Posted by
Rajjpuut's Folly on Friday, July 10, 2009 3:45:25 PM
Currently the economic ship of state is being piloted by three rub-a-dub-dub fools in a tub: Obama, Bernanke and Geitner, The country has nominally increased the national debt by virtually 100% since Barak Obama took office. The big lie is this: the American people are being led to believe that’s it, that’s the sum total of the bad news. Not so: overall debt including monetization of the debt has increased 300%. Whereas, the budget would have you believe that each newborn child in the country is now responsible for $127,000 worth of national debt and the interest on that debt . . . Rajjpuut’s afraid the little tyke is really up to his neck in it, indeed the current President of the European Union calls Barak Obama’s recovery plan “The Road to Hell” and labeled all the deficit spending it engenders as “not wise at all,” and says it’s causing a panic in Europe.
His reference to plans to buy up an additional half trillion dollars in toxic debt from financial institutions that are still not responding to the "stimulus money" which means more printing press money was in keeping for calls from many quarters to abandon the dollar as the world's reserve currency.
As financial advisor Jimmy Rogers, chairman of Rogers Holdings puts it: “This guy Geitner’s been wrong for fifteen straight years. Bernanke? He’s been wrong for 350 consecutive weeks. They really have no idea. Obama’s got us printing money hand over fist. I can’t say the fundamentals of Citibank or GM are getting better. No one can get a loan, so manufacturing is stagnant and prices are going up as supply goes down.” Inflation too will soon make prices jump.
“Washington is increasing taxes on capital gains and energy, in a recession? Can you believe it? They’re destroying the economy.” Rogers said the “rally in the dollar” was mind-boggling, “it’s not a stable currency.”
Meanwhile Treasury Secretary Tim Geitner, meanwhile was caught in a lie. In response to Obama’s handling of the crisis here in the United States and the coming inflation it’s created, both China and Russia are suggesting moving away from the American dollar as the world’s reserve currency. When questioned about that suggestion, Geitner said, “We’re open to that . . . think of it as ‘evolutionary.” However when he and Bernanke were questioned less than 24 hours earlier, both men stated that they were opposed to the idea.
Live long, strong and ornery,
Rajjpuut