Sinking Currency, Sinking Country

World Net Daily ^ | 11/02/07 | Pat Buchanan

[Thorin]

The euro, worth 83 cents in the early George W. Bush years, is at $1.45.

The British pound is back up over $2, the highest level since the Carter era. The Canadian dollar, which used to be worth 65 cents, is worth more than the U.S. dollar for the first time in half a century.

Oil is over $90 a barrel. Gold, down to $260 an ounce not so long ago, has hit $800.

Have gold, silver, oil, the euro, the pound and the Canadian dollar all suddenly soared in value in just a few years?

Nope. The dollar has plummeted in value, more so in Bush's term than during any comparable period of U.S. history. Indeed, Bush is presiding over a worldwide abandonment of the American dollar.

Is it all Bush's fault? Nope.

The dollar is plunging because America has been living beyond her means, borrowing $2 billion a day from foreign nations to maintain her standard of living and to sustain the American Imperium.

[NeoCaveman]

Of course tariffs on steel might make the Chinese mad, so we can’t have them.

As well as American auto companies and any other companies that use steel as a component of prouction would be mad too. And then their are the ports and shippers, they wouldn't be all that pleased too. Then there are the end consumers they wouldn't be happy either. But the steel workers would be happy.

[Alberta's Child]

Because it's money that has to be paid but has no current source of revenue to pay for it.

Foreign investors aren't bailing out of their dollar holdings because of what they are seeing TODAY . . . they're bailing out because of what they see happening TOMORROW.

[jveritas]

Long Live Walmart. It is because of Walmart and similar outlets that we are able to have the best standards of living the world. We can buy, buy cheap, buy a lot, and enjoy life.

[Designer]

I think I've discovered his problem:

MNJohhnie said; "..panicked by the normal operations of the Capitalist Free Market system.."

Some FReepers here seem to think that our downfall is driven by "the normal operations os the Capitalist Free Market system"!

Therefore we are the dolts who look beyond the surface for additional clues.

This once-great country is going down the tubes and we have to waste our time argueing with the "useful idiots".

Sheesh!

[Toddsterpatriot]

Because it's money that has to be paid but has no current source of revenue to pay for it.

Pretend there is a Trust Fund for Social Security and that we need $1 trillion more than Social Security receipts to pays benefits this year. Where does the money come from.

Pretend there is no Trust Fund for Social Security and that we need $1 trillion more than Social Security receipts to pays benefits this year. Where does the money come from.

[jveritas]

Excellent Info. Thank you.

[Mr. Jeeves]

787’s

Half of them are going to be built in China. ;)

[Teacher317]

Cool chart!! Reorganizing to show the top exports (in billions)...

$52.38 (21320) Semiconductors
$43.09 (30230) Other parts and accessories of vehicles
$40.71 (22000) Civilian aircraft
$36.09 (21301) Computer accessories
$34.53 (30000) Passenger cars, new and used
$32.71 (21180) Industrial machines, other
$30.79 (40100) Pharmaceutical preparations
$29.75 (20005) Electric apparatus
$28.91 (21400) Telecommunications equipment
$27.87 (12500) Plastic materials
$26.97 (12540) Chemicals-organic
$22.66 (21610) Medicinal equipment
$19.75 (60000) Minimum value shipments
$19.12 (21160) Measuring, testing, control instruments
$18.52 (12550) Chemicals-other
$17.37 (22010) Parts-civilian aircraft
$17.35 (11120) Petroleum products, other
$16.95 (22020) Engines-civilian aircraft
$16.36 (12770) Other industrial supplies
$15.95 (21100) Industrial engines
$15.09 (30100) Trucks, buses and special purpose vehicles
$14.07 (41050) Other household goods
$13.93 (12300) Finished metal shapes
$12.07 (11110) Fuel oil
$11.92 (30200) Engines and engine parts
$11.44 (21300) Computers
$10.78 (21000) Drilling & oilfield equipment
$10.56 (12430) Newsprint
$9.99 (42100) Gem diamonds
$9.90 (21170) Materials handling equipment
$9.87 (21030) Excavating machinery
$9.49 (21120) Metalworking machine tools
$9.46 (20000) Generators, accessories
$9.03 (41120) Toys/games/sporting goods

Looks like a ton of manufactured products up at the top to me!

[Darnright]

>We don’t make steel anymore?

Yet we make tractors, cranes, cars, steel buildings, interstates, bulldozers etc etc. Must we make the steel too or the economy dies? Obviously not.<

Tell it to these guys:
http://www.steeldynamics.com/

[mikedfox]

This is all a plot to get the value of the dollar closer to the peso, so it will be simpler when we combine currencies.

;)

[Toddsterpatriot]

Only in a way that doesn’t compete with Diane Feinsteins steel mills in Shanghai.

We only imported about $5.4 billion in steel and steel mill products from China last year.

Source

Of course tariffs on steel might make the Chinese mad, so we can’t have them.

We don't have tariffs on Chinese steel? Source? LOL!

[hedgetrimmer]

American citizens would want them, as they are a constitutional form for funding the government, rather than taxes. But globalists would be unhappy, because transnational companies and foreign governments would be paying a tax that would go to expand the US economy, as opposed to skipping it so they can keep more profits.

That’s the funny thing about “free trade”. As long as it enriches foreign governments, communist dictators and transnational corporations you “free traders” are for it. If it preserves the US domestic economy, leaves our sovereignty alone and gives the US middle class a solid footing, you’re against it.

[Toddsterpatriot]

Looks like a ton of manufactured products up at the top to me!

Don't tell PJB and the rest of the doomers, they'll burst a blood vessel.

[Mase]

Some FReepers here seem to think that our downfall is driven by "the normal operations os the Capitalist Free Market system"!

Historically, 'useful idiots' have come from the ranks of the anti-capitalists.

Are you an anti-capitalist?

Ergo....

[hedgetrimmer]

LOL at least you don’t deny Feinsteins steel interests, and the corruption entailed in propping up her investments in CHINA, which means giving the chinese advantage over US companies via corrupt trade deals.

[Toddsterpatriot]

But globalists would be unhappy, because transnational companies and foreign governments would be paying a tax that would go to expand the US economy

You think taxes expand the US economy? Which government agency do you work for?

[NeoCaveman]

American citizens would want them, as they are a constitutional form for funding the government, rather than taxes.

First off tariffs are taxes too.

Next, our big stupid government is way too big to be funded on by tariffs and excise taxes.

But globalists would be unhappy, because transnational companies and foreign governments would be paying a tax that would go to expand the US economy, as opposed to skipping it so they can keep more profits.

Actually the American consumer would be paying the tax either in the price of the foreign good or in over priced domestic goods. Hey if a Honda cost 10k more tomorrow it would silly for GM not to hike their price atleast 5k.

If it preserves the US domestic economy, leaves our sovereignty alone and gives the US middle class a solid footing, you’re against it.

We have never, ever manufactured more in peace time than Right Now in costant 1982 dollars. Yes due to automation and technology and efficiency less people work in manufacturing. less people also work in agriculture but no one pretends we grow less food....

[MNJohnnie]

Try learning something for a change.

http://gbr.pepperdine.edu/041/devaluation.html

[Toddsterpatriot]

LOL at least you don’t deny Feinsteins steel interests, and the corruption entailed in propping up her investments in CHINA

I don't know much about her corruption, she's your Senator, not mine. LOL!

So no source showing we don't impose tariffs on Chinese steel? You're funny!

[capitalist229]

It's rather easy to raise the dollar again.

Just raise rates to contract the number of dollars.

Balance will be restored.

The party is over, America it's time to pay the bills.

BUMP