Thursday, November 19, 2009

this aint Zimbabwe

Ok, you know me, its all about the economy folk. I have been looking over the back of Geithner and Obama, at least as much as I can suppurate from their statements and documented economic proposals. My problem remains the same – it cannot work with increasing unemployment, inflation, believing that some corporations are too big to fail and more importantly, having no policy designed to stabilize and or empower the US dollar.

The future I see is one of massive government-debt defaults and increased poverty. Yep, poverty. Especially since the debt we have amassed as a nation will eventually be passed on to the US Treasury, Federal Reserve Bank and us regular folk. You can call me crazy if you like but logic and reason remains. Firstly, 1% of Americans own more than 90% of the nation’s wealth, not to mention our debt over the past two years has moved from 11 trillion dollars to almost 25 trillion dollars.

This years annual report on hunger released by the United States Department of Agriculture reported 49.1 million Americans in 17 million households lacked dependable access to food in 2008. This is close to 17 percent of the US population. This tells me more people are below the official poverty level – maybe about 80 million folk. This is not impractical an estimate since the US Census Bureau announced last September that real median household income in the United States fell about 4 percent between 2007 and 2008 alone.

True, I am not an economist but I am no idiot either. The declining state of the US economy is regressing as so at the pace of an avalanche. I suggest we start to watch oil and commodity prices as the real indicator of what is anticipated for the future. I mean you think we don’t have jobs now, there will be less and less if inflation continues to rise, which means prices will increase and folk will be spending less. I hope the President is on to of this, I mean I know he was just in China meeting with our debtors to ensure them that they can keep lending us money. Don’t know if he discussed the dollar for at this rate it will be virtual worthless. This means inflation will only continue as indicated by the recent consumer price index. This suggest to me that if we keep adding to the debt, folk may loose faith in the markets and stop investing all together making this current recession palpable in comparison what may follow. Maybe we need to consider ending floating exchange rates in this country. It is worth a try because in simple terms, money is only worth what folks are willing to exchange for it. This aint Zimbabwe but we may be soon.

17 comments:

Jay Midnyte said...

And that's not even including the debt from derivatives!

tony said...

good....................................................................................................

Kit (Keep It Trill) said...

I don't know enough about floating exchange rates to feel confident that it's our best hope, but from the little I've read, it might be our best shot.

KELSO'S NUTS said...

It´s over, buddy...5000 regular military,5000 blackwaterand that-s HERE NOT VENEZUELA!

I´ll give Obama´s boys KISSINGER, OTTO REICH, AND JOHN NEGROPONTE, A LOT of credit for this: START NOT WITH CHAVEZ LULA OR FERNANDEZ DE KIRCHNER....start with all the pro-business centrists: COLOM, ZELAYA, MARTINELLI, BACHELET. The idea bein "This is how we treat pro-business Latin leaders, IMAGINEWHAT TORTURES AWAIT CHAVEZ, CORREA, MORALES and LUGO.

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