Scarcely a year ago, Obama was all about ending Washington pork fat; he told us time after time. How times change. How Obama changes. Now Obama and Reid gargle and bathe in the most rancid pork fat they can find. The more stinking, cold pork fat in the bill, the more Obama wants to sign it. Now that’s change. Any Democrat who hasn’t loaded this “health care” bill with disgusting, fetid, pork fat – that just doesn’t speak well of him.
Actually (as the British say) Obama is NOT screwed. It is that ugly icon of failed capitalism, the US Dollar which is screwed.
But Obama screwed it; close enough.
As we said back in May, Obama is broke.
Just another crisis, manufactured by Obama which crises he plans to milk, to destroy some other American institution or industry.
China: “The world does not have money to buy more US treasuries . . .”
Harder to buy US Treasuries
Created: 2009-12-18 0:13:35
Author:Zhou Xin and Jason Subler
IT is getting harder for governments to buy United States Treasuries because the US’s shrinking current-account gap is reducing supply of dollars overseas, a Chinese central bank official said yesterday.
The comments by Zhu Min, deputy governor of the People’s Bank of China, referred to the overall situation globally, not specifically to China, the biggest foreign holder of US government bonds.
Chinese officials generally are very careful about commenting on the dollar and Treasuries, given that so much of its US$2.3 trillion reserves are tied to their value, and markets always watch any such comments closely for signs of any shift in how it manages its assets.
China’s State Administration of Foreign Exchange reaffirmed this month that the dollar stands secure as the anchor of the currency reserves it manages, even as the country seeks to diversify its investments.
In a discussion on the global role of the dollar, Zhu told an academic audience that it was inevitable that the dollar would continue to fall in value because Washington continued to issue more Treasuries to finance its deficit spending.
He then addressed where demand for that debt would come from.
“The United States cannot force foreign governments to increase their holdings of Treasuries,” Zhu said, according to an audio recording of his remarks. “Double the holdings? It is definitely impossible.”
“The US current account deficit is falling as residents’ savings increase, so its trade turnover is falling, which means the US is supplying fewer dollars to the rest of the world,” he added. “The world does not have so much money to buy more US Treasuries.”
China continues to see its foreign exchange reserves grow, albeit at a slower pace than in past years, due to a large trade surplus and inflows of foreign investment. They stood at US$2.3 trillion at the end of September.
After only a few short days as the first Arab-American US President without a birth certificate, economic genius Obama already has the economy positively BOOMING!
Maybe you don’t live in the White House, though.
“He likes it warm. You could grow orchids in there.”
Obama’s opulence is really for you to enjoy vicariously. The One trusts you are up to it. Maybe a few hundred $Billion handed out by Democrat politicians can be justified as training costs for vicarious enjoyment of The One’s extravagances by those who recently became unemployed. I am sure you hope home mortgages are still being handed out like condoms by The One, too.
Story here: Michelle Malkin Obama celebrates spending binge with cocktails and wagyu steak
After pushing his $1.1 trillion Generational Theft Act of 2009 through the House last night, the White House apparently decided to throw itself a swank cocktail party. According to ABC’s Jake Tapper, the menu included alcoholic beverages (vodka martinis are an Obama favorite, reportedly) and wagyu steak.
Yeah, “wagyu steak.” $100 per serving delicacy. I had to look it up, too.
On the heels of the most expensive inaugural celebration in American history and passage of a trillion-dollar spending binge that will saddle future generations with unprecedented debt, perhaps President Obama might consider cutting back on such indulgences.
Sayeth The One afore: “We can’t drive our SUVs and eat as much as we want and keep our homes on 72 degrees at all times … and then just expect that other countries are going to say OK.”
The One, however, is from Hawai’i, or Kenya or maybe Indonesia; in all those places it is WARMER than Washingdon DC or the Bush White House. The White House thermostat is now a cheery 75 degrees; or whatever suits The One.
A symbolic difference between the Clinton and Bush 43 administrations is that W insisted on a coat and tie at all times in the Oval Office as a show of respect, whereas Bubba didn’t even feel compelled to keep his pants on. But jackets are no longer required under Chairman Zero. The New York Times explains why:
The capital flew into a bit of a tizzy when, on his first full day in the White House, President Obama was photographed in the Oval Office without his suit jacket. There was, however, a logical explanation: Mr. Obama, who hates the cold, had cranked up the thermostat.
“He’s from Hawaii, O.K.?” said Mr. Obama’s senior adviser, David Axelrod, who occupies the small but strategically located office next door to his boss. “He likes it warm. You could grow orchids in there.”