Obama Drives Dollar to 2009 Low; AAA Borrowing in Jeopardy

Obama thinks we are out of money already. Of course, nothing changes; it is just another verbalization, without connection to truth or reality, from Obama designed to increase his political power by increasing his spending power. If Obama passes his Cap-and-Trade (Waxman-Markey) legislation which he expects and plans to cause energy prices to “skyrocket,” the resulting impact in energy industry (investment incentive is removed; reduction in employment) and the impact of skyrocketing energy costs in all industries and at home, will just make us that much more “out of money;” although Obama will again feel the urge to spend, as if he had unlimited cash to spread around again.

If Obama thinks we are out of cash now, just wait until his next spending orgy!

ACORN is paid off; UAW is bought out; any other unions or states or industries urgently needing Obama to buy them up, lying around?

Obama will get an economics lesson (number 1 for him) if the dollar falls a little further; or if for other reasons the AAA rating on American debt is broken. On the other hand, journalism gives Obama an “A” rating no matter what he screws up. Obama can say anything he wants; nobody checks reality. When the power goes off, permanently, then, we’ll see.

Thanks, Urkel! (Story) and see below.

H/T: Gateway Pundit Barack Obama: “We’re Out of Money Now” (Video)

The Dollar is TOAST

The Dollar is TOAST

Dollar hits ’09 low on rating fears; stocks dip

LONDON (Reuters) – The dollar fell to a 2009 low on Friday as fears intensified that the United States could lose its triple-A rating, while renewed caution about the world economy and banks prompted Asian and European stocks to slip.

The dollar’s latest decline started when ratings agency Standard & Poor’s cut its ratings outlook on Britain to negative from stable, stoking fears other AAA-rated countries which are running huge debt levels could share a similar fate.

Moody’s Investor Service said on Thursday it was comfortable with its triple-A sovereign rating on the United States but that it was not guaranteed forever.

“The main issues are related to yesterday’s movement on fears that the U.S. might lose its triple-A rating,” said Roberto Mialich, FX strategist at Unicredit in Milan.

“This exacerbated the dollar’s losses over the last few days … (and) for the time being it’s hard to imagine a sharp reversal of the dollar’s trend.”

The dollar index (^DXY – News), which measures the currency’s strength against major trading partners, fell 0.3 percent to its lowest since late December, before steadying.

The index is on track for its biggest weekly drop in two months, when the Federal Reserve launched its large-scale purchases of U.S. Treasuries in late March.

Minutes of the Fed’s April meeting, published this week, showed it considered buying more securities to spur recovery, a move which would inject more dollars into the market.

(story continues)

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One Response

  1. obama has been like a kid in a candy store with a dollar spending every cent on penny candy, and making sure not one cent is left. 4 dollar a gallon started all this mess and i am damn tired of watching the news and this issue being blamed on other things. i work in a ford dealership and we saw a huge drop in sales because of high gas prices. sales have never picked back up.

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