I know, instead of compiling a list of everything that 0bama wants to/probably will destroy, let make a much shorter list of what might remain intact after he’s done.
Let’s see if I get this: Take the value of the dollar down vis-a-vie other currencies. OK, BUT WAIT!?
I am paid in dollars, so my paycheck would go down in value.
My bank accounts, retirement fund, future SSN checks are in dollars, so they’d go down in value.
My house is valued in dollars, so it would go down in value.
Hmmm. If I have a job, savings and a house I lose value, i.e. money
What if I owe people money?
If I owe money, I could pay people back in dollars of less value than I borrowed.
If I owe lots of money, I’d come out even more ahead.
If I owe tons and tons and tons of money, I come out way and way and way ahead.
Hmmm. Who owes tons and tons and tons of money?
Ah! The government owes tons and tons and tons.
I see now! If the currency gets devalued against other currencies, then those who have jobs, savings and homes lose while the government wins.
Hmmm. How about one more test, an empirical test: What has happened to citizens in countries that have devalued their currency in the past: Mexico, Venezuela, Argentina, Zimbabwe. Their citizens don’t seem too well off.
What has happened in countries that have a strong currency: Switzerland and Germany? Their citizens seem to be doing better.
Would a friend of mine be promoting this idea?
Just like a writer put it today in a Letter to the Editor:
“Let’s put aside the false concept of American exceptionalism and superiority...”.
Their intent is to destroy every vestige of what made this a great country and what is alarming is that I see no serious effort to stop it.
Oh my God.
Sure . . . hand it off to terrorists and demagogues. Peace for our time!
Periodically, I receive emails from investment firms which state that the one event that would almost certainly tank the US economy would be the losss of the dollar as the world’s exchange currency. They predict a huge loss of value of the dollar and huge price increases throughout the economy.
You can find economnists who are predicting most any possible outcome, but those who think that the loss of the dollar’s reserve currency status would be a near disaster seem to make more sense than this article.
Yeah, let’s just call it a day. Because printing trillions of dollars when you are not the reserve currency is a great idea.
These people are idiots.
“After all, who wouldn’t want their currency to be the one that foreign banks and governments want to hold in reserve?”
Me, for one. But then I don’t trust any government not to waste money when allowed to borrow at fair market rates, let alone the artificially (aka unsustainable) rates associated with reserve status.
Another Anarchist
Bernstein graduated with a Bachelors Degree in Fine Arts from the Manhattan School of Music where he studied double bass with Orin O'Brien. He earned a Masters Degree in Social Work from the Hunter College School of Social Work, and, from Columbia University, he received a Masters Degree in Philosophy and a Ph.D. in Social Welfare.
Why are we even listening to this guy? He knows nothing about economics.
Post Keynesian Economics = Pure Marxism?