Ron Paul Should Be The Next President Of The United States
(Forbes) -- by Benzinga Editorial --
The United States of America may potentially be on the precipice of a Greek-style debt crisis within a few years, and our economy is increasingly looking like it may be at risk of entering another recession – and the Financial Crisis 2.0 could make the Great Recession look tame. Simply put, the Fed and Treasury have bloated their balance sheets to such grotesque levels to fight the deflationary forces sparked in the economy as a result of the housing collapse that there will be no more temporary “smoke-and-mirrors” fiscal and monetary options to circumvent another downturn.
Certainly, the Fed will likely give QE3…QE4…QE5, a shot if the economy becomes completely unglued, but similar to what has occurred in Japan for the last 20 years, it will not work. We have already seen what Mr. Bernanke’s money printing in the form of QE2 has wrought – it has robbed the middle class blind, while benefitting the entrenched corporate, banking, and political elite, along with wealthy Americans. The vast majority of Americans do not have sufficient financial assets such as bond, stock, commodity and hedge fund portfolios to offset the rise in food and energy prices that Bernanke has unleashed on the country due to his policy of Dollar devaluation through money printing.
The entire burden of a falling Dollar as a result of QE2 and the United States’ exploding debt has been placed on the middle and working classes, while the elite have benefitted from rising prices for financial assets. It is a scam. Furthermore, it hasn’t provided one iota of benefit for the vast majority of American citizens. The unemployment rate continues to hover at 9.1% and very likely could hit double digits by next year.
Furthermore, home prices hit a new low in May. This is the one asset that matters most to the majority of Americans, and things are getting worse. The creator of the Case-Shiller Home Price Index, Robert Shiller, recently said that he was optimistic that home prices could fall for the next 20 years. In all likelihood, there will be no economic recovery whatsoever when the dust settles. The bailouts, federal deficit spending, and quantitative easing programs that were enacted to attempt to reflate asset prices and spark the job market will be viewed by historians as failures. The entire Keynesian orgy’s real result is likely to be an even more devastating financial collapse.
The toxic debt that was held by the private sector before the crisis has now been transferred to sovereign balance sheets as well as those of global central banks. Furthermore, many private corporations have taken advantage of the Fed’s historically low interest rate policy to lever-up their balance sheets once again. These facts when combined with the moral hazard that we have introduced into our economic system as a result of the bailouts (corporate socialism), similar problems in most of the developed world, and an unprecedentedly interconnected global economy have set the stage for a potential systemic meltdown.
All of this could have been averted if we had taken heed of Dr. Ron Paul’s warnings years ago. This man has been fighting with absolute integrity and honesty for the values that this country was founded on for the last 30 years – sound money, balanced budgets, free markets, non-interventionist foreign policy and civil liberties. Most every other GOP Presidential candidate is an Establishment panderer who is beholden to entrenched special interests. Why should we trust another Establishment politician after being subjected to the lies of George W. Bush and Barack Obama, not to mention nearly every other politician in Washington D.C.?
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