barack obama economic advisors

barack obama economic advisors

Inflate Or Die : Is Obama Punch-Drunk?

Barack Obama went from the comfortable sofa with Jay Leno to the hot seat with Steve Kroft on Sunday’s “Sixty Minutes”. Un deterred that he was interviewing the president of the united States Kroft said at one point, “You’re sitting here. Furthermore, you are laughing. You are laughing about some of these problems. Are people going to look at this and say, ‘I mean, he’s sitting there just making jokes about money”? In addition, then Kroft asked, “Are you punch-drunk?” Kroft says.

Today, as I wrote in yesterday’s commentary, Timothy Geithner will recommend yet another TRILLION US$’s be spent. He believes we must inflate or die!

At what point do we think the rest of the world will continue to take our inflation and worthless dollars for their valuable exports? Ben Bernanke, Timothy Geithner, Paul Volcker, and others have not a clue as to what to do other than SPEND. Like a drunken sailor who’s too far gone to know anything other than to keep drinking, Obama’s advisors just say keep spending.

America is BANKRUPT on economic ideas, and it’s only a matter of time before the chickens come home to roost!

Don’t look now but the hen house is filling up!

Richard Russell wrote last Friday, in part, “Nobody has ever seen the Fed doing what it’s now doing in its desperate battle to halt deflation. In creating trillions of dollars, the Fed is devaluing the dollar and probably frightening foreign dollar holders (think China). If the dollar starts seriously sinking, rates will go up as it will take higher rates to attract dollars. Higher rates would be just what Bernanke does not want. I’ve stated repeatedly that the US’s Achilles Heel is the reserve status of the dollar. There’s a rumor that certain groups are talking about abandoning the world’s reserve currency and switching to a basket of currencies. Ultimately, I don’t doubt that this could happen. At that point, the US could no longer create the currency that its own debt is denominated in. Furthermore, what a disaster that would be.”

Indeed! You can BANK on it (maybe banking isn’t a positive word these days), we just don’t know how far down the road before that happens. But, I would venture much sooner than later.

Ian McAvity (“Deliberations” publisher) did a study on the US debt-to-GDP. He notes that back in 1991 it took $12.5 billion of debt to deliver $5.5 billion in GDP or a ratio of $2.60 in debt to produce every dollar of GDP. By 2001 it took $4.65 of debt to produce one dollar of GDP. By late 2007 it took $6.12 of debt to produce one dollar of GDP. Today with GDP sluggish or actually declining. To the promises of ‘we’re going to recover’ — ask to where? How might we get there? Much of that debt is what is now melting down apparently. In the five years to September 2008, GDP rose $3.3 trillion and Total Debt rose nearly $18 trillion. That translates to $5.40 of debt for every $1 of GDP. I can’t begin to guess this datum for 2009 with GDP falling and debt creation going off the upper scales. Nevertheless, that new debt is going into the black holes of the banking system, not into the spending steam of the economy. (Scariest fact of all — these data doesn’t include millions of derivatives).”

This can get all too complicated and beyond the average person’s reach.

Moreover, it evidently is way beyond the comprehension of Obama’s economic team or……., or, they do know what’s going on bu SAVING their political bacon is more important than what this might mean for the future. Moreover, much like Bush who had plans before 9-11, the plans of Barack Obama (in his political campaign) simply will not be accomplished. There’re enough people still in Congress with a back bone and brains to say ENOUGH!

It’s really more than and past enough!

About the Author

As a spiritual-futurist, I have a BA degree majoring in history. One cannot know the future without knowing the past which holds clues to what is on the horizon. The world is in such a rapid expansion of knowledge that we are close to entering a tipping point that will forever change earth as we know it.

is Barack Obama turning America into a socialist welfare state?

in February, Mr. Obama said this about the goals of his stimulus package: “i think my initial measure of success is creating or saving four million jobs.” he later explained the stimulus’s $787 billion would “go directly to . . . generating three to four million new jobs.” and his Council of Economic Advisors issued an official analysis showing that the unemployment rate would top out in the third quarter of this year at just over 8%.

that quarter began on July 1, and unemployment is now 9.5%, up from 7.6% when Mr. Obama took office. there are 2.6 million fewer Americans working than there were on the day Mr. Obama was sworn in. the president says now that unemployment will exceed 10% this year, and his advisers say it will remain high through much of next year.

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