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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: ChinuSFO who wrote (124164)	10/18/2012 10:05:41 AM
From: RetiredNow	Read Replies (1) \| Respond to of 149317

OK. Suit yourself. I understand your thought process, but don't agree with your conclusions. BTW, economic prosperity is caused by savings and investment. Savings creates a pool of capital that can be used for business investment. Business investment creates jobs. Borrowing to spend beyond our means, like Americans do, removes capital from the economy and sends it overseas. That capital is no longer available for investment, which means jobs shrink. When government steps in to prop up demand, they are simply reducing capital to encourage spending. They are borrowing from the future to drive spending, which goes overseas. Government printing and borrowing is a recipe for long term stagnation. It always has been. Where government helps the most is in partnering with business to make investments in Research and Development for break-through technologies. Some of Obama's investment in renewable energy, although having some notable failures, are worth the risk for the long term gain in industrial capacity that may flow from it. But propping up GDP by doing things like cash for clunkers or buying that crazy women her cell phone plan, or other such temporary spending measures are disastrous ways of squandering what wealth this country has left. This country has been sold a bridge to nowhere and we're on the brink. Let me throw a scenario down for you. If China decides they are through with Western Style capitalism based on debt credit, fiat currencies, they could become THE superpower within 10 years. All they need to do is adopt Austrian economics, use their $2 trillion in US dollar reserves to buy up the majority of the world's gold supply and mining operations, then unpeg the Yuan from the dollar and peg it to gold, and the world's investors will flock to China and invest most of their money there in the hope of escaping the rabid destruction of their wealth in Western developed countries. I'm shocked China hasn't already figured this out. The result of a move like that would be a massive destruction of the standard of living of the US and the Western World and a re-acceleration in the rise of China in almost every way. In fact, if I had to guess, I would bet you my house that the Pentagon has a contingency plan for a US dollar collapse and the rise of the Chinese Yuan as the currency reserve. It would create chaos here as many, if not most Americans lost their life's savings overnight and blamed our government for it. When you really start to understand how our money supply and the value of our currency is at the root of EVERYTHING, then you start to understand why getting rid of Bernanke and putting in place a stable monetary person like Volcker in place is so critical. It is critical to not just our purchasing power, but to our economy, our national security, and ultimately our freedom. How many times has hyper-inflation destroyed a relatively free country? And what typically replaced that countries leaders? Despotism. Hitler. Mugabe. This is what happens to currency debasing governments. They get overthrown and replaced with Dictators. Yes, getting rid of Bernanke is that important.