The trillion dollar President, and his push to spend $2.5 Trillion more on health care, even as the Fed prints a trillion dollars a year to pay our bills, has irreparably harmed the United States.
His reckless disregard for the rules of international finance has done one thing: made everyone in the world with a shot at creating the planet’s dominant currency want to print money too! (It is easier to pay your bills, if you just the print money to do it.)
The Chinese, the Russians, the Brazilians and now the Arab world — all have made a run at our weakening global currency and our weakening economic position.
The reason for our existing and continuing weakness is simple: Obama keeps spending and spending, and he can not or will not stop.
So, is it any surprise that the Arab nations are banding together to create their own currency. (Then they can print a trillion dollars a year too. BIG FUN.)
In the words of one banker:
“The US dollar has failed. We need to delink,” said Nahed Taher, chief executive of Bahrain’s Gulf One Investment Bank.
The scary thing is that our trillion dollar President has no clue as the damage he has done, is doing, and will continue to do — but he sure does spend a whole lot, and play a ton of golf. And you know it really is bad when the Washington Post editorial board (H/T redneck_hippie) pens a piece titled, “The Coming Debt Panic.”
Moe Lane
Steve Maley
KnightsofMalta
Dan Spencer
Dan McLaughlin
Zimbabwe
partyof1 Thursday, December 17th at 10:12AM EST (link)’nuff said
Pretty much
Dan Perrin (Diary) Thursday, December 17th at 10:22AM EST (link)n/t
The Greece bond downgrade isn't
dsmurf (Diary) Thursday, December 17th at 11:20AM EST (link)helping the Euro against the US dollar, and I won’t gloat while all these states are struggling to make ends meet, i.e. California. So when the USD reaches new lows against the Euro over 1.60 or new lows on the USD index then this Arab dude will make sense, until then what will the Arabs use to make their transition to their new currency?
Black gold
Dan Perrin (Diary) Thursday, December 17th at 4:29PM EST (link)I think
err oil which is priced in USD?
dsmurf (Diary) Friday, December 18th at 11:36AM EST (link)can’t switch without the uber liquid USD? Where was that story of Greece and Ireland leaving the Euro? Maybe just a wish. The Arabs will figure out a way to keep a strong currency.
How come--??
misterbill Thursday, December 17th at 12:22PM EST (link)When anyone else prints play money they get in trouble with the law???
The monopoly of the State and the Fed
Dan Perrin (Diary) Thursday, December 17th at 4:56PM EST (link)among other things, but those two principally.
Anemic GDP vs. National Debt on Steroids.
redneck_hippie (Diary) Thursday, December 17th at 12:48PM EST (link)The inflation reality, when it dawns, will just be the opening scene of our tragedy.
The “Trillion Dollar President” describes our situation perfectly. As your post intimates, his global leadership has finally spawned a financial movement.
Yes, the movement to
Dan Perrin (Diary) Thursday, December 17th at 4:55PM EST (link)run away from the dollar and create your own currency!
Allowing criminal Counterfeiting of currency would be less harmful
JLenardDetroit (Diary) Thursday, December 17th at 12:50PM EST (link)I mean really, why bother to enforce those Laws and remove that currency from circulation?!?!? At least those funds are SECRETLY, and without actual measure to know the potential damage, entered into the Economy. To allow counterfeit currency to circulate more money is quietly in the economy allowing people to buy things!
You all understand this is, of course, an absurd notion but that with all that is going on today — I still say, really why bother?
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Maybe he is doing it
dwintnf (Diary) Thursday, December 17th at 12:54PM EST (link)on purpose. I still have members of my family who still sort of defend him and of course they are the one’s who still have a high paying professional job or have retired with no worries.
Well I would start worrying because if you think a big 401k hit was bad last year, hyper-inflation will be much worse.
The collapse of the dollar will cause inflation --
Dan Perrin (Diary) Friday, December 18th at 9:19AM EST (link)then we will see how much they support Obama, once their spending power erodes.
Obama's time will pass
erod (Diary) Thursday, December 17th at 12:55PM EST (link)and then fiscal sanity must be restored.
or it might not
kyle8 (Diary) Thursday, December 17th at 1:05PM EST (link)If a real conservative gets elected with control of congress then much of the damage can e mitigated. But if either of the following happens then we are screwed for maybe a generation.
1) Obama is reelected
2) A rino is elected
3) A conservative is elected but Democrats retain working majorities in congress.
So as I see it, it still looks pretty gloomy.
And even if we do get conservative leadership, it will be an uphill struggle to deal with all the damage and debt.
“Nothing works like freedom, Nothing succeeds like liberty”
Kyle
It will be too late
MNConservative (Diary) Thursday, December 17th at 3:36PM EST (link)Mathematically, we’re beyond the point of no return.
http://www.shtfplan.com/headline-news/hyperinflationary-depression-no-way-of-avoiding-financial-armageddon_12152009
(the actual shadowstats article is subscription only)
Please be prepared.