El Cid 83
October 7th, 2009, 11:21 am
The Inevitable Fall of the Dollar?
Unless something dramatic is done soon, it’s no longer a matter of if, but when the dollar will fail. Everyone knows that we must live within our means in our personal lives or we will end up with nothing, and we may even wind up in jail. Our nation has been living beyond its means for decades and decades. This behavior is finally catching up with us, and at a time when we are contemplating yet another entitlement program. We can’t pay for the entitlement programs we already have. By all accounts these programs are doomed for failure within just a decade or two at most. Now we are considering the mother of all entitlement programs (health care), one that will dwarf our already monumental entitlements.
Today we are in a severe government induced recession brought on by the failure of the housing market and the banks that financed home purchases. This was a direct result of the Community Reinvestment Act. As company after company closes their doors and unemployment has risen to nearly 10%, tax cuts are allowed to expire and more taxes are contemplated.
This administration (with help from G.W. Bush) has already quadrupled our national debt (not counting health care) while doubling our money supply. In just his first five months our president has added more debt to our country than ALL previous presidents put together. The current national debt is just shy of $12 Trillion and it grows about $1 Million every 20 seconds. This doesn’t take into account the liabilities from Social Security, Medicaid, and Medicare. There is now twice as much cash in circulation than there was at the beginning of this year. Effectively this means that a dollar you had in January, 2009 is now, or soon will be, worth fifty cents.
What we are doing is monetizing our debt; we are printing more money with nothing to back it up, making the dollar worthless. All so we can get out of debt. While this may be great for the government, it is disastrous for its citizens. The hyperinflation that is coming will make the great depression look like a picnic at the park.
To avert this disaster we must dramatically reign in our spending and lower taxes to get our economy back on track. This congresses agenda must be shelved due to its shear un-affordability along with its negative impacts on the economy. Health care’s ESTIMATED costs are at $1 Trillion. It’s unquestionable the estimates will be grossly less than reality. The Cap and Trade legislation will, in President Obama’s own words, “cause energy costs to necessarily skyrocket”. This will be reflected in skyrocketing costs of goods. Speaker of the House Pelosi is proposing a VAT tax further raising the price of all goods. Everything on the democrat’s agenda is counter to jump starting the economy and will actually cause even further setbacks.
Our government MUST start living within its means and start paying off this insane debt. They should start by lowering taxes as President Regan has proven, lower taxes result in increased revenue. It would also be a huge boost to the economy.
The rest of the world is watching as we self destruct. Look around as the world works to distance themselves from us in an attempt to try and minimize their damage when the dollar finally collapses.
Not if, but when.
Unless something dramatic is done soon, it’s no longer a matter of if, but when the dollar will fail. Everyone knows that we must live within our means in our personal lives or we will end up with nothing, and we may even wind up in jail. Our nation has been living beyond its means for decades and decades. This behavior is finally catching up with us, and at a time when we are contemplating yet another entitlement program. We can’t pay for the entitlement programs we already have. By all accounts these programs are doomed for failure within just a decade or two at most. Now we are considering the mother of all entitlement programs (health care), one that will dwarf our already monumental entitlements.
Today we are in a severe government induced recession brought on by the failure of the housing market and the banks that financed home purchases. This was a direct result of the Community Reinvestment Act. As company after company closes their doors and unemployment has risen to nearly 10%, tax cuts are allowed to expire and more taxes are contemplated.
This administration (with help from G.W. Bush) has already quadrupled our national debt (not counting health care) while doubling our money supply. In just his first five months our president has added more debt to our country than ALL previous presidents put together. The current national debt is just shy of $12 Trillion and it grows about $1 Million every 20 seconds. This doesn’t take into account the liabilities from Social Security, Medicaid, and Medicare. There is now twice as much cash in circulation than there was at the beginning of this year. Effectively this means that a dollar you had in January, 2009 is now, or soon will be, worth fifty cents.
What we are doing is monetizing our debt; we are printing more money with nothing to back it up, making the dollar worthless. All so we can get out of debt. While this may be great for the government, it is disastrous for its citizens. The hyperinflation that is coming will make the great depression look like a picnic at the park.
To avert this disaster we must dramatically reign in our spending and lower taxes to get our economy back on track. This congresses agenda must be shelved due to its shear un-affordability along with its negative impacts on the economy. Health care’s ESTIMATED costs are at $1 Trillion. It’s unquestionable the estimates will be grossly less than reality. The Cap and Trade legislation will, in President Obama’s own words, “cause energy costs to necessarily skyrocket”. This will be reflected in skyrocketing costs of goods. Speaker of the House Pelosi is proposing a VAT tax further raising the price of all goods. Everything on the democrat’s agenda is counter to jump starting the economy and will actually cause even further setbacks.
Our government MUST start living within its means and start paying off this insane debt. They should start by lowering taxes as President Regan has proven, lower taxes result in increased revenue. It would also be a huge boost to the economy.
The rest of the world is watching as we self destruct. Look around as the world works to distance themselves from us in an attempt to try and minimize their damage when the dollar finally collapses.
Not if, but when.