$454 Billion …that was the interest paid on $15 Trillion of National Debt, in 2011, $30 Billion more than the entire National Debt 40 years ago (1971) when President Richard Nixon scrapped the Gold Standard for the “Vapor Backed Dollar”. The dollar having survived the 27 year average life of Fiat currency, speaks to the volume of empty paper the Fed’s pumped into the market. Capitol Hill’s Ruling Class’s concept of sound fiscal policy is cutting $1 Trillion over the next 20 years, turning around and spending $2 Trillion tomorrow to make up for it. Not a single budget passed on the 3 year Obama Watch, his last proposal at $3.6 Trillion, Skunked 414-0. Stimulus, (Porkulus) rammed thru in 09 jacked the debt ceiling to $12.9 trillion, today, a Gut Busting $16.4 Trillion. At present rate 5 or 10 years doesn’t factor even into this economy. The EuroZone reckoning (Banking System) will be the trigger for the next HomeLand meltdown, the magnitude of U.S. debt will determine degree of impact. Washington has no sense that the economy will again be looking for a bottom. Any consideration to back the dollar to mitigate damage control, ranks up there with entitlement reform and getting your gums scraped.
Fed. Chair Bernanke’s remarks opposing a return to the Gold Standard: “such a system handicap’s the government’s ability to address economic conditions”.Bernanke’s half right for the wrong reasons. We’re “Bear Ugly” deep in debt arguably beyond the ability to repay, because of government expansion, cradel to grave entitlements and States control. There’s only one resource with the capacity to back the dollar, repower America, and create millions of jobs, while destabilizing hostile, political, and economic regimes…. “Black Gold,” earth moving, heavy lifting, GuaranDamnTeed to drive the Left into a Panic, Fossil Fuels. For better than 100 years prior to the Arab Oil Embargo (1973) crude sold less than $3 barrel (real dollars). Today trillions of barrels of domestic crude (reserves and recoverable), two plus trillion cubic ft. natural gas, and the largest coal reserves on the planet, are controlled by Carbon Tax Warriors, junk science mandates, and government regs. Crude oil’s the economic weapon used by nations that have been the center of violence and war for a thousand years. Aggressive efforts to bolster domestic Energy production would fuel a true recovery, reinforce National Security, and energy independence from OPEC’s dominance over energy
Given Barack Obama’s War on Fossil Fuels, his mission to re-engineer America’s economy, he’d just as soon embrace Conservatism, and Capitalism than the push the Federal government to adopt any standard let alone Fossil Fuels to back the stricken dollar. Before we can reckon the economy, and dust off the “Made in America” brand, we may weather the fire of another fiscal meltdown. The White House recent Peacetime Martial Law doc dump (National Defense Resources Preparedness) just days before a possible Greek default, wasn’t just another grab for power, it was drafted after the FDR watch and the events of the Great Depression. Consider for a moment the the power of the Federal government after the next meltdown, and who will have the keys to 1600 Pennsylvania Ave.