U.S. DOLLAR SLIDES TO 2009 LOW: U.S. following Argentina’s path to currency destruction (guest in Pacific Time)
Argentina was once known as “The Paris of South America” with its enviable healthcare system, fine education system and a thriving economy. But, due to amassing billions in debt that could not be paid back, Argentina quickly went from being a 1st world nation to a 3rd world nation. As the U.S. government today follows in Argentina's footsteps, could the same fate befall America?
Author and businessman Craig R. Smith believes Obama’s economic policies are patterned after FDR's policies. Those policies not only failed, but actually prolonged The Great Depression. Whether under Bush/Greenspan or Obama/Bernanke, borrowing and spending our way to prosperity will not work. After the most recent reckless spending of trillions on stimulus and bailouts as well as proposing new healthcare deficits, our nation and our currency are on the brink of disaster as the world rushes to abandon the U.S. dollar as the world’s reserve currency.
Fearing panic the U.S. media has failed to cover our government's ‘Shrinking dollar’ policies all while the European media loudly sound the alarm. Consider a few shocking economic headlines…
• "UN wants new global currency to replace dollar”- London Telegraph
• “Swiss topple US as most competitive economy”- Reuters Geneva
• “Barak Obama accused of making 'Depression' Mistakes”- London Telegraph
• “Senate must raise debt ceiling above $12T” - The Hill
• “China alarmed by US money printing"- London Telegraph
Mr. Smith says, “The U.S. dollar is on the same trajectory as Obama's poll numbers. Since January 21st Obama's approval rating has shrunk by one third (from 65% to 45%). His lowest on record. Meanwhile, the dollar index hit a fresh 2009 low Tuesday and has shrunk by a third since 2001!”
How does a falling dollar affect Americans? Mr. Smith makes the case that over the last 50 years a falling dollar translates into a shrinking of the value of each American's time, labor and lifestyle. For example, in 1954 it took 2.6 years of labor to buy a new home, today it takes 4.7 years, that 80% more! Bottom line: people must work harder and longer just to maintain their buying power.
Since 2001 the U.S. dollar has fallen 35%, under both political parties' leadership. Why won't politicians do the right thing? Mr. Smith concludes the government does not want to give power back to the people, instead they prefer promoting more government dependency which began under FDR with cradle to grave entitlements.
Mr. Smith offers five solutions to fight back: 1) Reduce government spending by 15% over the next three years, 2) Reduce the size of Federal government by 20% over the next four years, 3) Reduce corporate tax rates, 4) Suspend payroll taxes for six months if further stimulus is needed, and 5) Learn how to diversify assets out of dollars into tangible assets.
Free Special Report “The Incredible Shrinking Dollar: How to Fight Back” Offer: http://www.swissamerica.com/offer/dollargloom.php
ABOUT CRAIG SMITH…
Craig R. Smith is the Chairman and founder of www.OilSolution.org and author of Black Gold Stranglehold, the book written in 2005 that predicted today’s high oil prices. As an oil and economic analyst, Craig instantly engages audiences with his common-sense perspective on national and global economic trends. Over the past two decades he has been interviewed on over 1,500 radio and TV programs including: FOX News, CNN, CNBC, ABC, NBC, CBS, PBS, CBN, TBN, Time, The Wall Street Journal, The New York Times, and Newsweek.