China concurs, and I can’t blame them or any other fiscally responsible country. The US dollar is backed soley by confidence and trust in the US government, whose members are currently the most hypocritical, untrustworthy criminals in the world. The US dollar has become a dangerous promissory note; to China and several other countries.
has multiple implications.
A little over 2 years ago, Ron Paul wrote a short piece entitled "The World’s Reserve Currency", an easily understood explanation about the US dollar versus the Euro and international banking.
When (notice I said when and not if) the world's governments and banks choose to replace the US dollar with a different reserve currency, get ready to see dollars become as volatile as Mexican pesos, and all that implies. Stability in a currency is the only protection the world has against financial ruin.
If the US Congress approves President Obama's proposed budget, the US national debt will escalate to over $9 trillion American dollars, causing the most extreme deflation of the US dollar since continental currency.
It's a sad state of affairs in the United State when the world starts preparing for America to declare bankruptsy and hyperinflation to ensue. If this occurs, they don't want to be holding American dollars or US treasury bills; formerly, the safest place to keep one's capital holdings.
Let me continue to share my heatfelt wishs to our leaders: To the members of the US government responsible for changing the banking laws that created this economic crisis, as well as those who are currently spending us into bankrupsy, may you burn in hell for the lives you ruin; past, present and future. May God forgive you, I don't know if I can.
4 comments:
I agree. I can't forgive them either.
We put our daughter through college with US bonds saved over many years. Good thing that's a done deal as they'll soon be worthless, if they aren't already!
That is funny seeing how none of you said one thing about Sir George taking us from a surplace budget under Clinton to up to our eyeballs in debt to finance his unneeded war in Iraq. He is the one that got us into this mess and all you want to do is blame Obama like it was all his doing. The Bush Adminastration started the bailout and the Republicans couldn't wait to get it done.
President Bush is not innocent by any means, but he's not solely responsible. He started stimulus spending several years ago, but Congress is the only branch of government allowed to spend money and incur debt. The banking problems started well before he took office.
There's plenty of blame to go around. I can't change the past but I refuse to silently slip into national catastrophe.
Congress and Sir Obama are digging a hole we won't be able to get out of.
That would have been Sir Willie's Rep. congress's surplus perhaps.
And Sir Georgie's Dem. congress's debt with Rep. help for sure.
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