The buck doesn't stop here; it just keeps falling
- added July 6, 2008
- 43 responses
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- bshipp
- added this
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- News and Politics (31238)
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Brother, can you spare a euro? Signs saying "We accept euros" are cropping up in the windows of some Manhattan retailers. A Belgium company is trying to gobble up St. Louis-based Anheuser-Busch, the nation's largest brewer and iconic Super Bowl advertiser.
The almighty dollar is mighty no more. It has been declining steadily for six years against other major currencies, undercutting its role as the leading international banking currency. The long slide is fanning inflation at home and playing a major role in the run-up of oil and gasoline prices everywhere.
The almighty dollar is mighty no more. It has been declining steadily for six years against other major currencies, undercutting its role as the leading international banking currency. The long slide is fanning inflation at home and playing a major role in the run-up of oil and gasoline prices everywhere.
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THE RESULT OF FREE TRADE.
The concept of Globalization is that we will become one community. First you have to look at the economic facts. The global average wage is about $2.50 hr. The average wage in the United States is about $12.00 an hour.
Now my question is will the global wage come up to meet the United States wage, or the United States wage will drop to meet the global wage.
The answer is that our wages are dropping to meet the global wage, while our standard of living is also dropping.
Cheap goods from China, outsourcing to India, and NAFTA has caused a steady decline in our standard of living.
In order to understand what happening you must view the whole picture, and get to the root of the problem. The mortgage crisis was not caused by fool borrowers and lenders.
The mortgage crisis was cause by borrower and lenders, who believed that the Americian economy was as sound as it was before NAFTA, Free Trade with China, and Outsourcing with India.
The economy was booming, but what the mortgage borrowers, and lender failed to notice was that wages were stagnet. Even the ones that noticed that wages were stagnet believe that wages would catch up.
Wages never cought up, and people lost their homes. Our economy is in serious trouble, because the mortgage crisis is just the beginning.
Bush's answer is the stimulus checks. The stimulus checks would have been a good idea in the 70's or 80's before the United States became Global.
In 1964, LBJ cut the taxes on new cars, because when an American buys a car, he puts 4 Americans to work. Not today.
In a Global economy, the stimulus check are probably mostly going to China. The days of "What's good for General Motors is good for America" are over.
The United States economy is now a service economy. We lost our manufacturing to China, and we're going to lose our farming to Central and South America.
What is the United States place in the new world economy? High tech? We have one of the largest and most expensive college system in the world, but we import people to fill high tech jobs.
Wake up, and ask what in this for me, or you will be in the street. -
main reasons for this are simple, outsourcing, heavy importing, production value of our products is little to none, and our credit as a nation of individuals and as a government is terrible
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Europeans are not dummies. They all United for prosperity and everything is working just fine! These are the facts that show this Country surely is paying for its own selfish behavior. Looks like you are going to have to talk to your Grandmother again. She's on Top!
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So why are we still trading oil for dollars and not euro's?
Iran might have a point by dropping the dollar. -
This asshole president has done nothing to prop up the dollar and has done everything in his power to devalue it. from Borrowwing billions for the war in Iraq to refusing to but it on the open market to prop it up. The reason being it keeps oil price inflated. How can we put this criminal in prison for life. There must be a method to get rid of him.
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America's economic problem is its fiscal policy. And unfortunately non of the candidates running will solve this. in fact they will just add onto the deficit we have (9 trillion now) if they go through with some of what they are proposing. Change our fiscal policy and reduce government waste then probably we would be in better shape. Its weird how spending is the most important issue that affects every American and their generations to come yet this is a non issue on the political race.
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The Richter Report writes:
On June 3, 2008, The Gulf Times, a newspaper in Qatar, published an editorial which should send chills down the spine of any American who cares about the status of the dollar as the world's reserve currency. The title of the opinion piece said it all: "Paulson dollar hype is not worth a dime."
The article was published so as to coincide with Treasury Secretary Paulson's visit to Saudi Arabia, Qatar, and the United Arab Emirates. In that part of the world, if something gets published, it is a good bet that the government approves of it. Secretary Paulson has recently been quoted in the press as having claimed that the U.S. has the world's most liquid and open markets. He has also uttered the usual garbage about the "fact" that the U.S. supports a strong dollar policy. This, at a time when our total money supply (M3) is expanding at an annualized rate of between 16-17%! The truth of the matter is that our leaders support a WEAK DOLLAR policy. Do not listen to what these people say. Pay attention to what they do!
The reckless expansion of our money supply is THE REASON why the dollar buys less and less with each passing day. Inflation is always a monetary phenomenon. Higher prices are merely a symptom of excessive money/debt creation by central banks, governments, and by fractional reserve banking institutions.
Many nations have "pegged" their currencies to the dollar and are suffering severe problems with inflation as a result. If the U.S. actually had a "strong dollar" policy, the prices of oil, gasoline, diesel, natural gas, coal, uranium, corn, wheat, rice, soybeans, coffee, sugar, pork bellies, beef, chicken, orange juice, lead, zinc, nickel, copper, potash, steel, cement, molybdenum, rhodium, silver, platinum, palladium, and gold would be lower...
(End of excerpt)
Full story at link -
This video produced by YouTube.com's aravoth delivers the economic diagnosis of the United States. Supporting arguments and commentaries are made by Peter Schiff (President of Europacific Capital), David Tice (Prudent Bear Fund Manager), Don Luskin (Trend Macro CIO), Steve Forbes (Forbes President & CEO) and Ron Paul (U.S. Congressman and 2008 Presidential Candidate).
"Let it not be said that no one cared, that no one objected once it’s realized that our liberties and wealth are in jeopardy." ~Congressman Ron Paul, M.D.
"For those who thought a Democratic congress would end the war in Iraq, think again: their new budget proposes supplemental funds totaling about $150 billion in 2008 and $50 billion in 2009 for Iraq. This is in addition to the ordinary Department of Defense budget of more than $500 billion, which the Democrats propose increasing each year just like the Republicans." ~Congressman Ron Paul, M.D. -
well lets see repeal nixons dumb decision to take the dollar off the gold standard.Start a revolution to throw everyone out quit this crazy nation building and Imperialist ideas of king George. He should be brought up on treason he has made a mockery of the constitution and the bill of rights and the Patriot act should be overturned it just the government too much free will to spy on law abiding citizens
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- TexasPatriot67
- 1 month ago
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watch this comment being used hereBefore I moved out of Minneapolis the smaller, ethnically inclined, stores were just starting to accept "Euros" as regular currency.
Maybe it's time the US considers a future that embraces a worldwide currency other than the dollar.
As GWB continually fails to understand, "If you can't beat 'em, join 'em." -
one world currency... book of revelations... end of the world... the coming of christ... december 21, 2012...
current.com is being very apocolyptic today.-
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- dazzleemdead
- 1 month ago
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it used to be the case when a bunch of glue huffing street rats assaulted an american in a 3rd world country , they expected to get dollars out of you , now they're pissed off if all you have is dollars .
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It takes a handful of countries to produce a higher currency to the dollar.
Wow. As if that couldn't have been seen prior to it happening. -
I blame the internet!
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The ecomony was on the fall prior to him.
He's not my hero. I'm just not up to pointing my finger, like a child, and blaming only one person for everything.
Congress's approval rating is 13%.
They bare a lot of responsibility for the down fall of this country.
This is a three prong government. Judicial, legislative and executive. The reason for that is because there is a balance of power. The President is not King. He is powerful but he's not king and he doesn't get final say....
Seeing how a bunch of countries joined together and have a higher currency isn't a shocker, considering they have some very rich countries in the mix. If they split and had their own currencies they'd be lower.
America cannot always be on top. Allow other countries some sort of power. It is only reasonable that would it happen.
Not to say it's not a sign of something bad, just that it's not nearly as bad as people make it out to be.
Chicken littles of the world need to tone down the scary stuff. -
Well said JJammer. The drop in value of the dollar comes with problems, but it comes with advantages too. Most people just want to add it to their litany of hate to "King George" without any fault put anywhere else.
You know, I respect people who don't like George Bush for valid reasons, but this irrational hatred that leads so many to blame EVERYTHING on the man is just ridiculous. Wake up people, George Bush is not a King. Congress approved the Wiretapping Bill, and the Patriot Act.
George Bush tried and tried to reform our immigration system and he failed. Why, because Congress didn't want it. He tried and tried to reform Social Security and he failed. Why, because Congress didn't agree with him.
This cult of the Presidency that exists in America today is really unfortunate because the Prez can't really do that much. We as a country need to wake up and pay more attention to Congress and our State governments if we want change, whether you are on the right or the left. -
What goes up, must come down. Lets just pray that bubble can still bounce.
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Sad but real but truthfully not unexpected. This one-minded, biased agenda of a government in America have caused not only the dollar to drop dramatically in Europe and other parts of the world, but have also created a recession and depreciation of the dollar internally. If the dollar can't buy you anything in the States sure enough it will not buy you anything anywhere else!!!!!!
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- Arsenal4Life
- 1 month ago
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JJ Hammer regarding your idea that it takes countries to make a strong currency, well your wrong just look at Canada and Austrialia they have stronger currencies and they are their own country. Agendas are influenced on congress and vice versa. Yes i do agree that Bush is not king, but look at the major generals, and former employees that have worked for the bush administration and they will tell you that if the president wants it will get one way or another.
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- Arsenal4Life
- 1 month ago
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True, like they say all things going up must come down. Its nature, science and life that live by that law. I do agree that the EU currency and economy will hit hard times and other world currcencies will rise and fall. Its economics and Bankers dictate what will happen and when it will happen. Current currency is legal tender mostly all around the world. It is not backed by any solid commodity that can be interchanged or exchanged. Its value rises from the circulation and use of the currency. Thats what makes an economic power in the world. Bankers have control over what currency will rise and fall over what period of time and under what circumstances. The next big thing will be the Amero equal to the Euro. The Amero is the currency between Mexico, United States, and Canada and thats what i will wait for...
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- Arsenal4Life
- 1 month ago
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You can't run a successful (keyword) economy on:
1) Insane trade laws that offer us no protection as a nation
2) We manufacture absolutely NOTHING
3) Just about every "job" is a service sector job selling good manufactured from other countries.
4) Labor unions are all but outlawed allowing wages to be dragged down which impacts entire economy
5) We've replaced actual wages with credit cards and home equity loans.
6) An out of control national deficit
Putting us back on the gold standard isn't going to solve any of these other problems. -
The world still uses the dollar as money you can bank on
Everything goes up and down so its down now Bring all your euros dollars from canada and spend them here,
you can't buy good stuff there. In a year or two when Bush is gone we will be back on top. You heard it here first. -
Reason # 5,000,000,000 to vote in '08 Ladies and Gentlemen
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- Brittanyope89
- 1 month ago
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