New World Currency

Talks on new world reserve currency 'legitimate': IMF chief

The US$ has been the "world reserve currency" since the end of WWII. Now because of the current economic crises and the spending policies of the Obama administration, the rest of the world sees the possibility of hyper-inflation and the resultant loss of value of the dollar.

Thus the talks of a new "world reserve currency".

The Obama administration's spending policies will create a need for trillions of dollars to be borrowed today and in the future. Today it is relatively simple since the US$ is the world's currency of choice. If we continue to give other countries cause for concern and a new "world currency" evolves, where will we borrow the money?

Without that outlet, our Country will fail just like GM and Chrysler.

We must stop this insane spending.

http://uk.news.yahoo.com/18/20090325/tbs-talks-on-new-world-reserve-currency-8cc5291.html

U.N. 'Climate Change' Plan Would Likely Shift Trillions to Form New World Economy

Fox News uncovered a UN memo describing the agenda for the next "Climate Change" conclave to be held next week. Obama has already stated he is open to many of the proposals in this memo.

Since the USA is the biggest user of carbon based fuels, guess who will end up paying the $ Trillions to ???.

Some "Industrial Relocation" would be required, shifting jobs from one country to another.

All this under the direction of the UN, our friends.

If Obama wants to "Serve and Protect" this would be a good place to say NO, as we have to the Kyoto and other climate treaties that were not in the best interests of the USA.

You can see the full story:
http://www.foxnews.com/story/0,2933,510937,00.html

Nero Fiddles while Rome Burns

All we have to do is substitute Obama for Nero and USA for Rome and we are up to date. We are in the middle of the worst financial crises in decades and people have not even been nominated by Obama to fill the top positions in the Treasury Department.

What has President Obama been doing?
Flying all over the country to sign taxpayer giveaways.
Letting Pelosi and Reid draft so called stimulus bills.
Going on television to attack executive bonuses that he and the Democrats approved in their giveaway bills, all the while taking advantage of a self-made political opportunity.
What about his appearance on Jay Leno? He said he was practicing his bowling.
Wasn't he cute filling out his "March Madness" brackets?

Hasn't anyone told him that he won and the campaign is over?

One man cannot possibly handle the Treasury job without extraordinary people to back him up.

Stay in Washington and give Geithner the help he needs. Just maybe he will be able to do a creditable job. After all, he did tell you about the AIG bonuses weeks ago.

Inflation Looms

The Treasury Department yesterday printed out another $1 Trillion to loan to the banks and whoever else wants it. As a result, the US dollar, today, has dropped in relation to other currencies overseas. It is only a matter of time that our ability to borrow will dry up and inflation will rise.

Bye bye to the wealth and savings that still remained after the recent governmental snafus. I just knew the Government would find a way to level the playing field. Now we will all feel the pain of the poor and down trodden.

Government as the solution, SUCKS!

Mitt Romney has a great article on mis-management by the current administration at http://www.dcexaminer.com/opinion/columns/OpEd-Contributor/The-President-is-missing-the-long-term-effects-of-his-policies-41410532.html

Russian Bomber Bases

Latest news is that Russia is considering bases for their stratigic bombers in Venezuela and Cuba. Two planes on exercises have already landed in Chevez country.

For some time, the Monroe Doctrine has prohibited this sort of action here in the western hemisphere and past Presidents have enforced its provisions, i.e. Kennedy in the Cuban missile crisis.

It will be interesting to see if President Obama will have the fortitude to face up to this crisis and do his Constitutional duty to defend the USA, or buckle under and waste his time spending taxpayers money on silly projects such as pig odors, field mice, Hawaiian boats, sheep burps, blueberries, etc. that are not part of his Constitutional authority.

Cyber Crime against Banking System

Shortly after 9/11, a US citizen named Ali al-Marri was arrested and subsequenty dubbed an enemy combatant and held in a Navy brig for the last 5 years without trial. No matter which end of the political spectrum you are in, this detention and trampling of the rights of an American citizen is unjustified and was somewhat rectified when he appeared in court yesterday.

I thought it ironic, when reading the charges, that one of the tasks al-Marri was assigned was to disrupt the US banking system thru cyber attacks. Congress itself, thru Barney Franks and Chris Dodd, did, and are doing, a much better job at this than al-Marri could ever had hoped.

Maybe we have a "Sleeper Cell" in Congress, or, maybe, Congress is just asleep.

"Mark to Market" Curse to Banks

As I understand it, a Security and Exchange Commission ruling called "Mark to Market", contributed, in many economist's opinions, to the current banking crisis. In simple terms, significant banking capital was supported by mortgage backed securities. When property values began to fall, these securities were required to be written down, even though most mortgages (93%), on a long term basis, retained their original value.

Banks are required to maintain a certain amount of capital base, so banks suspended loaning their cash to preserve capital.

Acording to Steve Forbes, the banks have plenty of cash to loan, and if the "Mark to Market" ruling were amended or suspended, the banking system would be on the way to recovery. This is with only the stroke of a pen, and no taxpayer infusion of billions of $.

Of course our government would prefer to waste hundred of billions of taxpayer dollars on the bailout of the banks and insurance companies rather the try a very practical step in solving the crises they created.

Update: April 4th - The FASB today relaxed the Mark-to-Market rule to allow banks to revalue certain mortgage backed investments.

Stimulus Jobs

Everyday you hear of companies laying off thousands of workers, most of which serve in the retail and service industries or are office workers.

President Obama was proud today to say that some of the projects that were "shovel ready" are set to begin. Am I missing something or does he expect these office and retail workers to join the trades unions and build roads etc. We all know that this is a big payoff to the unions and has nothing to do with giving jobs to those who have been laid off.

Meaningful tax cuts to the middle class would promote retail spending and create the jobs where they are needed. Business tax cuts would create jobs for the office and data processing unemployed.

This bill is "PORK" with a tax "CARROT". That is all it is.

Congressional Obfuscation

I heard certain Congressmen, over the weekend, in defense of the spending packages, state - “that wording is not in the bill”, without actually denying that the actual expenditure would be made.

Congress has learned to obfuscate their intent by generalizing the actual content of the legislation. These bills are so full of legal mumble-jumble that not even Congress spends the time to read them. Our legislators are not doing the job they were elected to do and those that don't should be fired by us, their employers.

We the People should take back control of our lives by requiring that all bills be posted in common English, debated in the open, have two hearings, and then voted on, just as many municipalities have to now.