Posted on 02/28/2005 11:54:16 PM PST by beyond the sea
The U.S. economy is headed toward crisis, and the political leadership of the country – if it can be called leadership – is preoccupied with nonexistent weapons of mass destruction in the Middle East.
The U.S. economy is failing. The afflictions are serious. They could be fatal even if diagnosed and treated. America is losing the purchasing power of its currency and its ability to create middle-class jobs. Story Continues Below
The dollar's sharp decline and projections of continuing trade and budgetary red ink are undermining the dollar's role as reserve currency. A number of central banks have announced that they will be diversifying their currency holdings and will not be buying dollars at the same rate as in the past. This will put more pressure on the dollar. At some point, the flight will begin. Instead of buying fewer dollars, central banks will sell dollars, hoping to get out before the dollar hits bottom.
Suddenly, the advantage of being the reserve currency becomes a nightmare, as the world's accumulations of dollars are brought to market. An enormous supply and weak demand mean a very low exchange rate for the once almighty U.S. dollar.
Overnight, those cheap goods in Wal-Mart, which are the no-think economist's facile justification for Wal-Mart's decimation of communities, small businesses and employment, shoot up in price.
(Excerpt) Read more at newsmax.com ...
OK, yes the Stillers are the Pittsburgh Steelers NFL football team, spoken with a Pennsylvania accent. That turns them into the "Stillers," while the Philadelphia Eagles become "the Igles."
Oh,I see..............LOL
I was talking about guys like Alan Greenspan. Is that " tinfoil conspiracy stuff". I hope not.
Gotta go feed the cats here.
I'm keeping my faith in America. But, please don't suggest that FR should be a place where an article like this cannot be posted. There has been some good discussion on our economy here. I've been posting and reading here for seven years, and it is the best site in the country.
By the way, I didn't like Roberts' slam on the President in the first sentence, but thought, all in all, it was a decent article concerning the dollar.
Good morning.
:)
What a joke.
Red6
LOL. You just brought back that last New England playoff game to my mind .... ugh!
How's the weather up there?
...Overnight, those cheap goods in Wal-Mart, which are the no-think economist's facile justification for Wal-Mart's decimation of communities, small businesses and employment, shoot up in price.- PCR
How about this line? (...Wal-Mart's decimation of communities, small businesses and employment...) Broad strokes...but, he forgot the paint!
I haven't felt this negative about the US since the Jimmy Carter years. All the bills are about to come due.
most journalists fall victim to an occupational hazard: They realize, somewhere along the line, that they are really not as knowledgeable nor important as they have led themselves to believe. To cover this, both from themselves and, hopefully, from the public, they take on the myth that they must be attack dogs on any issue or person - particularly targeting anyone on the right. -------- This doesn't mean the editor should automatically print the tripe...
thanks....
Quote: We have kicked terrorist ass with those "show off" weapons several times over
C'mon! We attacked Iraq and Al Quada in Afghanistan. They had nothing but old oldated equipment and a army of half a** camel jockeys. Kinda akin to the Italian attacking Ethiopia who had their spears.
We'll see how good our technology is when or if we have to battle with China. Don't take this as an attack against our great military. I respect them. We have just been fighting the cut rate teams and not he varsity.
Roberts sounds a word of caution, but WMD's exist or soon will in the Middle East, and so do crackpot mullahs who can't wait to push that button. What are we to do? Two options. Bribery (the Euro answer, paid for mostly by the US), which won't work because Iran will cheat as did North Korea. Or preemptive attack, which the Libs tell you we can't do because we're 'spread too thin'. Charles Krauthammer discussed this intelligently last night on Fox. The Liberals...Maura Laisson, etc. did the usual frightened chicken routine. (Presumably Kerry would handle things so much better. Never mind, just hand it all to that bastion of common sense and decency, the UN!)
We still have the best weapons, bar none.
And the vast majority of this article is utter codswallop!
Greenspan has his ups and downs,but you never mentioned him at all...now did you? :-)
Go feed the poor kitties.I'm a cat person myself.
What part of the Federal Reserve is "federal"?
I'm far from an expert on this for sure, I have more questions than answers.
;-)
I have no idea.
Our real problems are our politicians are lame as could be. They don't retire gracefully anymore, they die in office with alzheimers.
Once a nuke war starts, nothing is going to matter.
Once a nuke war starts, nothing else is going to matter.
Quote: We still have the best weapons, bar none
I agree 100% and hope it stays that way. but we are also sending billions to China each year and they are not spending that money on dinner plates. I'm worried about a china of 15-20 year from now.
They steal out technology at an astounding pace and have no respect for intellectual rights of any type. Also the isolationaist china of centuries past is no longer. They will go out over the world to protect their economic interest.
But you are nevertheless worried about a plan by people you have no idea about. Seems a little silly, don't you think?
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