How does this affect you? :dunno:
Economics: As the dollar declines, the cheap goods from abroad will suddenly cost a lot more, plus the suppliers of these goods know they will be able to command just about any price for them. Taxes must inevitably go up to pay the interest on the growing national debt. The US dollar has fallen 33% and 25% against the Canadian Dollar and UK Pound in the last few years, so it takes a lot more dollars to buy the same goods from abroad and since 2000 3M manufacturing jobs were lost in the US.
Since taking office, Bush has doubled the federal debt to more than $5 trillion. And, according to US Treasury figures, on net, foreign investors have purchased close to 100% of that debt. That’s $3 trillion borrowed from the Saudis, the Chinese, the Japanese and others.
It’s the price paid to buy back our money from abroad that’s ******* us. Despite the Koranic prohibition on charging interest, the Gulf princes demand their pound of flesh, exacting a 7% payment from Citibank and 9% from Merrill. That hefty interest bill then pushes adjustable rate mortgages into the stratosphere and pushes manufacturing into China by making borrowing and energy costs impossible to overcome. Forget the cost of health care: General Motors’ interest burden quintupled in just two years.
The Bush Administration, rather than tax Americans to cover our deficits or make the banks suffer the consequences of their predatory lending practices, is allowing the Saudis to charge us big time at the pump with the understanding they will lend it all back to us - so the party never has to stop.
Premium Link Upgrade
Economics: As the dollar declines, the cheap goods from abroad will suddenly cost a lot more, plus the suppliers of these goods know they will be able to command just about any price for them. Taxes must inevitably go up to pay the interest on the growing national debt. The US dollar has fallen 33% and 25% against the Canadian Dollar and UK Pound in the last few years, so it takes a lot more dollars to buy the same goods from abroad and since 2000 3M manufacturing jobs were lost in the US.
Since taking office, Bush has doubled the federal debt to more than $5 trillion. And, according to US Treasury figures, on net, foreign investors have purchased close to 100% of that debt. That’s $3 trillion borrowed from the Saudis, the Chinese, the Japanese and others.
It’s the price paid to buy back our money from abroad that’s ******* us. Despite the Koranic prohibition on charging interest, the Gulf princes demand their pound of flesh, exacting a 7% payment from Citibank and 9% from Merrill. That hefty interest bill then pushes adjustable rate mortgages into the stratosphere and pushes manufacturing into China by making borrowing and energy costs impossible to overcome. Forget the cost of health care: General Motors’ interest burden quintupled in just two years.
The Bush Administration, rather than tax Americans to cover our deficits or make the banks suffer the consequences of their predatory lending practices, is allowing the Saudis to charge us big time at the pump with the understanding they will lend it all back to us - so the party never has to stop.
Premium Link Upgrade
