Twitter   RSS   Email  
 
Home
Admin

 How the Global Economy is Dependent on Christianity


 Why America May Never Recover From the Recession


 Save Money Homeschooling


Obama's Budget is Impossible to Finance and Congress Will be Forced to Reject it

By: Steve Johnson

2/4/2010 - 36 Comments

Obama's budget is impossible to finance because our bankers will not give us the requested line of credit.

China, India and Japan don’t have the money to lend us.  They cann't give us the money to borrow and spend if they wanted to.

That means the Treasury will have to print the $1.4T difference. But the Treasury cannot print money any faster than they are already without the world discovering how much money they have been printing for years, which could create a panic sell off. 

If Obama’s budget were to pass the Senate, global investors will sell the dollar and lead to a sinking dollar followed by massive inflation. 

Obama's budget is impossible.  Congress has no choice but to reject it.  Perhaps that was the plan. 

If Congress rejects the budget, they will be forced to negotiate the spending cuts and Obama can say, ‘I did all I could, it’s not my fault’, when the economy completely tanks.

The revenue increases in the Obama budget like the tax increases for international business will also never pass the Senate and the high unemployment rate will reduce the projected tax revenues, resulting in a much higher difference between income and expences.

It’s not going to happen.  2010 is going to be a year of difficult decisions and the begining of massive government spending cuts. 

Copyright © 2018 PennyJobs.com. All rights reserved.

What Has Government Done to Our Money?

Rothbard gives us an exceptionally clear, detailed description of what money is and how it has come to be manipulated by governments and central bankers into almost worthless inflationary fiat paper currency. He then explains how gold became the most respected and trustworthy currency of choice and the prospect of either hyperinflation or the greatest depression the world has ever seen may be arriving in the very near future.

The Case Against the Fed

This book, written by Murray Rothbard, an economist and historian of fairly well known repute, is a scathing attack on not only the Federal Reserve, but the interests that created this institution. Rothbard explains how the Federal Reserve is the true source in the destruction of wealth, which has led to the destruction of the middle class and continues to sift money into the hands of the wealthiest.

Freedom: America's Competitive Advantage in the Global Market

Gamble argues that globalization brings far more benefits to the U.S. economy than it takes away. Gamble shows that both Europe and emerging economic powers like China and India have serious long-terms problems linked to their cultures, political structures, occasional instability, and state ownership of companies. These and other factors will eventually put a brake on the economic growth of hot emerging economies. The fundamental protections of property and free speech, a culture that promotes and rewards entrepreneurship, banking policies that make capital easily available, are still more supportive of economic growth and wealth creation than can be found anywhere else.

Crash Proof

Peter Schiff has predicted the economic hardship more accurately then any other economist in the world in this book. Everything from the housing crash to the credit crunch to the stock market. Peter has a plan to help you servive the crash. Peter explains why the Wall Street investment firms are still trying to sell you stocks, and was the house prices are likely to continue to decline for years to come.