OpEdNews » 2008--The Year They Killed the Golden Goose

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Tag(s): 1929 Or Great Depression; Banking; Corruption; Crisis; Depression; Dollar; Economic; Economics; Energy; Energy; (more...) Finance; Government; Housing; Markets; Work; Year In Review (less...)
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January 1, 2008 at 16:08:03

2008--The Year They Killed the Golden Goose

by M. Davis Page 2 of 2 page(s)

www.opednews.com

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No matter how stupid the investors or clever the con artist, sooner or later, the scheme will collapse of its own weight. And now, the designers of the con game have gotten the government to create a bit of financial voodoo and bail some of them out of a game of their own making. The folk who willingly bought the snake oil have gotten the government to bail them out of the consequences of their own decision making.

The consequences of the housing con game have grossly devalued the dollar. Analysts say a devalued dollar is the real culprit behind increased energy, food and fuel prices in the United States and he thinks we’re in deep financial trouble with the weakened dollar.

Dave Minucci listens to the chatter on Wall Street about the flagging dollar but doesn't have to look far to cast his own assessment. A recent home heating bill was $120 higher than at the same time last year. But Minucci doesn't blame lower temperatures; the chill he feels is from higher energy prices and a weaker dollar.

He sees what many Americans may not realize: With commodities from oil to natural gas to grain to meat priced in dollars and becoming more expensive as the greenback falls, consumers have to spend more to buy the same amount of goods. And a lower dollar can raise the cost of imported goods -- with the increase often passed along to consumers.

"I think we're in trouble with the weak dollar," said Minucci, who works in the Capital Markets Finance group at JPMorgan Chase. (AP)

The cost of the war, the risky derivative-based housing investments, and the weaker dollar are creating a perfect storm of financial catastrophe here and abroad. We have been playing Russian roulette with the economy and the bullet’s now in the chamber. The piper will have his due—who’s going to pay him, and in what currency?

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1 comments

Earl of Stirling, Hereditary Governor and Lord Lieutenant of Canada. Author of CASH FOR PEERAGES: THE SMOKING GUN (Lulu Press at www.lulu.com/content/953682). Web site: http://europebusines.blogspot.com/
Lord StirlingEarl of Stirling, Hereditary Governor and Lord Lieutenant of Canada. Author of CASH FOR PEERAGES: THE SMOKING GUN (Lulu Press at www.lulu.com/content/953682). Web site: http://europebusines.blogspot.com/

Good article

Good one, Monica. The role of the government should be to prevent things like this from happening. However, going on 40 years ago, we in America legalized bribery...called Political Action Committees. By moving the "under table" money to the top of the table and, at the same time, not regulating the cost of political campaigns, we have ensured that 95% of our congressmen and senators are little more that highly successful whores. The average congressman has to raise tens of thousands of dollars every week to stay in office. In the real world, people do not give large donations without strings attached. So those that should be watching over the banks, etc., are totally bought off by the banks/etc., and the people....the people be damned, they don't donate big bucks year round.

This is how a great nation becomes a failed third world nation. It happened 70 years ago to Argentina and they are still digging themselves out of the mess. We are next.

Stirling

by Lord Stirling (23 articles, 0 quicklinks, 4 diaries, 131 comments) on Wednesday, January 2, 2008 at 11:34:11 AM