Crashing the Dollar - Book Arrives!

Introduction

"Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice."
- George Washington
Letter to J. Bowen of Rhode Island, January 9, 1787

"Today was Presidents' Day. Congress commemorated George Washington throwing a dollar across the Potomac by throwing $780 billion down a rat hole."
- Jay Leno
The Tonight Show

The United States is digging the biggest economic hole in human history.

This hole of debt is now so deep that, if you listen carefully, you can hear the voices of Chinese creditors asking one another if they will ever get back the $900 billion they have lent to us.

This hole of debt is so wide that it threatens to collapse the foundations not only of the U.S. Dollar and economy but also of other major currencies and economies around the world.

The global danger from this is so dire that even formerly free-spending European welfare states are responding with austerity measures and huge government spending cuts.

At the summer 2010 gathering of G-20 nations, Germany, the United Kingdom and other American allies urged President Barack Obama to join them in reducing spending.

President Obama refused. He instead has chosen to steer the United States in the opposite direction, away from austerity, time-proven prudence and government belt-tightening.

This is ironic because Mr. Obama and the congressional leaders of his party have been moving as fast as they can to remake the United States in the image of high-tax Eurosocialist cradle-to-grave (or should we say abortion-to-euthanasia-for-granny?) welfare states.

But at the same time Obamacrats are moving America to the left, several of the biggest European countries, seeing the error of their past ways, are moving right. They are now shrinking socialist aspects of their societies, reducing government spending and the tax burden on their citizens and companies, and moving towards free enterprise.

Money From Nowhere

Mr. Obama has said that he plans, in effect, to tax and spend America back to prosperity with yet more trillions of dollars - with more than four of every ten of them borrowed - in stimulus funding.

Economists are concerned about this for many reasons:

One is that this risky policy has never before been attempted on so large a scale, with the economy of the entire planet and the well-being - even the survival - of billions of people at stake if Obamanomics fails.

Another is that such redistribution of wealth is unjust, immoral, riddled with Chicago-style corruption, and inefficient. After destroying a society's wealth, it redistributes poverty - but not equally; government-favored fat cats will get fatter.

But the most immediate reason economists are concerned about Mr. Obama's policies is that the United States is already bankrupt.

We have no more money to spend, and even if government expropriated every penny earned or owned by the rich, this would not provide enough to bankroll the ambitious agenda of Obamanomics.

We no longer have enough genuine wealth to buy our way out of the trap of debt that we continue to dig deeper and wider every day.

Few Americans fully understand where we are, how we got here, how today's economic crisis puts humankind's future at risk, and how with the information in this book individuals can survive and even thrive after the dollar crash and world economic system cave-in that is coming.

Go Ask Alice

Warning: what you will discover by reading this book is disturbing, even frightening.

To paraphrase the movie "The Matrix," if you prefer not to know the truth, put down this book now and you will awaken tomorrow morning to your usual bewildered view of a mysterious world economy.

If you read this book, you will never again be able to see the world in that old way.

Keep reading and you will discover, level after level, just how deep the Obamanomics rabbit hole goes, and how this is key to President Obama's apparent master plan for what he calls a "fundamental transformation" of America.

President Obama has only one way he can carry out his big spending plans.

Because the United States lacks the money needed to pay our debts, the United States and its Federal Reserve Board will simply print more.

Lots more.

Mr. Obama apparently intends to create enough paper money to build an escape ramp out of the debt hole that is devouring us, and perhaps enough to fill the hole completely.

Does this sound crazy?

Governments have done this before, and in this process that economists call "monetizing the debt" have almost always crashed their own currency and economy.

Despite - or perhaps because of - this risk of fatally crashing the dollar, President Obama's printing of an almost-limitless supply of money out of thin air has already begun.

In 2009 the U.S. money supply effectively doubled, and this is only the beginning.

The amount of such fiat money - a term economists use to describe money whose only value comes from a government command, a fiat - needed to pay America's already-existing debts is literally astronomically large.

Buy Me to the Moon

$4.4 Trillion is a lot of money.

A tightly-packed stack of 4.4 Trillion $1 bills would reach from the Earth to the moon 238,857 miles away.

This stack of money would then continue for an additional 59,753 miles, enough to travel around Earth's equator 2.4 times.

Since 2007, when Democrats took control of the U.S. Senate and House of Representatives, in a mere 31 months the Congress increased the Federal Government's 10-year spending baseline by more than $4.4 Trillion.

Congress has no revenue to pay for this additional spending. The Federal Government already borrows 41 cents of every dollar it spends.

By August 2010 Uncle Sam had already run up on this year's unpaid bar tab, our annual deficit, more than $1.47 Trillion so that politicians could stay intoxicated with ideological power and give vast stimulative spending to their cronies and campaign contributors and to buy votes.

The rest of us will sooner or later be paying the government's bills, of course, in one way or another. $4.4 Trillion is equivalent to more than $57,000 for every family of four in America.

Since only approximately 53 percent of us actually pay federal income tax, you should figure that you and your children and grandchildren will be paying at least $110,000 in today's dollars in taxes, higher prices, lost opportunities and social deterioration just for this $4.4 Trillion spending spree.

The total price we will pay for Obamanomics, however, will be immeasurably higher than this.

President Obama, his party, and his predecessors of both parties have done more than loot America's piggy bank.

They have broken the bank and the U.S. Dollar itself, as will soon be evident to everyone.

They have wounded our national currency so badly that it will almost certainly die.

Because of this, the world economic system built on the dollar is already beginning to tremble.

Read the rest of the Introduction of Crashing the Dollar at crashingthedollar.com
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