“Full speed ahead and damn the torpedoes” was an approach fortunately justified by events during the Battle of Mobile Bay, but as a strategy for managing a nation’s economy it is folly. Mr. Obama’s mission to destroy America’s economy is complete. The damage he has done is irreversible. The dollar is history. The American economy is going down, and soon.
The posh commentators say the collapse will be gradual rather than sudden. But few are now predicting there will not be collapse at all.
Here are just some of the pointers. First and foremost, U.S. public debt is $18.3 trillion. By the time Mr. Obama leaves the White House late next year, he will have doubled it in a single “presidency.” On top of that, Uncle Sam has unfunded liabilities of at least $100 trillion – Medicare, Medicaid, Freddie Mac, Fannie Mae, Social Security and so forth.
Partly as a result of all that debt, and partly through scandalous mismanagement, the U.S. Federal Reserve Bank is insolvent – insolvent even though it has robbed the citizen blind by reducing the value of the dollar to just 4 cents compared with what it would buy when the Fed was founded a century ago.
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