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Tuesday, June 24, 2008 4:49:41 PM
What will they do: strengthen the dollar?!! How the HELL would America be able to pay ANY OF IT BACK? With our expanding industrial base? Oops, its actually shrinking! Manufacturing has moved to the mostly unregulated and untaxed Asia now! Ahh, how about this: we will make money on America's famous safe banking systems... oops, they are also shrinking because they exploited their positions by packing high risk debt into AAA rated bonds while the Fed knowingly looked the other way.... Hmmm? Where can America make the money to pay off those debts??
Oh, and in the meantime let's not to forget to pay 'the greatest generation' all of their retirement paychecks (which all of them should not need if they were so great, having lived through the greatest economic expansion in world history).... let's not forget to pay for all of the people's emergency paychecks who didn't get out of the way of the hurricanes or who bought land in a known floodplane.... let's not forget to pay for an emergency stimulous package that we are encouraged to spend and not to save.... let's not forget to spend money on a war that has failed to secure oil reserves but which promises democracy for the most undemocratic region on the face of the planet... let's not forget to pay for the department of education which has presided over the greatest Dumbing Down event in American history... hmmm, so many bills to pay....
Unless the US has victory in Iraq and a new sustained oil supply, the economy will be toast until new energy sources are developed. This economic crisis has been 10 years in the making, or 30 years if you want to look at the sources of the faulty market reasoning. The Fed is powerless at this point unless it goes Volcker-style and hikes the rate, but then risks a default on many public bonds. There is no way to pay for anything at this point other than new technology, new energy sources, or new industry and America is not ready for ANY of it. The resources we do have such as OIL cannot be drilled becuase of Democratic cries for the polar bears. The Democrats have blocked investment in Nuclear energy based upon arguments formed in the 1970s that are outdated and antiquated. The countries whose resources we can tap into, like Colombia, the Democrats have derailed the Free Trade Agreements based upon concern over labor groups that were really just fronts for terrorist orgs , and now the Democrats are even threatening NAFTA. Every advantage we have is being squandered by regulations that prevent expoitation of our natural resources, and those with innovation are taxed into oblivion. You have to have a freaking law degree and an engineering degree just to even begin to license a new product. Add the spector of a socialist-thinking, anti-free trade candidate like Obama, and the confidence will drop into the toilet. It'll be all hugs and kisses and rainbows under Obama while everyone loses their jobs and their children risk getting eaten by the overabundance of polar bears.
America needs to wake up and get off its high horse and once again roll up its sleeves and get to work. Cut the regulation, lower the taxes and put money and power into the hands of those who can best decide what is in their best interests: themselves. Get the governemnt monkey off the backs of the working people. Until this lesson is relearned: gold is the investment of choice at least until summer of 2009. For the next five years, the dollar is doomed.
We will prosper only when the People are allowed to Get Scrappy Again!
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