Comments on Left Coast Rebel: The Dollar Demise - Oil States Dumping US Dollar

Well, us Europeans reading these comments, we can'...

2009-10-07T15:42:37.910-07:00

Well, us Europeans reading these comments, we can't believe our eyes.

First, why do you keep blaming Obama? The mess you are in began in the 90's, with outsourcing and plastic money (credit cards), when you started living on debt as a nation. But it was outsourcing that really cut the branch you were standing on - you basically let the rich corporation to tunnel out your country. Obama has nothing to do with that.

What's coming now is only a result - you've been drinking on debt for a long time and now the innkeeper lost the rest of his patience and threw you out. It's your worshipped "free market" correction - you consume a lot, and produce a little, so you end up bankrupt. It's that simple. Why should Chinese who produce all the stuff you use live in poor shacks, while you drive expensive cars and live like kings? Why? In a truly globalized world, there is really no reason for this disparity.

So, finally demons you created caught up with you. You created nations of slaves to toil for you, and in the end, you have to compete with them for living - and that's a good lesson, don't you think?

The last nail to your coffin was of course Bush's war campaign - that was the stupidest last stone that started the avalanche.

So stop whining, sell your cars, apologize to nations whose lands you have destroyed - and start working hard again. From fraudsters and white collar ponzi schemers, go back to being workers, farmers and craftsmen. It will only do good to you.

@ Andrew - I can see the validity of that theory. ...

2009-10-06T18:37:33.161-07:00

@ Andrew - I can see the validity of that theory.

@ TAO - Funny thing is I agree with you in many senses. Inflation is a giant tax increase on the middle class and the poor too. It is shocking and sad to see this.

@ Les - I agree, back to basics.

@ Truth - Thanks for the honesty and thanks for reading, just don't let that Right is Right critter know that I *****gasp******** actually respect you and TAO from time to time. Of course we totally disagree on a lot of stuff too. But I like that you guys frequent the site.

@ Bob Qat - Sad, though. Economic freedom has always led to economic and social justice. Mr Obama's style of administered freedom historically leads to a dark age. Losing America will be bad for the entire world.

That is brilliant and spot-on. I am glad to have you in the camp here.And yes, you are right, inflation kills the poor and middle class the worst.....

I doubt Mr Obama sincerely understands his damage...

2009-10-06T14:44:39.042-07:00

I doubt Mr Obama sincerely understands his damage to the American economy is true evil. America has always promoted ability ahead of politics, class or religion.

Mr Obama represents the opposite view: Political correctness, incompetency and religious environmentalism are what matter to him. He may view himself as the moral agent setting things right.

Sad, though. Economic freedom has always led to economic and social justice. Mr Obama's style of administered freedom historically leads to a dark age. Losing America will be bad for the entire world.

- ~ -

One thing you may wish to think about.... If Mr Obama makes the dollar unattractive because of inflation and foreigners get out of the dollar, what effect will such inflation have in the US?

The first impact is rising prices. Another, more sinister impact is people who hold their assets in cash form will get a drubbing. Now think, Who holds most assets in cash? The rich? No, they invest. The middle class? No, they invest and go into debt buying houses.

That leaves the poor. Under the Obamunism, the poor will take an incredible beating. And they will be told to blame capitalism and George Bush. Mr Obama is making a classic authoritarian move.

The stimulus package was totally avoidable. So was...

2009-10-06T12:45:12.253-07:00

The stimulus package was totally avoidable. So was tarp, as was bailing out GM and Chrysler. In the stimulus package how much of the $100,000 per person (beyond just taxpayer) did you get? Now giving $100,000 to each and every American would have been stimulus to the economy. Spending the same amount of money on improving transportation in this country would have stimulated our economy long term, but giving so called stimulus money to political contributors and to support groups like Acorntidesseiuapollo/Soros has not helped our economy one bit. I live in metro S.Florida. I just went up to walgreens. 2 years ago traffic would have been gridlock between home and Walgreens. There was not one car on the road between here and there today at 3pm. Now tell me after reading this, that the stimulus was either necessary or working. Just for the record, I live in a "blue" county that got absurd amounts of stimulus money, but it has not helped the people.

I looked in earlier and figured this was another t...

2009-10-06T11:39:52.365-07:00

I looked in earlier and figured this was another typical righty playing chicken little. I read on CNN that oil states said they had no plans to replace the dollar. I came back to apologise LCR. Whenever someone says "We have no plans to ..." that means they have plans to.

I have to agree with TAO though. Our situation has made these decisions unavoidable. Much like the stimulus package.

I agree that gasoline prices will rise rapidly as ...

2009-10-06T11:09:19.540-07:00

I agree that gasoline prices will rise rapidly as the dollar crashes. I believe that gas prices are being held artificially low. The reason for that is the 2010 elections. There is no one single factor that hurts a party in power in American politics like a gas crunch. In the previous election, would the dems have gained so many seats on Capitol Hill without anger over the 06-08 gas crunch? The repubs were the perceived party in power because Bush was president. I believe that the gas crunch contributed to Obama's election but not exclusively. I believe that Obama knows that a gas crunch now would destroy his agenda and so his big money friends are preventing that until after the midterm elections.

Rational Nation, Right now we basically have no o...

2009-10-06T10:49:16.262-07:00

Rational Nation,

Right now we basically have no options, when you consider that the vast majority of Americans are unwilling to make the personal sacrifices necessary to achieve what you state.

Look at the healthcare townhall meetings...quite a few senior citizens, who enjoy the benefits of socialized medicine protesting socialized medicine for others!

That the reality or absurdity of our political environment.

We do need to totally re enigneer our economy and return it to some sense of sanity but the big issue is that no one wants to pay that price but rather want everyone else to pay the price for fiscal sanity (which includes not only the government, but businesses, and individuals).

LCR, I am certainly not an economist either but li...

2009-10-06T10:22:41.789-07:00

LCR, I am certainly not an economist either but like TAO have seen this coming for awhile.

I, however, am in disagreement with the premise we should mimic the European Socialist model.

What we ought be doing is returning to a true free market economy (circa pre 1900)and re establishing the gold standard. Although, at this point in our history I admit to not knowing how we would accomplish it.

Check, check and "Oh Waiter, CHECK PLEASE!!" I wan...

2009-10-06T08:05:46.739-07:00

Check, check and "Oh Waiter, CHECK PLEASE!!" I want off this planet now. [sigh] I just hope folks are ready to weather the economic storm ahead. I truly worry about my fellow Americans.

Sorry to hear you couldn't sleep. Bless your heart. I hate having nights like that. I pray that you can rest now and enjoy peace for a space of time. Have faith, for God is still in control my friend. :)

LCR, Shocking isn't it! But realistically anyone...

2009-10-06T06:24:29.216-07:00

LCR,

Shocking isn't it! But realistically anyone of sound mind would have seen this coming a long time ago and done something about it many years ago.

Basically, gas will become very expensive in the United States, the dollar will be devalued, and treasury bonds will have to pay a higher interest to attract buyers; which means all credit will get more expensive.

What you are seeing is not so much a transformation of our economy by the Obamanation but the fact that reality is that the only solutions available to us are to mimic the european socialist countries.

Its not a path we have chosen but rather the only opportunity left to us for all the horrible decisions we made in the past.

I have been asking why has the price of oil been h...

2009-10-06T06:03:32.903-07:00

I have been asking why has the price of oil been heading north of $70 for some time now while the price of a gallon of gasoline has been falling here. This explains why. Ultimately Obama wants to destroy the dollar completely in favor of a new international currency, like the Euro. You realize that the time of transition between the european currency being phased out and the Euro coming into being was the time that Soros made his fortune. He did so by speculating on the German "Mark" if I recall correctly. Now Soros is selling the dollar short, knowing that Obama is printing more than enough for it's value to drop. If this goes down the way I fear, something very bad will happen in DC.