Home     Writers     Op/Ed     Book Reviews     News     Bookstore     Photoshops     Submit     Search     Contact Us     Advertise  
  You are here: 

Wed

07

Feb

2007

The Great Dollar Crash of ‘07
Wednesday, 07 February 2007 11:23
by Mike Whitney

“Whatever future developments may prove to be, my best guess is that the US will continue to maintain a façade of Constitutional government and drift along until financial bankruptcy overtakes it.” Chalmers Johnson, “Empire V. Democracy: Why Nemesis is at our Door”

Every time a US Dollar is traded, a check is issued on an account that is overdrawn by $8.6 trillion. (That is the present size of the national debt) It is, without question, the biggest swindle in history. Flimsy sheets of faded-green scrip are eagerly exchanged for costly goods and services without any regard for the real value of the currency.

And, the real value of the currency is absolutely nothing!

How is it that this scam persists when people appear to be aware of the massive debt and deficits which underwrite the dollar? Do they still believe in that puerile fairy tale about “the full faith and credit” of the United States backing up every greenback? Or are they pacified by the wizened graybeards, like Alan Greenspan and Hank Paulson, who soothingly bray about the “strong dollar policy”?

What gibberish.

In truth, the dollar rests on the crumbling foundation of consumerism and oil. The American consumer’s gluttonous appetite for spending has kept the greenback flying high for decades. Economists marvel at America’s lust for electronic gadgetry, the latest fashions, and useless knick-knacks. They call our profligate spending “the engine for global growth”; and indeed it is. No other country in the world is nearly as addicted to binge-spending as the US consumer. As long as he can beg, borrow or steal his way into the shopping mall; the orgy of spending is bound to continue. (Consumer spending is 70% of GDP)

Regrettably, there are signs that the US consumer is beginning to buckle from the weight of personal debt. The Associated Press reported just this week that “people are saving at the slowest rate since the Great Depression… and the Commerce Dept stated that the nation’s personal savings rate for 2006 was a negative 1%, the worst showing in 73 years.”

Additionally, credit card debt has skyrocketed, which is an indication that homeowners are no longer able to siphon easy-money from their home-equity. The nose-diving real estate market has slowed refinancing to a dribble; cutting off the additional $825 billion of cash which was extracted from home-equity just last year.

Clearly, the well is running dry; the housing bubble is hang-gliding into the abyss and there’s nothing Fed-master Bernanke can do to save it from its inevitable crash-landing.

The central banks around the world are now watching for any sign that the American consumer is about to give up the ghost. As soon as that happens, bank managers everywhere will swing into action, ditch their U.S.Dollars and head for the exits. When the “global engine” sputters to a halt; it’ll be curtains for the greenback.

The Oil-extortion Racket

The dollar’s link to oil has helped to keep it afloat but, in truth, it’s just another dismal rip-off. More than 70% of the world’s oil is denominated in USD; a virtual monopoly for the USA. Until last year, even Russia was using dollars in its oil transactions with Germany. Imagine a comparable deal, like the US purchasing oil from Canada in rubles?!?

It’s lunacy; and yet this is the system the US hopes to preserve so it can maintain its unique status as the world’s “reserve currency” and keep expanding its debt into perpetuity. It explains why the Federal Reserve has been able to increase the money supply by a whopping 15% for the last 6 years! Trillions of dollars are now circulating in the oil trade keeping the value of the dollar high by creating artificial demand.

The other reason the dollar hasn’t succumbed to hyperinflation is because the current account deficit is running at roughly $800 billion per year. The Asian giants (China and Japan) and the oil exporting countries are mopping up more than $700 billion of our red ink every year!

The dollar’s link to oil forces central banks to maintain humongous stockpiles of USD to pay the steadily rising price of oil that keeps their industries and vehicles running. Otherwise they would have chucked the flaccid greenback years ago and converted to the more steadfast euro.

The so-called ‘global economic system’ has nothing to do with competition, free markets or private enterprise; that’s just public relations gobbledygook. In practice, it is the world’s biggest extortion racket, wherein, the “Godfather”-- Uncle Sam-- holds a gun to the heads of his subjects and forces them to use our fiat-paper to purchase the oil thatlubricates their economies.

Why would anyone accept a personal check from a nation that owes the bank more than $8.6 trillion dollars?

Why, indeed?

It’s blackmail, pure and simple; and yet, the Chinese, Japanese etc. continue to play along knowing full-well that we neither have the inclination nor the resources to pay them back in kind?

It’s madness.

Every so often, a rebel nation will try to break the shackle of greenback-tyranny and operate outside the US-run system?

For example, Saddam Hussein switched to euros 6 months before he was carpet-bombed in Shock and Awe. His defiance only hastened his ultimate downfall.

Now Iran and Venezuela are threatening to convert to euros. Is it any surprise that they are both on Bush’s axis-of-evil hit list?

Russia has already made the conversion to euros and rubles (and has considerably depleted his supplies of USD) but, of course, regime change is more difficult when a state has nuclear weapons. Instead, the mainstream media is conducting an impressive “Swift Boat” campaign against Putin, smearing him as a “Russian autocrat” who is “rolling back democracy”. At the same time, the Bush administration is threatening to deploy missile systems in Eastern Europe and ratcheting up the pressure in the former Soviet republics.

Bush would rather restart the Cold War than abandon the supremacy of the greenback.

But, why? Is Dollar-primacy really that crucial to our economy?

The greenback is the baling wire that keeps the global economy in the hands of the doddering old misers at the Federal Reserve. It’s the cornerstone of the whole wretched system; a system which now includes torture, extraordinary rendition, and myriad other war crimes.

The young Muslim men who are abducted off the streets of Europe and Asia and taken to CIA Black Sites where they are waterboarded or stacked in naked pyramids; are tortured in defense of the crumpled piece of green paper we carry in our pants pockets.

Think I’m kidding?

Just look at Bush’s budget for 2007-2008; $700 billion for foreign wars?!? There’s no way the US can pay off that debt through the normal means of increasing exports. In fact, Bush has already said that he plans to preserve his unfunded tax cuts whether they produce massive deficits or not.

What Bush plans to do is force the foreign central banks to hold more dollar-based assets, thus, thrusting our gigantic debt onto our trading partners. According to Bob Chapman of The International Forecaster, “US debt was up 10.1% to $4.085 trillion and accounts for 58.8% OF ALL THE CREDIT ISSUED GLOBALLY LAST YEAR. The US is producing more debt than the rest of the world combined.

As long as foreign lenders are willing to take our paper, Bush will keep expanding our debt. As Chalmers Johnson opined, “We are dependent on ‘the kindness of strangers’”. (The Blanche Dubois economy)

Of course, if the central banks grow tired of this pyramid-scheme and dump the dollar; the world can get on with the business of addressing global warming, poverty, AIDs, Peak Oil, nuclear proliferation etc. That won’t happen as long as the dollar reigns supreme and a small cadre of unelected racketeers at the Fed continue Gerry-rig the system.

Economic justice and equitable distribution of wealth begin with greater parity among the currencies. That requires “regime change” for the greenback and a loosening of its tyrannical grip on the system.

Sleepwalking in the Weimar U.S.A.

The good news is that the Bush administration is pushing the dollar towards extinction anyway. Another few years of $800 billion trade deficits, lavish unfunded tax cuts for the mega-rich, and a Pentagon budget of $700 billion-plus; and the old greenback will be going the way of the Dodo. Jim Willie of GoldenJackass.com summarized it this way:

“Never in the history of central bankers has the hidden coordination, influenced pressure, gargantuan money creation, doctored statistics, and interference with financial markets been so broad, so deep, and so profound. My allegation is clear, that we now live in Weimar times, as has been warned for two years worth of scribbles. Collectively, they have abused the privilege of printing money, and in doing so, have guaranteed a gold bull market. … The more heavily the counterfeit press dispenses electronic dollars, devoted to operations, to credit, to consumer spending, to military adventures, to good old fashioned fraud, the gold bull benefits from ample new oxygen and blood flow”.

Willie is right; the system is rotten to the core. Once the dollar crashes, other currencies rush in to fill the void generating greater competition between the energy and manufacturing giants. A new paradigm will emerge distributing power more equitably among the states. It’s a way to resuscitate a system that is currently held together through force of arms.

Besides, how long will China and Japan continue to abet Washington’s war-mongering adventurism? My guess is that the daggers have already beensharpened in Beijing, Caracas, Delhi and Moscow. Everyone is just waiting for Bush to cross that invisible line in the sand before they fling their greenbacks into the jet-stream and wait for Goliath to tumble.

That “invisible line in the sand” is Iran.

The world is at a crossroads and everyone who can fog a mirror knows it. The superpower model of global governance has failed miserably. We need more responsible stewardship of the planet and its resources.

How can we build our economies when a handful of western plutocrats control the spigot for quickly dwindling oil reserves? How can we attack climate change when those same blinkered reprobates employ pseudo-scientists to dispute global warming? How can we address nuclear proliferation when neocon militarists believe in “useable” low-yield, bunker-busting warheads?

The model is hopelessly shattered. We’d be better off boarding-up the White House and the Federal Reserve and starting from Square One.

The world needs a break from Washington’s wasteful spending and unprovoked wars. At the same time, foreign creditors are increasingly reluctant to keep financing America’s extravagant consumption. And, no one is hoodwinked by Bush’s “war on terror” scam; a conflict that was clearly concocted to assert control over the world’s remaining resources.

The world is realigning according to mutual interests and a shared vision of the future. The rise of energy alliances in Latin America and Asia (particularly the Shanghai Cooperation Organization (SCO) which now controls most new oil deposits and output) signals the waning of western influence and the ascendancy of a new energy paradigm. Power is progressively shifting away from Washington.

That’s bad news for the greenback which depends on its linkage to oil to sustain its enormous debt.

The dollar now faces challenges from all directions. Western elites have savaged the country’s economic base by hollowing out our manufacturing base in order to destroy the American labor movement.

Free trade has transformed the US into the biggest creditor nation in history. The country exports nothing but bombs and misery.

Also, as Congressman Ron Paul notes, “Most knowledgeable people assume that inflation of the money supply is not only going to continue, but accelerate. This anticipation, plus the fact that many new dollars have been created over the past 15 years that have not been fully discounted, guarantees the further depreciation of the dollar.”

Eventually, the markets will catch on, foreign lenders will stop buying our Treasuries, and the dollar will fall through the floor.

The laws of gravity apply to economics as well as science.

Red flags are going up everywhere. China’s central bank issued a warning in December about the risks of the weakening dollar:

“If external capital stops flowing into the US, a significant drop in the dollar may occur with consumption and investment shrinking, interest rates rising, and financial markets experiencing turbulence, endangering global financial and economic stability. There could be adjustments to how European private capital, Asian foreign exchange reserves and oil export proceeds are invested.”

Yes, of course, a complete economic meltdown with capital fleeing the United States to foreign countries and the American economy collapsing in a heap.

The Chinese central bank statement adds:

“If the US current account deficit continues to grow faster than GDP, then the investment value of US assets may be subject to doubts and challenges and the willingness of investors to continue holding and buying US financial products may weaken. This could cause changes in capital flows, the exchange rates of major currencies, and the value of foreign exchange assets.”

The Chinese bank is giving the Bush Team a chapter out of Econ. 101: “If you keep spending more than you are taking in; the stock market will fall, the dollar will plummet, and the US economy will tank”.

What could be clearer than that?

The administration, however, chooses to ignore the basic laws of economics and pursue a madcap plan to wage aggressive war across the planet and pilfer the world’s oil reserves.

So far, the results have been less than reassuring.

The Decline of U.S. Sovereignty; blame it on the Fed

The United States set off on the road to perdition when it transferred the power to create money to the privately-owned Federal Reserve. It’s been downhill ever since.

The man who can set interest rates and create money is more powerful than the man who can move armies and change laws. By conferring that authority on the Federal Reserve we have assured that the policies that govern our economy are decided by unelected members of the ruling elite whose choices will naturally reflect the interests of their class.

The wealth gap that has opened up like a yawning chasm between rich and poor in America originated with the class-based policies of the Fed. The massive equity bubbles which arose from artificially low interest rates and the deliberate destruction of the dollar by reckless increases in the money supply have shifted trillions of dollars from working class Americans to the predatory aristocrats at the top of the economic food chain. The gulf between rich and poor has grown so wide that it now poses a direct threat to our increasingly fragile democracy. That’s why Thomas Jefferson said:

“If the American people ever allow private banks to control the issue of our currency, first by inflation, then by deflation, the banks and the corporations that will grow up will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing of power should be taken from the banks and restored to the people, to whom it properly belongs.”

Free people cannot control their own destiny unless they control their own currency. The Federal Reserve must be abolished.
More from this author:
The Breaking Point (8510 Hits)
It was another bad week in Iraq. While bodies were piling up in the Baghdad morgue and the militia fighting steadily intensified, the Bush...
A Vast Right-Wing Conspiracy? (9439 Hits)
When Hillary Clinton said that her husband Bill was the target of “a vast right-wing conspiracy”, her critics just laughed at her. No...
Barking Mad (17951 Hits)
It’s not a comforting thought, but it’s the truth. As the situation in Iraq continues to deteriorate and the feckless congress concedes more...
More “Culture Wars” Gibberish from nutcase David Brooks (11591 Hits)
Most of us know David Brooks as the balding goofball on “The Jim Lehrer News Hour” who shrugs his shoulders and giggles gleefully whenever...
Why does Thailand have all the Luck? (9010 Hits)
About 2 weeks ago, 10 Soviet-era tanks clanked-along the main thoroughfare in downtown Bangkok and stopped in front of the Presidential Palace. Once...
Related Articles:
"Where Commerce Sits on Every Tree" Pushing India Toward a Dollar Democracy (6376 Hits)
By Aseem Shrivastava In an article concerned with the rapid urbanization of India and China, Victor Mallet of London's Financial ...
The Fed’s role in the Housing Crash of ‘07 (14620 Hits)
by Mike Whitney “This is the biggest housing slump in the last 4 or 5 decades: every housing indicator is in free fall, including now...
Exquisite Corpus: Judges Junk Great Writ for Bush's Gulag (6283 Hits)
by Chris Floyd Guantanamo Detainees Lose Appeal (Washington Post) A federal appeals court ruled yesterday that hundreds of detainees in ...
The Second Great Depression (50685 Hits)
by Mike Whitney “The US economy is in danger of a recession that will prove unusually long and severe. By any measure it is in far...
Media Alert - Pure Propaganda - the Great Global Warming Swindle - The Scientists Are The Bad Guys (16606 Hits)
by Dave Edwards On March 8, Channel 4 screened The Great Global Warming Swindle, a documentary that branded as a lie the scientific consensus...


Add this page to your favorite Social Bookmarking websites
Trackback(0)
Comments (4)add comment

a guest said:

0
Agree 100%
I never used to be a conspiracy theorist. I am highly educated and the more I read and research about the situation the more I find myself in the author's camp. Bush and the arrogance of the GOP show that the USA certainly has empire like tendancies right now but at the same time does not have the finances to back them up. The country is basically bankrupt from special interest. I think it is inevitable that the dollar will implode and we will have a depression. I just hope it happens on Bush's watch. Although the problems have been in the system for years, he is the one that really "took the piss" out of the debt issuance situation. The "tax cut and spend" GOP acted like they were growing the economy. All these fools really did is charge everything on "Visa." Of course your tax revenues increase with tax cuts... if you tax all the bonds and fake money you print from thin air! Scum.
 
February 07, 2007
Votes: +0

a guest said:

0
So now we know =
I saw this about the Who and How of this business the other day -

" You think your Bank of England is British? No, it belongs to me.

The Bank of Spain is Spanish? You’re wrong, it is mine. All your ‘national’ banks are mine.

But surely, the Federal Reserve? – Wrong again, it is mine. I established all these by bribing your presidents and kings. How?

I routinely give each of them loan guarantees, controlled by banking instructions, so allowing them to borrow, without risk to me, the cheapest currency in the world – say, twenty thousand million dollars worth of yen at zero percent interest. Your leaders bring that currency to me, and I, from my tax-free Trusts which hold ninety percent of all the money in the world, exchange it for their local currency, for which I can even charge them a percentage or two if I want. They then put that two-percent money in their local treasury, which pays them, say, seven percent. The difference gives them a thousand million dollars worth of their local currency – per year, each. So, on any pretext naturally I have permission to install your ‘National’ bank and print your currency and control its supply.

I can also lend out the yen at five percent and even make a profit on the cost of letting the dupes have their cheap local currency, too.

So what did all those guarantees cost me? – Nothing. They are just pieces of paper. But now all your populations are mine. - Neat?

So now I print your national currency, which is also just paper. I lend this paper to your banks at, say, five percent of the figures on each paper note, but I also apply a retention of, say, ten percent on the total. Why? Because I want to, and do they want the money or not? Of course they do, otherwise they have nothing to lend. They just have to charge higher interest to compensate for my extraction of the ten percent. That is the real act of inflation by the way. But their fault, of course, never mine. And, good as gold, they pay interest according to the numbers written on the paper notes, just as we have trained them for five thousand years. Easy money, eh?

The banks now lend this paper at their higher rate of interest to employers, who have their employees work to manufacture goods or perform services by which they can profit. Because both employers and employees work for the money, they think it has value, but in reality it is still only paper. But they have to use it to pay for the food and water and other commodities into which I and my dealers have bought with the loot in the Trusts, so in their dim minds the fictional ‘value’ of the paper assumes a spurious ‘worth’. It’s with this fictional ‘value’ that I corrupt your always venal politicians.

So now I lend your countries vast sums from the Trusts. You say you don’t need or want it? Who cares about that? Listen, you don’t live to please yourselves; you live to work to serve me, and don’t you forget it! You have to accept these country-loans, otherwise I would expose your leaders and you would hang them all. And anyway they’ll have a further percentage of what is lent, so will they refuse that? And it will not be they who will be repaying it all; their loot is safe for growth in tax-free Trusts. It will be you unthinking idiots.

So now you all have to pay taxes of all kinds, VAT, death duties and all. Why? I just told you: to repay the money I have lent your countries at interest. Your taxes are paid to the national bank, which is mine, and by fractional reserve lending I lend back to you – at interest, naturally - ten times the amount I receive, for which I simply print more paper. Suppose I lend at ten percent, then I make a hundred percent on what I receive. This I also lend to your countries for their social services, less my retentions and interest of course, and to you public for your mortgages and necessary purchases and for any unnecessary junk we can persuade you to want via advertising and so on. You idiot public really are just my money-mill. And though the interest on all this plentiful money may be low enough to start with, on a cyclical basis I raise the interest rate and restrict the money supply until you can no longer pay my interest, and so I regularly foreclose on your mortgages and bankrupt you and take all your properties. Sure, there’s a whole load more profit in that.

And because I have bribed all your leaders, it’s easy to manufacture wars for yet more profit from the production of arms for both sides, which puts the victors ever deeper in my debt and lays the vanquished countries at my disposal – for my strategic reasons, which are none of your business. Wars are handy for limiting population, aren’t they?

Sure, seventy or eighty percent of the work done is unnecessary, but you all have to work because you have to pay taxes and pay for housing and food – do you think food grows in the ground? on trees? So you all work just for me, and to enrich my friends who acquire your industries. The energy used in all this needless work overheats the planet and the seas rise and the available land surface will be less? - What do I care about that? My intention is to eliminate two-thirds of you useless eaters anyway as inessential to My Economy. Meanwhile each five years I double what I have, so all this generated wealth of work goes on down into the black hole of my ‘Possession’. I use the resulting loot to buy such real things as countries and their land.

You want to stop me? How, when I have all your leaders in my pocket or, those who won’t play the game, in the ground via the CIA or my other Agencies?

No, you can do nothing unless you nominate honest representatives independent of the political systems that I have created and control, representatives who could dismantle my political structures and abolish the fiction of my finance and all leaders who accept it. But my publishers of education materials teach your children to be illiterate morons, and do your professors want to teach my strategic version of reality or do they prefer to starve? My social ‘educationalists’ have destroyed all your traditions, separated you from reality with modernism, postmodernism and hiphop and made rubble of your masses’ mentalities. And all your media that my people have bought via leveraging with funds in my Trusts and operate according to my dictates will keep you tamed and misinformed and pornographed and docile enough to prevent you doing anything until it will be too late.

So now you cattle, bow down before me; my merest servants, complicit in deceitful silence, are the masters of your world from here on in.

My name is Rothschild, by the way. Just so you know. "
 
February 10, 2007
Votes: +0

a guest said:

0
NORTH AMERICAN UNION IS COMING BY YEAR 2009-2010?MARTIAL LAW FOR USA CANADA ?
http://canadianactionparty.ca/...395&_id=27
Written by http://www.documentaries.ws/1/user.php?id.1Admin
Monday 03 July 2006 - 06:19:27

On July 29, 2005, President Bush signed a bill which permits and promotes
the charging of tolls on existing and planned interstate highways,
bridges,
and tunnels. What’s more, the tolls collected will be automatic, requiring
universally compatible toll transponder tags on every vehicle. [Tracking
Device]
[]

SAFETEA-LU makes possible a variety of programs, all aimed at forcing
Americans to pay to travel. To wit:

* “Interstate System Reconstruction & Rehabilitation Pilot Program” allows
the tolling of existing interstate highways, bridges, and tunnels to fund
repair of existing highways.

* “Interstate System Construction Toll Pilot Program” authorizes tolling
existing facilities on the interstate system to fund new interstate
highways.

* “Value Pricing Pilot (VPP) Program” allows new tolls on existing toll
free facilities such as high occupancy vehicle (HOV) lanes, tolls on new
lanes added to existing highways, and electronically collected variable
tolls on existing and new toll facilities.

* “Express Lanes Demonstration Program” allows tolling to finance new
lanes. Automatic toll collection is REQUIRED and revenue collected may be
used to provide a reasonable rate of return on PRIVATE financing,
operation, and maintenance costs.

* “High Occupancy Vehicle (HOV) Facilities, SAFETEA-LU Section 1121 (23
USC
166)” authorizes states to build high occupancy toll (HOT) lanes on
interstate and non-interstate facilities.

Although most of these programs are experimental, the mindset they
demonstrate and the precedents they intend to set will have devastating
consequences on all Americans. The mindset is that Americans are lab rats
in a maze, who must be tagged and tracked everywhere they go. Cockroaches
control the maze. The consequences to the heretofore taken for granted
freedom to travel and to individual pocketbooks are ominous.

Imagine for a moment what must have been going through the minds of the
six-legged elites when they thought up this diabolical scheme. The
question
is “How do you destroy the national sovereignty of the United States,
merge
it with the rest of the western hemisphere, build the infrastructure
system
needed to link up the entire landmass, confiscate private property on a
wholesale level, spy on everyone’s comings and goings, and trick American
suckers into paying for their own demise all in one fell swoop ? The
answer: TOLL EVERYTHING!

As with any diabolical plot, many problems and obstacles had to be removed
in order to insure success. As the Wicked Witch of the West once said,
“The
question is `how to do it`. These things must be done delicately, or
you'll
hurt the spell”.

The first obstacle is that it is generally illegal to toll federally
funded
roads. No problem…just sneak section 1604 into a telephone book sized
highway bill and no one will notice. Everyone knows Congressmen and
Senators do not actually read the bills they vote on.

How do you get the super rich elites to go along with the plan?
Simple…give
them a piece of the action. Construction contracts will go to selected
insiders and toll facilities will be given to private investors. We will
call it “public-private partnership”.

But wait! State by state, the local politicians must be persuaded to pass
legislation to further the scheme. How to do it? Tell the contractors to
write the necessary legislation, line the campaign coffers of key
legislators, convince the Governor of each state that it was his idea via
more campaign contributions, and sneak the bills through the state
legislatures when nobody is looking. After all, state representatives do
not read the bills they vote on either.

Yet another requirement in order to pull this off is to keep the unwashed
masses in the dark It would not do to have the sheep to find out they are
about to be shorn. So how do you keep the press quiet? No problem…we
control the press! The watchdog will remain asleep, and no one will find
out until it is a done deal. Besides, when the cretins begin to realize
what is going on, they will complain to their local transportation
officials and wonder why no one is listening. Just don’t let the slaves
know that the “massa” barking the orders resides in New York City at the
headquarters of the Council on Foreign Relations (CFR).

But the Constitution stands in the way of the plot. What to do about the
pesky supreme law of the land which prohibits the taking of private land
and handing it over to other private entities? How fortunate that the
globalist infested Supreme Court, in June of 2005, legislated from the
bench by re-writing the takings clause of the 5th Amendment in Kelo vs.
City of New London. Now the Supreme Court say it is okay to force people
to
sell their land to private developers who promise a kickback to the
government, we are free to proceed with the tolling of America.

Still one more problem must be overcome. We must propagandize
transportation officials into believing this is a great idea so they can
sell it to private investors and politicos nationwide. ADVERTISING is the
key. We will get the American Association of State Highway and
Transportation Officials to put up a website called
 
February 25, 2007 | url
Votes: +0

a guest said:

0
Anybody Want Gold At $35 An Ounce?
I read a few graphs and couldn't read anymore. For the most part I have to disagree. Why? Because as much as the national debt - and how it arrived at $9 trillion disgusts me - it could be paid off overnight. First, it's important to note that every ounce of gold in Ft. Knox is registered with the GAO and OMB at $35 an ounce. So multiply those holdings times 19 and you'll be a lot closer to getting the $400-plus billion in annual interest payments erased. And if push came real shove - and it will carry an overload of debt and interest like this - and we could sell part of the Aleutian Islands back to Russia. God knows, they spend as much time fishing it as we do, they might as well own it, since nobody can live there.
You make some salient points and people should know that the USA is in a "cold monetary war with both China and the EU" to see which of the three will become the world currency in the future.
- Dusty Nathan
 
May 29, 2007 | url
Votes: +0

Write comment
smaller | bigger

busy
 

adsense

Top