President Obama’s 50% Cairo Lie
In September of 2009 the President went to Cairo and made a speech to the entire MidEast. He said,
We are all entitled…. “to a government that is transparent and does not steal from its people”.
There is stealing going on. Mostly from the American people and the Egyptians who have been our friends for well over a generation. They are highly sensitive to the price of wheat. Bread is a major component of their diet. Thanks to the President’s penchant for spending and the Federal Reserve’s quantitative easing, the dollar price of wheat in 2010 went from $201.55 per metric ton to $305.08. That is an increase of over 50%! This is US dollar devaluation in action.
Then in October with the ethanol at 10% of gasoline being exposed for the dumb idea that it is, the Adminstration went 50% again by permitting 15% ethanol for later model cars. The ethanol debacle caused food riots around the world back in 2008. US farmers are dedicating more and more acreage to growing corn instead of wheat. Here is an Iowa State University projection from 2007..
We in the US can relieve the stress we are putting on the world by…
1) Stop devaluing the US dollar (Congressman Paul we are counting on you!)
2) Terminate the ethanol program before the start of the growing season