7 Countries Considering Abandoning the US Dollar (and what it means)

Point of correction: The EU member states' combined national debt is $9.7 trillion.

 

Bush sucks!

 

The devaluation of the dollar, at least to some degree, was planned by the administration for economic reasons. You can find plenty of articles about this from three or four years ago.

 

I’m guessing the upcoming recession is going to be planned as well……













































I joke.

 

so basically these forgeign countries are selling off bc they foresee our economy tanking...

i guess our economy isnt so robust after all...

 

hasnt the dollar lost 35% of its value since 2001?

 

i wish...

i thought the money was supposed to trickle down to everyone...

 

Wow. Thanks for George F. Bush.

 

Actually we are just the tail....we’re going to go wherever you guys go….

 

FYI...

In testimony today, Bernanke said growth will slow noticeably and in a speech, Greenspan said a recession is possible by year's end.

 

awesome, depressing times ahead...looks like my wife's liquor store's business is about to pick up

 

Not so fast. If you listen to T_J, both those guys are too stupid to see the reality of the strong economy.

 

awesome, happy times ahead...looks like my wife's liquor store's business is about to pick up

 

"I thought Reaganomics was nothing more than a mirage that allowed President Reagan to reward his wealthy support base," Sen. Edward Kennedy (D-MA) said. "But two generations later I am seeing Reaganomics in action, and I like what I see. It just took a little longer than I thought it was supposed to."

Reaganomics Finally Trickles Down To Area Man

HAZELWOOD, MO—Twenty-six years after Ronald Reagan first set his controversial fiscal policies into motion, the deceased president's massive tax cuts for the ultrarich at last trickled all the way down to deliver their bounty, in the form of a $10 bonus, to Hazelwood, MO car-wash attendant Frank Kellener.

"Back when Reagan was in charge, I didn't think much of him," Kellener, 57, said, holding up two five-dollar bills nearly three decades in the making. "But who would have thought that in 2007 I'd have this extra $10 in my pocket? He may not have lived to see it, but I'm sure President Reagan is up in heaven smiling down on me right now."

Leading economists say Kellener's unexpected windfall provides the first irrefutable proof of the effectiveness of Reagan's so-called supply-side economics, and shows that the former president had "incredible, far-reaching foresight."

"When the tax burden on the upper income brackets is lifted, the rich and not-rich alike all benefit," said Arthur Laffer, who was a former member of Reagan's Economic Policy Advisory Board. "Eventually."

"This money didn't just affect one life," Laffer said. "It affected five."

Prior to joining Marlin Car Wash in 2005, Kellener worked for nearly two decades at a local Ford assembly plant that is now defunct. Before that, he was employed by the FAA as an air traffic controller until his union went on strike and Reagan fired him, along with nearly 13,000 others. This is the largest tip he has received in his professional life.

"I thought Reaganomics was nothing more than a mirage that allowed President Reagan to reward his wealthy support base," Sen. Edward Kennedy (D-MA) said. "But two generations later I am seeing Reaganomics in action, and I like what I see. It just took a little longer than I thought it was supposed to."

The tip has not gone unnoticed by the economic team in the current administration.

"Had Mr. Kellener received that money in 1981, like the Democrats wanted, it would only be worth $4.24 today because of inflation," Treasury Secretary Henry M. Paulson, Jr. said during an official announcement of the economic policy's success at a press conference Monday. "Instead, Kellener has a solid $10 to spend right here and now. The system works, and our current president intends to keep making it work."

Kellener, who has cared for his schizophrenic sister ever since her federally funded mental institution was closed in 1984, said that he plans to donate the full $10 to the Republican presidential candidate who best embodies Reagan's legacy.

here is the whole report............

 

You do understand that economy is cyclical right?

 

Hey, you gotta do that you gotta do, getting ahead in the finance world is all about properly hedging your risks.

 

Gee, really?

You do understand that government can smooth out or exacerbate those downward turns right?