RSSObama-nomics: Transforming the Dollar Into CHANGE
John Lillipop | October 15, 2009
By John W. Lillpop
There is a perfectly good reason why Barack Obama did not win the Nobel Economics prize to go along with his Nobel Peace Prize:
His economic policies are an unmitigated disaster that are contributing to the decline and fall of the dollar!
As stated, in part, at Kudlowmoneypolitics.com by money guru Larry Kudlow:
‘You know I’ve been crusading to save the greenback and restore King Dollar. But new entitlements that open the door to a government takeover of the health-care sector are no way to do it. Not surprisingly, as the Baucus Bill made it out of the Finance Committee yesterday, the dollar fell once again and gold jumped (closing at $1,064). Not good. Smells like the 1970s.
‘Just look at two ominous headlines in the news: First is the global shift out of the dollar and into commodities. Second is the dollar losing its reserve status to the yen and the euro.
‘Over the past six months, the dollar has lost 15 percent while gold has climbed nearly $150. If this continues, spiking inflation and interest rates will choke off the bull market in stocks and do serious damage to the economy. It could happen fast.
‘How to solve this problem? In supply-side terms, cut tax rates for new growth incentives. Meanwhile, the Fed must drain cash to remove dollars from the financial system and the Treasury must simultaneously buy dollars in the foreign-exchange markets.
‘And Washington must stop its explosive spending and borrowing. Some statutory — or even constitutional — limits should be set.’
In plain English, Obama-nomics is a policy that will transform the good old American dollar into CHANGE!
That is Change that America neither needs nor wants!
Contributor's website: http://voiceoflillpop.blogspot.com/
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