Quote:
Originally Posted by Figmo Bohica
There is a possibility that the dollar could be removed as the "world's reserve currency." If this happens, we will become a 3d world country over night.
This happened to the UK in the 1950s when the dollar took over for the Pound Sterling. Google the history of "world reserve currency" and find out what it did to the UK.
I only hope that this does not happen to us.
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Figmo..I, too, believe that being replaced as the world's currency is the worst thing that can happen to us. The US came out of WW2 as the strongest and richest country in the world, England was broke and in debt so the decision was made to make the USD the reserve currency replacing pound sterling
As far as be downgraded by Moody's et al.....raising the debt ceiling is like giving an addict one more fix and then they they will quit. I don't see how that can make us look financially responsible to anybody.
We have critters in DC who for decades have spent like drunken sailors.
Now, like local governments who when they run short yell that they are going to cut police and firemen....
Washington first threatens cutting social security and Medicare.....
Neither party talks of going after theft, waste, graft and fraud....or how about banning lobbyists from D.C, that might make a difference.
Anyone remember Sen Coburn's "The Bridge to nowhere" or Robert Byrd's "road to nowhere"....btw when Byrd took office in 1959 W.Va was 39th in medium family income and 42nd in per capita income.....today it ranks 48th in both, so much for the Billions poured into W Va by the "king of Pork"
Unfortunately, I have come to believe as Barry Goldwater said, "There's not a dime's worth of difference between either party".
Wonder how Pres. Obama really feels about raising the debt limit:
“The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government can not pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America's debt weakens us domestically and internationally. Leadership means that, "the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”
Senator Barack H. Obama, March 2006