RSSGotta Snake by the Tail
David L Lamon | April 15, 2009
4/15/2009
Gotta Snake by the Tail
David L Lamon
Without a doubt almost everyone is surprised at the dollar’s strength especially weighed against other currencies but there is still great concern. It is beginning to appear foreign central banks will not be able to bail us out or finance our debt because the math just isn’t there to make this a feasible thing to do. Germany and others said at the G-20 they were opposed to all this debt, wouldn’t participate and even told us we were too socialist. Imagine that coming from Europe. Could there be a message here for us that we are somehow missing? Just this fiscal year the U.S. needs $3.25 trillion dollars according to Goldman Sachs. Obama is asking congress for another $3.55 trillion for 2010 and everyone is saying that may not be enough. The congressional budget office estimated the deficit at $1.38 trillion.
What this means: if they don’t finance this debt the dollar could easily see its way out the door and no room for a rump slam. China is the top holder of U.S. Treasury bonds with approximately $739.6 billion as of January and even they are accusing us for the economic downturn worldwide. I use the word even because they are the ones that now have what used to be our middle-class paying jobs and are reliant on the American consumer for their wealth. The Chinese government actually sold bonds heavily in January and February before resuming purchases in March, according to data released over the weekend by China’s central bank.
The Federal Reserve is concerned about the ability of foreign central banks to keep buying America’s debt. So now, the Fed is buying U.S. Treasury securities and completed its eighth purchase on Monday. As has been said and I repeat, a government buying its own bonds is like a snake eating its own tail or put another way like eating their own young as is the case for future generations of Americans. No matter how you slice it, the dollar’s demise could be just around the corner and a new worldwide currency take shape, which is I believe the intended purpose by the globalist or New World Order or One-World Government, whichever you prefer to call it. The eye-opening event that received little media attention of the G-20 summit was the clarion call for the dollar’s replacement and a one world government currency.
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