Friday, October 23, 2009

”It Has Got All the Hallmarks of a Financial Collapse about to Happen in America ...The US Dollar Is Almost Becoming like Junk Bonds”


Guess who said the following:

Far from turning around the [George] Bush legacy of deficits and debt, [US president Barack] Obama has made it worse. It has got all the hallmarks of a financial collapse about to happen in America...

The US dollar is almost becoming like junk bonds.

A senior Senator from Australia.

Leading Australian paper The Age adds:

The Nationals Senate leader Barnaby Joyce is openly canvassing an economic upheaval that would dwarf the current global financial crisis, triggered by the US defaulting on its sovereign debt within the next few years.

In unusually pessimistic comments for a senior political figure, Senator Joyce said the US Government was running such large deficits and building up so much debt that it was in a similar position to Iceland or Germany before World War II.

On a related note, in the for-what-it's-worth department, Peter Schiff has issued an urgent warning to get out of the dollar:


However, some smart people think the dollar will rally at the next stock market crash.


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5 comments:

  1. Tom HickeyOctober 23, 2009 at 12:00 PM

    More neoliberal nonsense that confuses sovereign governments having non-convertible fiat currencies and flexible exchange rates with households and firms. See Bill Mitchell, Zimbabwe for hyperventilators 101.

    ReplyDelete
  2. AnonymousOctober 23, 2009 at 3:14 PM

    Correction - barney is no senior senator despite what The Age might say (he just opens his mouth so much it seems like he's been around forever). He's a junior senator of the Nationals. The nationals are the junior member of the coalition party. And the coalition party is in opposition. Unlike the USA, senators generally vote on party lines rather than donation book lines.

    He's also a bit of a thicky and very suggestible. Gets all worked up about some issue and spouts his mouth off, then gets led back to his stall and eventually just votes with his party anyway. About half the time he seems to say the right thing - but it's usually for the wrong reason and so by accident.

    ReplyDelete
  3. AnonymousOctober 24, 2009 at 6:02 PM

    More women work as prostitutes than men except for the Whitehouse whores...

    ReplyDelete
  4. cristobalOctober 26, 2009 at 8:56 AM

    Esto terminara mal, solo están prolongando la agonía del dolar.

    ReplyDelete
  5. Thomas Jefferson NewsOctober 26, 2009 at 10:19 AM

    I love pies.Lets stockpile up on pies not ammo.

    ReplyDelete

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