choices won’t repair the issue. America’s industrial decline won’t remedy itself.
I’d add that the present wave of monetizing every thing is quickly making the issue worse. Non-public fairness buys up housing, healthcare and extra, whereas “masters of the algorithm” make use of gig staff to make use of their very own vehicles and work in warehouses with few rights. Sports activities playing and prediction markets make the most of our personal telephones to get us hooked. AI guarantees to supersize all of this whereas constructing nothing of use. In the meantime, the oligarchs use their billions to subvert our politics.
Governments in any respect ranges should act instantly to rein within the oligarchs and cease the race to the underside. A New Deal for the twenty first century, maybe.
Brad Jones, Santa Monica
