Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
One of the notable achievements of this 0bama presidency, will end up being the world dropping the US dollar as the world's currency.
If it happens, it will be the combined 'achievement' of all US presidents since late 1960s. As long as OPEC oil is priced in USD, we are OK, but if they drop dollar, central banks around the world will follow suit. OPEC has been warned though: Saddam Hussein dropped dollar in 2000, and look what happened to him. We took his country and played yo-yo with his neck.
If it happens, it will be the combined 'achievement' of all US presidents since late 1960s.
No - Obama owns this. He has been warned about his record-breaking out-of-control deficit spending, and hasn't altered his agenda, policies, and planned spending to prevent the impending damage to the dollar. Other countries have taken note of this and are acting accordingly. Can you blame them? They have to look out for their own interests. The rest of the world doesn't exist merely to support the U.S.
"In the first independent analysis, the nonpartisan Congressional Budget Office concluded that President Obama's budget would rack up massive deficits even after the economy recovers, forcing the nation to borrow nearly$9.3 trillion over the next decade."
With chart: Bush vs Obama Deficit - washingtonpost.com
Borrow? From whom? The rest of the world is losing confidence in the U.S.'s ability to cover its debts...
Bernanke's warning on Obama's wild spending spree: "U.S. Federal Reserve Chairman Ben Bernanke told lawmakers Thursday that the dollar's status as a global reserve currency isn't at risk in the near term, but warned that could change if fiscal deficits aren't brought under control." Bernanke: Dollar Will Be At Risk If U.S. Doesn't Control Budget Gap
No - Obama owns this. He has been warned about his record-breaking out-of-control deficit spending, and hasn't altered his agenda, policies, and planned spending to prevent the impending damage to the dollar. Other countries have taken note of this and are acting accordingly. Can you blame them? They have to look out for their own interests. The rest of the world doesn't exist merely to support the U.S.
I am saying the spending has been out of control since the late 1960s. Reagan tripeled the national debt, and even then there was talk about USD losing its role as world's reserve currency. As a nation we went broke in 1970 after spending like crazy in Vietnam and in 1971 Nixon officially detached USD from gold (google Nixon Shock), and after that the money-print has been creating new money non-stop. GWB took the debt from 5.5 trillion to 11+ trillion (it is 11.9 today), so there is nothing new about Obama's policy. It is merely more of the same.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
