Cant the American people see what is happening to their future? In just 6 years Bush has taken the worlds strongest currency and chopped it into finally ground hash. By the time people rouse from their stupor, the greenback will be eye to eye with the peso.
Bush has piled up more debt than all the other presidents combined. His tax cuts have fattened the bankrolls of his constituents but theyve put the dollar on a downward slide. Since he took office the once-mighty greenback has plummeted a whopping 35%.
Meanwhile, at the Federal Reserve, new Fed-master Bernacke has the printing presses running at warp-speed. The soaring price of oil has soaked up more than a trillion dollars of freshly-minted fiat currency, but its the only thing that's kept the greenback from slipping beneath the waves. Unfortunately, that trick wont last forever.
Dick Cheneys foolish axiom, Deficits dont matter has turned into a funereal-dirge for the greenback. Deficits Do matter, and bankers around the world are proving that by hastily moving away from Uncle Sams washed-out script.
On Thursday the congress added another $70 billion to Washingtons mountain of debt, completely ignoring the fact that the dollar lost a full 2% against the euro in the same 24 hour period. Is it possible to be that obtuse?
The currency markets are as jittery as anyone can ever remember. The European Central Bank (ECB) and Japan are not prepared to take over as the worlds reserve currency, but they are equally reticent to keep shoring up the flaccid dollar. What theyd like to see is the Bush administration demonstrate that they can still be a responsible steward of the global economic system, a role the US has managed since World War 2.
Dont expect maturity from this crowd.
Bush is simply carrying out a crackpot plan from his globalist friends at the Council on Foreign Relations (CFR) It is a strategy that Washington has executed many times via its surrogates in the World Bank and IMF. Corrupt politicians (Bush and co) plunge the nation into unsustainable debt, interest rates rise, the economy implodes, and the banks and corporations pick the carcass clean; privatizing what they can while destroying what's left of the social safety net. (John Perkins Diary of an Economic Hit Man provides a first rate account of how this method has been used repeatedly throughout Latin America) In fact, it is simply the corporate version of traditional colonialism.
The American public is too blind to see that the trap has now been set for them and that soon they'll be tottering off to the grocery store with wheelbarrows of cash for a loaf of bread and a head of lettuce.
The dollar-slaughter is the biggest part of this whacko scheme. It is the quickest way to crush the middle class by robbing them of their life-savings through hyper-inflation.
This view of unfettered capitalism is the Holy Grail of free market globalists. In fact, they invariably refer to it as democracy. It portends a world where industry overlords dictate policy to their political underlings and where society is entirely shaped to enhance corporate profits.
For the avatars of predatory capitalism, Friedmans Flat-world is a dreamscape; the capitalist Valhalla. For the struggling middle class, it is a return to the law of the jungle; the fast-track to widespread destitution.