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Maybe it should. Then US workers become competitive with the rest of the world. People go back to work. Don't do what Greece did: sell out to the Euro and become a slave to Germany. Now it is stuck with debt and cannot adjust its currency, unemployment rampant.
No we didn't. It's addressed in another post. We stole from one ledger to put in the other.
Exactly, the gvt robbed the social security trust fund and claimed a surplus. Now the so called Clinton surpluss is showing up since social security has no money and the short fall is being covered by the general fund.
Many people imply that the US needs no debt, but then again I don't believe these same people realize what the US has being the world reserve currency which is fueled by our debt. Do those people who want us to have no debt, want the world to have a new world reserve currency? I mean, even the Bush administration and US Treasury realized that if the US were to continue down the surplus Clinton years (surpluses are good from time to time like now would be great), the world would be unstable in finding a new world reserve currency. With that being said, I do agree to debt reduction but the thought of zero debt and the loss of the world reserve currency is a scary thought for us; what do you all think?
#1 It is a fallacy that you have to be in debt to be the world reserve currency.
#2 It may be the nature of the modern world that we will move away from a single US reserve currency.
#3 Clinton never had a true surplus, the national debt rose every single Fiscal Year since 1957. Plus Clinton is on record saying that he opposed a balanced budget AFTER Newt Gingrich's Contract with America where he promised a balanced budget. We spent money from nearly a dozen government programs (military pension, Civil Service Trust Fund, SS, etc) to give the illusion that the budget was balanced.
The main reason those countries are getting away from the US dollar is because of GW Bush.
When B. Clinton was in office our budget was balanced, and the value of the US dollar was high. But GW Bush gave the rich $3 trillion dollars in tax cuts (and added that $3 trillion to our national debt.)
Then GW Bush attacked Iraq for nothing, and added another $750 billion to our national debt.
GW Bush's deficits and national debt brought down the value of the US dollar. When a countries currency is judged that countries national debt level is a major factor. (the lower a countries national debt and deficits, the higher its currency value.)
The US economy and US dollar are deeply connected to all of the worlds economies, and when America's economy/currency has problems, the whole worlds economies also have problems.
But since Obama has cut GW Bush's debt growth rate in 1/2, and since Obama has spent less money than any president since Eisenhower (Obama has helped the value of the US dollar in major ways.)
5 years into Barry's regime and you are still dragging Bush around with you? If this is the case, Obama will be dragged through the muck for time eternal and not for anything positive. Obama cut WHAT in half? You can link all you want but all one need do is look at the numbers and not blame Bush as he is not driving this heap any longer and hasn't for some time.
The petulant manchild is sinking this country and printing $85B a month is totally reckless. I guess that can be pinned on Bush as well, correct?
How much will ACA put the US under? Immigration? How about all other ''invented by Barack'' social services enacted by the clown through executive order?
Obama claimed that he would eliminate everything we see as a negative in this country by his first term or he would be a one term POTUS. He surely didn't keep that promise but promised the same in 2012 and people put him in there again. He will never fulfill any of those and he doesn't care.
#1 It is a fallacy that you have to be in debt to be the world reserve currency.
#2 It may be the nature of the modern world that we will move away from a single US reserve currency.
#1 The USD is the reserve currency because we have created the most very secure debt for the world to use. A currency becomes a world reserve not only for the actual transactions of doing international business, but also because it is a safe interest bearing investment and store of value.
Virtually no other currency today meets these requirements. Neither the amount necessary for/in the world, nor the proven safety.
#2 is certainly a possibility. Either a basket of currencies, which of course the USD would be a large part. Or a separate agency creating the money. Very doubtful without some sort of global unification, like an alien invasion, maybe. Otherwise you can bet that the powers that be (USD) will be making most of the rules of that currency.
Currency for trade is but one part. Investment and a store of value is more important. Be careful when dealing with currency figures related to China as few outside their command center has real facts.
I bet England thought the sterling would be the reserve forever and look what happened. When the day comes, and it will, it's going to make the Obama train wreck look like a time of wonder and amazement.
It already is a time of wonder and amazement, in both directions.
As long as the USD is defined as "Petro-Dollars" it'll never be replaced. Why do you think we keep going to war? These wars aren't for the oil so much as it is to protect the dollar.
As for China... Walmart accounts for up to 5% of their total GDP; nuff said. Let me know when Walmart switches to the Yuan.
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