Posts Tagged ‘Timothy Geithner’

Audacity Of Indifference: Obama Believes American People Too Ignorant, Selfish To Understand Truth About His Path To Economic Disaster

July 9, 2011

The average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers,” Obama top political advisor David Plouffe said.

That’s good for Obama, given that Obama promised the American people that if his $3.27 TRILLION stimulus porker was passed, unemployment would go down to 7.1% by now, and instead it just rose to 9.2%.

Plouffe’s comment was brought up to White House press secretary Jay Carney, who had even more to say about just how profoundly stupid Obama believes the American people are:

Earlier this week David Plouffe, one of Obama’s senior advisers and an architect of his 2008 campaign, was panned for saying “the average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers.”

In a condescending way, White House press secretary Jay Carney basically told the press corps  the same thing. Carney told ABC News’ Jake Tapper that Americans talk to each other about their feelings of the economic situation rather than “analyze the numbers.”

“I don’t know where, you know, the voters that some other folks might be talking to — but — or — but most people do not sit around their kitchen table and analyze GDP and unemployment numbers,” Carney said. “They do not sit around analyzing The Wall Street Journal or other — or Bloomberg to look at the — you know, analyze the numbers.”

It’s too darn bad we don’t know how to read, analyze or think, or we’d know what a total abject failure Jay Carney’s boss truly is.  If we could just learn to read or count, we’d fix Barry Hussein good in 2012.

Carney began this dissertation on the ignorance of the American people by first saying,

“Well, I understand that we’re engaged in the – or rather, the Republicans are engaged in a primary campaign, trying to get some media attention.”

As though that should somehow insulate Obama to whatever they say (we know that Obama has NEVER campaigned, and transcends politics the way the gods transcend humanity, after all).

I came across someone who did a good chunk of the assessment of Obama’s latest job figures and the reality of the pain that increasing numbers of Americans feel as a result of Obama’s economy for me:

You’re a just bunch of dullards who don’t care about unemployment, or the deplorable state of the U.S. economy, or the out of control spending by a socialist kleptocracy.

Here’s the numbers:

The GDP is the measure of a country’s output at any given time. The nation’s $14 trillion+ debt now equals the TOTAL  U.S. GDP, and exceeds the world’s economic output.

The official unemployment estimate is 9.2%, but when you figure in all of the people who simply stopped looking for work or have run out of unemployment benefits that percentage increases.

According to the Bureau of Labor Statistics: Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force, now stands at 16.2%.

I analyze Obama’s abject, deliberate destruction of America’s economy, every day.    Jobs, along with businesses are leaving America thanks to the idiotic regulations, high taxes, the trade deficit, government spending, and unions that price their people and jobs right out of the country.  Tens of thousands of jobs have moved to communist China, which means we’re propping up an enemy of the United States with capitalist dollars.

But the American people are too damn stupid to understand all of that.  How can the ignorant dirty masses possibly understand?  It is better that Obama TELL THEM what to think, is it not?  And no one should listen to Republicans, after all; they’re campaigning, you know.  And Obama would never do anything so crass as that.

Still, Carney’s hand-waving dismissal of the Republicans’ points make it somewhat interesting to find out what those points actually ARE:

Tim Pawlenty pointed out that Obama is “dangerously detached.”  That whole “I feel your pain” thing is simply absent from Obama.  He stands far too far above us to feel or understand our mortal pain.  Our duty is to worship our messiah and have faith in him and in his Marxist ideology come what may.

But Mitt Romney probably most hit the nail on the head:

“Today’s abysmal jobs report confirms what we all know – that President Obama has failed to get this economy moving again. Just this week, President Obama’s closest White House adviser said that ‘unemployment rates or even monthly jobs numbers’ do not matter to the average American.

“If David Plouffe were working for me, I would fire him and then he could experience firsthand the pain of unemployment. His comments are an insult to the more than 20 million people who are out of work, underemployed or who have simply stopped looking for jobs. With their cavalier attitude about the economy, the White House has turned the audacity of hope into the audacity of indifference.”

That opens the door to another thing Obama assumes you are: too selfish to care about other people.

If you have a job, or are getting your welfare check from the government that the government has redistributed from someone who IS lucky enough to have a job, you clearly don’t give a damn about how much millions of Americans are suffering.  That was at the heart of both David Plouffe’s and Jay Carney’s point.  Let me provide the full David Plouffe (did I mention he’s Obama’s TOP political advisor?) statement:

“The average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers,” Mr. Plouffe said. “People won’t vote based on the unemployment rate; they’re going to vote based on: ‘How do I feel about my own situation? Do I believe the president makes decisions based on me and my family?’

That’s right: if I’m doing okay, or at least if my family’s getting enough of the welfare pie, screw America.  Who gives a damn if everybody’s out of work?  I’m a DEMOCRAT; I’m getting MINE.  Barry Hussein took somebody else’s money and gave it to me so I’d vote for him.  Screw America, screw the American people and screw the unemployment rate.

Amity Schlaes made a good point about the Great Depression in her book The Forgotten Man: “The Great Depression wasn’t that bad if you had a job.”  And that was true; particularly if you didn’t give a damn how much other people were suffering as a result of FDR’s terribly failed and immoral policies that kept America suffering for seven full years longer than was necessary.

Obama assumes that a majority of American voters are as selfish and self-centered as he himself has proven to be in his personal life before running for president.  Did you know, for instance, this about Barack Obama?

Prior to his run for President, Barack and Michelle Obama were in the top 2% of income earners, but actually gave less than the average American in charitable giving.

Obama gave .4% of his income.  In spite of being rich, and being in the top richest 2% of Americans, Obama gave only $1,050 to charity.  When the average American household (that’s mostly us in the bottom 98%) gave $1,872, which was 2.2% of their incomes.

For the record, Barack Obama was 450% more selfish, more stingy, more greedy and more self-centered than the average American.  Even though the average American had nowhere NEAR Obama’s wealth.  And that is a documented fact.  And let’s also consider how much Michelle Obama earned by receiving lavish political patronage because of her husband’s career.

And then you find that as cheap and chintzy and stingy and selfish as the redistribution of wealth president (a.k.a. Barry Hussein) was before he decided to run for president, his vice president was even STINGIER.  Because Joe Biden gave less than one-eighth of one percent of his wealth to charity.

And, of course, Democrats who lecture us on “paying our fair share” while they either welch on their debts, refuse to contribute to charity, cheat on their taxes, or all damn three are a dime a dozen.  Let’s have a few prominent examples: Bill and Hillary Clinton, who have largely welched on Hillary’s campaign debts.  There’s Charlie Rangel, the man who chaired the committee that wrote the tax laws while not bothering to pay his own damn taxes.  There’s “Turbo Tax” Timothy Geithner, the man in charge of the Treasury and I.R.S. who didn’t bother to pay his own taxes.  There’s former Democrat candidate for president John Kerry, a millionaire, who tried to wriggle away like the worm he is from paying the taxes he should have paid on his yacht.  There’s Kerry’s wife and fellow Democrat Teresa Heinz-Kerry, who in spite of inheriting the Heinz fortune actually pays less in taxes than the median American family.  And then there’s a bunch of more garden variety cockroach Democrats such as Eric Holder, Tom Daschle, Bill Richardson, and Claire McCaskill.  And the vile putrid bunch of Democrats running Bell, California.

And let me throw in “San Fran Nan” Nancy Pelosi into the mix.  Here’s an already filthy rich woman who increased her wealth by 62% last year while millions of Americans are suffering.  She’d certainly be one who would say, “Screw America, screw the American people and screw the unemployment rate; I’m getting MINE.

These are the hypocrite vermin who constantly lecture us about how “the rich should pay their fair share.”  And these slime certainly should.  But of course, while they screech the Marxist screed of class warfare, they know that they’ve written the tax laws to benefit themselves and their supporters – to the extent they even bother to follow those tax laws that they demand everybody else follow to begin with.

“The audacity of indifference.”

Barack Obama and the Democrat Party don’t care if millions of Americans are out of work and suffering as the result of their policies.  All they frankly cynically care about is whether they can exploit that suffering to their own political advantage.  And whether the American people are ignorant enough and selfish enough to fall for their lies.

Claire McCaskill Joins the Ranks Of Hypocrite Democrat Tax Cheats

March 22, 2011

How many reasons are there to vote out Claire McCaskill at the first opportunity in 2012?

You really only need one: she was a weasel who voted for ObamaCare and then basically pretended she hadn’t:

It Begins. State-Run Media Whitewashes McCaskill’s Obamacare Voting Record
Posted by Jim Hoft on Tuesday, February 8, 2011, 8:04 PM

Liberal Missouri Senator Claire McCaskill is in big trouble.

(MLive)

Thank goodness Claire can count on the media to help her out.
The press started spreading the rumor this week that McCaskill is questioning Obamacare even though she not only supported the plan, but also traveled the state promoting it at townhall meetings.
Jake Wagman at The St. Louis Post Dispatch reported:

With 2012 Republican opposition already circling, U.S. Sen. Claire McCaskill continues to question a key component of the president’s health care plan.

Politico has McCaskill, who’s already attracted two GOP contenders hoping to unseat her, joining a band of moderate Senate Democrats exploring ways to replace the mandate portion of the health care legislation approved by Congress last year.

McCaskill told Politico writer Manu Raju that they are looking for something “less than a mandate,” such as limited enrollment periods with financial penalties for not signing up. (That’s not a mandate?)

“It may be that the mandate is the only way we can do it,” McCaskill said. “But I think we should explore it.”

Under the plan signed into law last year, individuals could eventually face a fine of up to 2.5 percent of their income for not having insurance.

Of course, they forgot to mention this…
When McCaskill had the opportunity to remove the mandate during Senate negotiations in 2010, she refused. Instead, she voted to keep the mandate in the bill by killing a Republican amendment (H.R. 4872, CQ Vote #101: Motion agreed to 58-40: R 0-40; D 56-0; I 2-0, 3/25/10, McCaskill Voted Yea).

Lloyd Smith, Executive Director of the Missouri Republican Party, said this:

“Claire McCaskill voted to keep the unconstitutional individual mandate in the health care bill, she cast the deciding vote in favor of Obamacare, and then she traveled the state in support of the law. McCaskill had plenty of opportunities to seek alternatives to the individual mandate, but instead, she sided with Barack Obama every chance she got and forced costly, burdensome, and unconstitutional regulations on every single Missourian. McCaskill’s sudden election-cycle repentance is too little, too late.”

When ObamaCare was passed via every imaginable shenanigan, it was unpopular with the American people.  And now, having had a chance to see it, to see the huge cost increases its causing, to see the thousand-plus waivers (Constitution “equal treatment under the law alert) as even LABOR UNIONS try to bail out of it, and to see even BLUE STATES trying to weasel out of it, it is more unpopular than ever.

Claire McCaskill voted for an evil and immoral law.  And that alone is enough to kick her butt right out of office.

But if that wasn’t a good enough reason, here’s another damn fine reason to get her stink out of the United States Senate:

Posted at 03:59 PM ET, 03/21/2011
Claire McCaskill admits to $287,000 in unpaid taxes on private plane
By Rachel Weiner

Missouri Democratic Sen. Claire McCaskill admitted Monday that she had failed to pay about $287,000 in back taxes and will sell a private plane that has created considerable controversy as she prepares to run for a second term in 2012.

“I have convinced my husband to sell the damn plane,” McCaskill told reporters on a conference call Monday afternoon. “I will not be setting foot on the plane ever again.”

McCaskill and her husband, Joe Shepard, co-own the eight-seat, two-engine plane with other investors. They bought it in July of 2006 through Sunset Cove Associates, an LLC her husband incorporated in 2002.

The tax revelations are the only the latest problem for McCaskill involving the plane,however.

In the wake of a Politico report that had billed the government for her travel on the aircraft, she quickly reimbursed taxpayers for the trips, hoping to avoid a protracted political problem.

But, it was then revealed that she had billed taxpayers for a purely political trip — deepening her potential exposure on the issue.

On the conference call, McCaskill said that after she discovered the political trip on the plane she conducted an extensive audit of all the times she used it. That search turned up the fact that she had not paid personal property taxes on the aircraft totaling $287,273. (Not all states charge these taxes, and because planes are not registered with the state or the county, she was never billed.) The senator said she understood that Missourians would be confused about how this happened, but insisted it was an honest mistake. “I’m being held accountable, like I should be,” she said. “I made this mistake.”

Republicans, not surprisingly, have had a field day with McCaskill’s plane problems. The Missouri Republican Party has filed an ethics complaint against her while the National Republican Senatorial Committee is demanding she release tax records for the company that leases the plane, along with more information on each of the flights she took.

“This raises very serious questions for Senator McCaskill’s re-election bid because if there are two things voters don’t like, it’s a hypocrite and a tax cheat, and Senator McCaskill just admitted to being both,” said NRSC executive director Rob Jesmer. The NRSC is also circulating a web video that features the incumbent saying: “If my walk doesn’t match my talk, then shame on me and don’t ever vote for me again.”

McCaskill, herself, acknowledged the trouble the plane issue has caused her on today’s call. “It sounded like a good idea, but it’s very expensive and its very complicated,” she said. “I think it does complicate things for the public.”

ANY public official who doesn’t pay their income taxes deserves to be hunted down with dogs and then burned alive.

But when that public official is a Democrat who literally makes a living saying other people “need to pay their fair share,” they should be tarred and feathered before they’re let loose so the Rottweilers can hunt them down.

I couldn’t be more sick and tired of self-righteous hypoctire liberal rat bastard filth Democrats making “honest mistakes” as they fail to pay their taxes.  You know what I’d like to see?  A Democrat make an “honest misktake” and finally for once in their lives making an ACTUAL honest mistake and paying TOO MUCH in the taxes they loudly demand everybody else pay.

Charlie Rangel – who sat on the House Ways and Means Committee and in fact was the CHAIRMAN of that committee that writes our damn tax laws - made an “honest mistake” in assuming that he somehow should be REPEATEDLY exempted from the laws he expected everybody else to follow.

John Kerry – who was the 2004 Democrat candidate for president of the United States – made an “honest mistake” when he decided he should screw his state in taxes he owed on his yacht and instead acted exactly like the corporations that move jobs offshore that people like him constantly demonize.  Because he damn sure moved his yacht offshore to avoid paying his taxes.

Treasury Secretary Timothy Geithner is smart enough to run our nations entire financial system, but too damn stupid to avoid making that “honest mistake” that would have meant paying his taxes.

They’re hardly alone.  And they are just two examples of Democrats whose vile party and whose wicked electorates will never hold them accountable for their lies and their frauds.

Hopefully, Claire McCaskill will be different as the people of Missouri say “hell no!” to her kind of weasel politician less than 20 months from now.

Obama Administration A Fifth Column Destroying American Competitiveness From Within

June 10, 2009

Obama has a plan to make American business as competitive in the world economy as the proverbial Dodo bird for the sake of “economic justice.”

Obama Tells American Businesses to Drop Dead: Kevin Hassett

June 8 (Bloomberg) — I’ve finally figured out the Obama economic strategy. President Barack Obama and his team have been having so much fun wielding dictatorial power while rescuing “failed” firms, that they have developed a scheme to gain the same power over every business. The plan is to enact policies that are so anticompetitive that every firm needs a bailout.

Once that happens, their new pay czar Kenneth Feinberg can set the wage for everybody and Rahm Emanuel can stack the boards of all of our companies with his political cronies.

I know, it sounds like an exaggeration. But look at it this way. If there were a power ranking of U.S. companies, like the ones compiled by football writers for National Football League teams, Microsoft would surely be first or second to Google. But last week, Microsoft Chief Executive Officer Steve Ballmer came to Washington to announce what Microsoft would do if Obama’s multinational tax policy is enacted.

“It makes U.S. jobs more expensive,” Ballmer said, “We’re better off taking lots of people and moving them out of the U.S.” If Microsoft, perhaps our most competitive company, has to abandon the U.S. in order to continue to thrive, who exactly is going to stay?

At issue is Obama’s policy to end the deferral of multinational taxation.

The U.S. now has about the highest combined corporate tax rate, second only to Japan among industrialized countries. That rate is so high that U.S. firms have an enormous disadvantage versus competitors. The average corporate tax rate for the major developed countries in the Organization for Economic Cooperation and Development in 2008 was about 27 percent, more than 10 percentage points lower than the U.S. rate.

Tax Burden

U.S. firms have nonetheless prospered because our tax code allows a business to set up a subsidiary in a low-tax country. When that subsidiary earns profits, they are taxed at the rate of that country, and don’t face U.S. tax until the money is mailed home.

The economically illiterate partisan Democratic view is that this practice is unpatriotic and bleeds jobs from the U.S. The economic reality is that American companies use this approach to acquire market share overseas. The alternative is losing the business to foreign competitors.

Don’t just take my word for it. A recent paper by Harvard economists Mihir Desai and C. Fritz Foley and Berkeley economist James Hines and published in the distinguished American Economic Review, gathered data on American multinationals to explore the impact of foreign investments on domestic U.S. activity.

Encourage Overseas Sales

Their conclusion was striking. The authors found that “10 percent greater foreign capital investment is associated with 2.2 percent greater domestic investment, and that 10 percent greater foreign employee compensation is associated with 4 percent greater domestic employee compensation. Changes in foreign and domestic sales, assets, and numbers of employees are likewise positively associated; the evidence also indicates that greater foreign investment is associated with additional domestic exports and R&D spending.”

So when firms expand their operations abroad, taking advantage of the lower foreign tax rates, it helps their workers in the U.S. Higher sales abroad (surprise, surprise) are good for domestic workers.

It is worth noting that this study, which is confirmed by a boatload of evidence elsewhere, was coauthored by the same James Hines who recently wrote a sweeping review of international tax policy with Obama’s top economist, Larry Summers. Summers has to know what the literature says.

Inexplicable Stance

So the question is, why does Obama advocate a policy that so flies in the face of everything that economists have learned? How could Obama possibly say, as he did last month, that he wants “to see our companies remain the most competitive in the world. But the way to make sure that happens is not to reward our companies for moving jobs off our shores or transferring profits to overseas tax havens?” Further, how could Treasury Secretary Tim Geithner call a practice that top scholarship has shown increases wages and employment in the U.S. “indefensible?”

I have to admit I am at a loss. Maybe it is good politics to bash American corporations, and Obama isn’t really serious about making this change happen. But if the change is enacted, and domestic corporate taxes aren’t reduced to offset the big tax hike, the result will be a flight from the U.S. that rivals in scale the greatest avian arctic migrations.

If that occurs, the firms that stay in the U.S. will be at such a huge tax disadvantage that they will absolutely need a “rescue.”

(Kevin Hassett, director of economic-policy studies at the American Enterprise Institute, is a Bloomberg News columnist. He was an adviser to Republican Senator John McCain of Arizona in the 2008 presidential election. The opinions expressed are his own.)

Is the destruction of America deliberate?

It’s certainly possible.

Another possibility is that Barack Obama and Timothy Geithner have never actually had to make a payroll, or run an actual business.  It’s all just monopoly money for these guys.  They live in a world of theory, and their theories are all crap.

Fund Betting Big That Obama Kills U.S. Economy With Hyperinflation

June 2, 2009

There’s a memorable line in the movie, The Hunt For Red October.  A fanatic  Soviet submarine skipper – trying to complete his mission to destroy the renegade Soviet sub “Red October” before it escapes to America – makes a fatal overconfident miscalculation.  As the torpedo he fired boomerangs back toward the very submarine that fired it, a Russian officer turns to the captain and shouts:

“You arrogant ass!  You’ve killed US!”

Essentially, a hedge fund that was wildly successful last year is betting that the American people will be shouting that very same line at Barack Obama.

The June 2 article from The Wall Street Journal:

Black Swan Fund Makes a Big Bet on Inflation

A hedge fund firm that reaped huge rewards betting against the market last year is about to open a fund premised on another wager: that the massive stimulus efforts of global governments will lead to hyperinflation.

The firm, Universa Investments L.P., is known for its ties to gloomy investor Nassim Nicholas Taleb, author of the 2007 bestseller “The Black Swan,” which describes the impact of extreme events on the world and financial markets.

Funds run by Universa, which is managed and owned by Mr. Taleb’s long-time collaborator Mark Spitznagel, last year gained more than 100% thanks to its bearish bets. …

A Bloomberg article offers a little more.  An excerpt:

June 1 (Bloomberg) — Universa Investments LP, the hedge- fund firm advised by “Black Swan” author Nassim Taleb, is adding a new strategy, betting that government efforts to pump money into economies around the world won’t prevent deflation or could result in hyperinflation. [...]

Policy makers have no control over the outcome of their actions,” Taleb said. “The plane they are flying will either hit the mountain, which is hyperinflation, or crash in the ocean, which is deflation. There is a chance of the pilot hitting the runway. But if he’s not skilled, it’s less than he thinks.

Obama has – and this is a direct quote from another Wall Street Journal piece – been “adding more to the debt than all previous presidents — from George Washington to George W. Bush — combined.”  We have a national deficit of $11 trillion that has been racking up since the 1920s, and the Congressional Budget Office is estimating that Obama will nearly double it with a further $9.3 trillion in his own deficit spending.  Even as “[t]he U.S. government and the Federal Reserve have spent, lent or committed $12.8 trillion.”  And growing.  And spent in order to spend us out of a hole that was created by the weight of excessive debt in the first place.

“You arrogant ass!  You’ve killed US!”

A C-SPAN interview with Obama reveals a fascinating mindset.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we’ve made on health care so far. This is a consequence of the crisis that we’ve seen and in fact our failure to make some good decisions on health care over the last several decades.

Notice that Obama acknowledges that the government is out of money, and then immediately starts discussing spending what is expected to top $1.5 trillion MORE for his  health care “investment.”   He is an addict who cannot stop his spending.  He’s like a gambler who thinks he’ll hit it big on the next roll of the taxpayer dice.

And that $1.7 trillion figure from the C-SPAN interview, as bad as it is (I mean, you have to understand: people complained about Bush’s spending raising our debt $1.2 trillion over THREE YEARS), is still likely a lowball figure.  The numbers keep changing.  McClatchy Newspapers has an article describing the rosy numbers, fuzzy math, and constantly changing numbers coming out of the Obama administration.

According to Strategas analyst Dan Clifton’s budget analsis as found in US News & World Report:

Based on our analysis, the deficit is actually $2.2 trillion for the fiscal year or nearly 100 percent higher than is being reported. In fact, the deficit will finish the fiscal year at an astonishing 15.5 percent of GDP! Federal spending will rise to 32 percent of GDP.

The United States will have to borrow nearly 50 cents for every dollar it spends this year.  By 2019 Obama will have so exploded the debt that it will exceed 82% of gross domestic product.  And we are simply doomed.

“You arrogant ass!  You’ve killed US!”

China has been warning the Federal Reserve over “printing money” – a warning that comes amid growing fears that America could lose its AAA sovereign rating.  The dollar has weakened sharply against other currencies due to the Treasury simply creating money out of thin air.  China is increasingly concerned that all this “money creation could end up debauching the dollar … inviting a global inflationary crisis.”   The policies that the Obama administration has been pursuing have led another writer for the UK Telegraph to conclude, “From now on, think of the US as a bigger Zimbabwe.”

A Bloomberg article describing Treasury Secretary Timothy Geithner’s hat-in-hand visit to China said:

U.S. government securities have tumbled 4.3 percent this year, the worst performance since Merrill Lynch & Co. began tracking returns in 1978, as so-called bond vigilantes drove up yields to punish President Barack Obama for increasing the budget shortfall.

Concerns about international investors have grown as the U.S. Dollar Index weakened 8.6 percent since February and Obama and Federal Reserve Chairman Ben S. Bernanke committed $12.8 trillion to thaw frozen credit markets and snap the longest U.S. economic slump since the 1930s.

It was while Geithner was speaking before an audience of Chinese that the following event occurred:

Speaking at Peking University, Mr Geithner said: “Chinese assets are very safe.”

The comment provoked loud laughter from the audience of students. There are growing fears over the size and sustainability of the US budget deficit, which is set to rise to almost 13pc of GDP this year as the world’s biggest economy fights off recession. The US is reliant on China to buy many of the government bonds it is planning to issue but Beijing’s policymakers have expressed concern about the strength of the dollar and the value of their investments.

Obama has until October to sell about $1.9 trillion in debt.  Geithner is actually in China right now to pitch a major bond sale next week.  And neither China nor anyone else seems crazy enough to keep buying our debt in sufficient amounts to fill our bottomless pit of federal spending.  That means either that the US has to raise interest rates to make its debt more attractive – which will kill the economy and plunge the US into a further cycle of recession – or else simply keep printing money which creates the core element of hyperinflation.

“You arrogant ass!  You’ve killed US!”

Obama and the Democratic spin machine keep laying the blame on Bush policies, but it is Obama’s spending that has created this “Sophie’s Choice,” not anything that Bush did.

It wasn’t Bush who fired the salvo of spending “torpedoes” that are now coming back to blow up in the bowels of our economic and financial system.  It has been Obama’s uncontrolled spending.

It certainly isn’t just Universa and it’s “Black Swan” fund that is betting on Obama-caused hyperinflation, just as it isn’t just the UK Telegraph comparing the US under Obama to Zimbabwe, as a brief excerpt from Bloomberg shows:

May 27 (Bloomberg) — The U.S. economy will enter “hyperinflation” approaching the levels in Zimbabwe because the Federal Reserve will be reluctant to raise interest rates, investor Marc Faber said.

Prices may increase at rates “close to” Zimbabwe’s gains, Faber said in an interview with Bloomberg Television in Hong Kong. Zimbabwe’s inflation rate reached 231 million percent in July, the last annual rate published by the statistics office.

“I am 100 percent sure that the U.S. will go into hyperinflation,” Faber said. “The problem with government debt growing so much is that when the time will come and the Fed should increase interest rates, they will be very reluctant to do so and so inflation will start to accelerate.”

David Rosenberg, the chief economist at Gluskin Sheff, disagrees slightly with Marc Farber and the Black Swan fund: he doesn’t think that the savage beast of hyperinflation will begin devouring the U.S. economy until after consumer spending has rebounded.  In a Newsmax article entitled, “Experts Fear U.S. Will Suffer Zimbabwe-Level Inflation,” Rosenberg is quoted as having told The Wall Street Journal, “Not until the household sector expands its balance sheets are we likely to see the re-emergence of inflation on a sustained basis.”  It’s not that we’re not doomed; it’s merely a question as to how long before we’re doomed.

I feel another refrain from the song we’re singing coming on:

“You arrogant ass!  You’ve killed US!”

Famed Trends Research CEO Gerald Celente has predicted food riots in the United States by 2012.  He put his reputation on the line by making that claim.  Now we’ve got more financial experts like Marc Farber, Nassim Nicholas Taleb, David Rosenberg, and a mega-successful hedge fund putting their money where their mouth is in essentially predicting the same scale of disaster.

Like the Russian submarine skipper who arrogantly and foolishly removed the safeties from his missiles which would have protected his sub from his own torpedoes, Barack Obama has arrogantly and foolishly taken actions that will torpedo the U.S. economy.  It’s only a matter of how much time we can dodge the impending explosion of massive spending triggering massive inflation.


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