When Putin announced that Russia would no longer sell its oil and natural gas in dollars, there were the normal -- its OK type statements from the financial world, and it was viewed by the Western financial cognoscenti as an anomaly.
However, since the Federal Reserve is printing an estimated $600 billion a year to give to bankers and brokers, who then buy U.S. Treasury bills to finance for our over-spending Federal Government with printed dollars -- the value of the dollar drops due to the massive over supply.
Then, those countries holding the U.S. dollar as reserve currency start to speak up. They plead with the President and Congress to start balancing the budget and lowering the deficit.
Instead, President Obama and Congress has not decreased the deficit, it has grown four times it was under Bush, to record numbers -- $9 Trillion -- under President Obama and the Democratic Congress.
And President Obama, by pushing his trillion dollar health care plan is rubbing the world's face in their concerns about U.S. spending. He simply does not care that the dollar is dropping and that the value of these country's dollar holdings is also dropping.
The Chinese, for example, have lost hundreds of billions of dollars, as the dollar has dropped.
This has given the world common cause against the United States, and as the Independent in Britain reports, they are now moving against the dollar:
In the most profound financial change in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.
Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.
The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources
President Obama's and Congress's obsession with spending more taxpayer dollars on the black hole known as health care will only increase the resolve of every country holding dollars.
President Obama is destroying the economic superpower status of the United States, and many sense that Obama's trillion dollars in spending here and trillion dollars in spending there is accelerating it, but Congress and the White House will not listen.
This will be the real legacy of President Obama, a worthless currency, our international influence and power broken and the Olympics were the first visible sign -- to which President Obama is oblivious.
Oh, I know, maybe Obama can give a speech about it, or go on a talk show or a Sunday News show or fly to a meeting and give a speech. The world will listen, they will believe, and then everything will be OK. Even better, he can appear on the cover of Men's Health!