This is the 3rd article in 5 days documenting foreign calls for replacement of the dollar as the global reserve currency. TJFXH posted the first from last week on the 19th when Reuters carried this stunning article on Russia floating the idea for the need for a reserve currency prior to the G20 and receiving alleged positive reactions from at least China, South Korea, S. Africa, and India.

Reuters

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Two items. The first is a Boston Globe article discussing potential DoD acquisition cuts to golden paperweights like the Raptor program by Robert Gates over the next few years. I can't begin to describe how important it is to curtail DoD spending in line with the reality of our domestic economic capability. The costs for simply refurbishing the Army after OIF and OEF are going to be huge and that's not counting ongoing expenses for both fronts. Any cuts proposed by Gates are going to act as crucial testing points for how "awake" our leadership and civil population is to enacting change in areas that need it. If he fails and the programs stay in place we can add another brick to the scales of imbalance for protecting the status quo versus change to reflect America's post-hegemony status.

Here's the article. Gates readies big cuts in weapons

The second item is the wholly predictable announcement by Russian President Medvedev that Russia has had enough of it's near abroad being based by the U.S. and is embarking on rearming and modernizing it's old soviet armaments. Who would've thought that poking the bear for over 15 years would eventually get a response? Unless Obama moves fast and ignores the "China and Russia are aggressor nations we're destined to go to war with crowd" get ready for arms race 2.0. Maybe cramming the idea of NATO expansion and "anti-Iranian" missile defense systems down Europe's throat wasn't such a hot idea in hindsight. : P

The Article quotes U.S. press secretary Gibbs as calling Medvedev's announcement as “largely for domestic consumption.” Hopefully Gibbs' statement is "largely for domestic consumption" as it would constitute a critical misread of Russia's fears of encroachment to its near abroad. Ironically, if I were a betting man I'd bet that U.S. hawks will use this as justification to keep the Raptor and other acquisition programs as future deterrents to Russian "aggression". So we poke the bear for over a decade and when he shows some claws we use it as proof he was evil all along. High comedy or future tragedy, you decide.

Here's the read. Medvedev to Bolster Military in Russia

The New York Times has an article today on the Pentagon re-thinking its long-held two simultaneous war strategy. It's a quick read and notable for the fact that there seems to be a total lack of actual thought from the AEI, Brookings Institute, and "anonymous" Pentagon official interviewed.

All three are dimly aware that problems exist but none of the three question whether global force projection is A.) desired or B.) financially feasible with the current sorry state of _________. (You can fill in the blank with any of the following options, U.S. ground forces, the domestic economy, America's reputation abroad, U.S. denial and meaningful action on climate change.)

The turning of a century is a rare event and one that marks a reflection point for a society. It provides the opportunity to see in hindsight the nature and character of the time that passed within the scope of the generations who lived through it.

I remember the heady news coverage prior to 2000 and the overall feeling of optimism within the U.S. for a future promising longer life, unlimited technological innovation, and steadfast belief that our country was destined to lead the world into the next century. It takes time though, to gain hints on what the next century will actually hold. With the first decade of the new century closer to ending than beginning where do we stand?