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“We have been borrowing massively abroad—some $850 billion in 2006 alone. With the government spending massively, and with American households saving zero, there was nowhere else to turn. We used to lecture other countries about what good economic policy meant; now they are laughing behind our backs—and occasionally lecturing us. While we seem traumatized by the idea of our government running a bank, we seem to accept the notion that a foreign government might have a major share in iconic American financial institutions—banks so important to our economy that they are too big to fail. Economists who have calculated the exchange rate required to end our trade deficit provide horrific numbers, suggesting that the decline in the dollar may have only just begun. Americans will no longer be able to even buy a cup of coffee in Paris. We can avoid these adjustments, which will be painful to us and our trading partners, but only by increasing our savings rate.”

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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