2008--The Year They Killed the Golden Goose

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By M. Davis (about the author) Page 2 of 2 page(s)

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In the self-deluded, reality impaired world that we operate in, many would be diners/investors, convinced themselves that they were not looking at maggots. They turned reality on its head and told themselves that the wigglers were a new kind of heat-activated sugar granules. Not! A maggot is a maggot is a maggot. And a pyramid scheme is a house of cards that can not stand.

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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Wanna be member of the anti-word police, author, columnist, activist and muckraker extraordinaire. Author of:

Land, Legacy and Lynching: Building the Future for Black America

Urban Asylum: Politics, Lunatics and the Refrigerator (more...)

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