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Musings and Meanderings
Monday, January 05, 2004
(Ok if you haven't figured it out yet, I muse on my life and mutter about the world.)
There has been little muttering here because of the Christmas season, Congress is out of session, the President is off doing who knows what, and basically the world takes a back burner to real life. But with the first full work week of the New Year this boy's attention turns to the world again.
Here is a scary fact. The US dollar has slid nearly 31% against the Euro and the Yen during this present administration's so called recovery.
But heck you say, the stock market is bullish again, breaking 10,000. America's GDP grew at an annual rate of 8.2% in the third quarter. So why is this important, and why are you bothering me while I am still digesting my Christmas Turkey and New Years Champagne.
Because the value of the Dollar against other 1st World Economy currency's is not a strutting machismo indicator like the Dow. It shows the global consensus of the actual strength of the US Economy. This is a critical factor. Because the truth is that this recovery is as hollow as a bronze statue.
The combination of Tax cuts, the war in Iraq and Afghanistan, and the future cost of the Gordian knot of the new Medicare bill will mean that to service the debt, the US Government has to borrow $2 Billion.
EACH BUSINESS DAY.
That is 2,000,000,000 dollars. A day. Boggles the mind doesn't it? No wonder fiscal conservatives are boiling mad at this Administration. Although this has happened before, its been a long time since the US has had an economic recovery while showing a net job loss. In fact this Administration has presided over the biggest net job loss the US economy has ever seen. Boggles the mind doesn't it?
Keep saying this to yourself: If you are not completely appalled you are NOT paying attention. Make it your mantra. Say it to your friends. The facts are out there, it's just apparently not patriotic to say things like this.
And here is something new to chew on. The concept of "Free Speech Zones". Think a bit about that oxymoron and I'll be muttering later on it.