The trillion dollar President, and his push to spend $2.5 Trillion more on health care, even as the Fed prints a trillion dollars a year to pay our bills, has irreparably harmed the United States.
His reckless disregard for the rules of international finance has done one thing: made everyone in the world with a shot at creating the planet’s dominant currency want to print money too! (It is easier to pay your bills, if you just the print money to do it.)
The Chinese, the Russians, the Brazilians and now the Arab world — all have made a run at our weakening global currency and our weakening economic position.
The reason for our existing and continuing weakness is simple: Obama keeps spending and spending, and he can not or will not stop.
So, is it any surprise that the Arab nations are banding together to create their own currency. (Then they can print a trillion dollars a year too. BIG FUN.)
In the words of one banker:
“The US dollar has failed. We need to delink,” said Nahed Taher, chief executive of Bahrain’s Gulf One Investment Bank.
The scary thing is that our trillion dollar President has no clue as the damage he has done, is doing, and will continue to do -- but he sure does spend a whole lot, and play a ton of golf. And you know it really is bad when the Washington Post editorial board (H/T redneck_hippie) pens a piece titled, "The Coming Debt Panic."