I started this article yesterday, and as with any disaster in the process of developing, new news is available, items that were missed the first time around were found that indicates the government is worried itself in regard the collapse of the dollar. This was actually published on July 17th, and I didn’t catch it immediately:
US Government to Intervene to Prevent US Dollar CollapseIn his testimony yesterday, Ben Bernanke, stated that “dollar Intervention should be done rarely” but that it “may be justified in disorderly times.”
The FT reported overnight that sovereign wealth funds are cutting their exposure to the dollar due to increasing concerns regarding the U.S. financial system and economy. Central banks internationally are doing likewise and western central banks have sharply decreased their gold sales and central banks in Asia, South America and the Middle East are becoming net buyers of gold again.
Due to the real risk of a run on the dollar, the U.S. government and many others are openly talking about intervention in currency markets to support the dollar by buying dollars and it is likely that this intervention might also take the form of selling gold, the anti dollar, in order to support the dollar.
Reuters’ Mike Dolan wrote yesterday that “Three days before the last bout of coordinated central bank intervention to calm world currency markets, the International Monetary Fund’s top economist opined: “If not now, when?” Many experts are now asking the same. MUCH MORE
In different press releases, Mr. Bernanke attempted to assure us that the majority of our banks are safe, and if you have less than 100K on deposit, you’re probably safe, but if you have more there isn’t a safety net that will protect you if your financial institution fails. I’m not an economist, don’t pretend to be, but I do read all of the advice and publications that are truthful on the matter, and besides, I stayed at a Holiday Inn Express last night, so my credentials in this matter have to be equal to or better than our President, who has shown us how to bankrupt the wealthiest nation on earth in just seven and a half years!
Without doubt or question, we are facing a financial crisis of unimaginable magnitude, and some will lose everything while others are poised to scoop-up what is lost by America’s former Middle-class. Joe Loserman accused Obama of “choosing to lose the Iraq War” because of setting a timetable with Iraqi Prime Minister Nuri al-Maliki:
Lieberman: Obama choosing to lose Iraq war
WASHINGTON (CNN) — Democratic presidential candidate Sen. Barack Obama is choosing to lose the Iraq war by planning to withdraw American combat troops, a high-profile supporter of Republican candidate Sen. John McCain said Sunday.
Sen. Joseph Lieberman, a Democrat-turned-independent from Connecticut, said McCain’s support for bolstering U.S. forces in Iraq last year to subdue insurgents has made Obama’s expected visit to Iraq this week possible.
“John McCain had the guts to argue against public opinion, to put his whole campaign on the line, because, as he says, he’d rather lose an election than lose in a war that he thinks is this important to the United States,” Lieberman said on “Fox News Sunday.” MUCH MORE
When you’ve carefully poured through history, and saw the Soviet Union essentially bankrupt itself with their war in Afghanistan, a credible President would have handled Afghanistan in a different manner - followed through when he had the leaders of the Taliban and Al Qaeda cornered in Tora Bora, and fulfilled his promise to refuse to give terrorists safe haven in any country on earth. That evidently didn’t include Pakistan, and now we’ve got worse issues in Afghanistan than we do in Iraq, all compliments of the Bush administration.
John McCain just declared that “we’ve succeeded militarily.” Last week, he declared that “the surge worked.”; if that’s the case, then why wouldn’t we begin to withdraw our troops on a viable timetable and let Iraq handle their own business. The real question is whether we really won anything, and if we won, then why it is “Losing the War” if we begin bringing home our troops? It can’t be both ways, we either won, or Iraq is at a virtual stand-still, and order an only be maintained by a heavy US troop support mechanism. At any rate, bankrupting our own country in order to be able to declare victory doesn’t make an bit of sense at all, so Joe Lieberman’s attack on Obama rings hollow - like the soul of Joe “Benedict Arnold” Lieberman. I’m unaware why anyone would care what Loserman said anyway, as he’s as much a lame duck as the President is ever since he revealed that he was a Republican in disguise. Right after the November elections, look for Lieberman to be stripped of his Committee Chairmanships and authority as he’s treated with the same disregard that he revealed to the voters of Connecticut.
Russia is paying back the US for us helping in their losing the war by financing Bin Laden and supplying them arms to guarantee that Russia lost, and now Russia is giving it back to us in spades, arming Iran to the teeth, and Hugo Chavez is there weapon shopping even as I’m writing this article. In world politics, what comes around goes around, and Russia hasn’t forgotten the smack-down they got, courtesy of the United States. Now that we’re financially wounded, our enemies will attempt to take advantage of the situation, so it’s imperative that we as a nation get our heads out of the sand and come-up with a viable plan to salvage our economy and extract ourselves from a war that is bankrupting our entire nation.
After it’s all said and done, we still have to face the question of “what” we can do to save our faltering economy. Many of the answers are obvious, such as reducing our troop strength in Iraq and stop the bleeding of money that we can’t afford to be spending. Unfortunately, it goes much deeper than that. When President Bush pushed for huge tax breaks for the wealthy and corporations, he stated it was because they would be able to invest more in their businesses and therefore help the American economy.
