However, the Stickittous Bill is the tool Demoncrates are using to convolute the role of this legislation. The bill will not do anything for U.S. but it will do a hell a lot to U.S. Basically, this legislation does emulate the actions of FDR to a point.

It will make us feel good initially, but this ‘feel good’ atmosphere eventually will result in putting U.S. into debt. But, the public today did not learn (because of an eroded eduction system) the solution that FDR’s ‘New Deal’ was WWII.

Finally, a review of the Stickittous Bill does not contain any funding to improve our ability to defend ourselves. Therefore, we resemble those fish in the barrel and we know what happened to them when our enemies have weapons to go fishing.

If any of the following happens, we’re d o n e.

(A) Asia figures out how to get out of the dollar without killing themselves

or

(B) OPEC decides to standardize on some other currency

That’s just my semi-informed opinion. Your mileage may vary.

cryptojunkie on February 6, 2009 at 10:09 PM

a) china is looking into self stimulus and weening themselves down off the dollar. They are already trading in asia with their currency not dollars

b) the saudi’s have moved their dinar (gold backed currency) up from Jan 2010 to this september. Those who want oil will have to convert their money to dinar – no more oil tied to US$. That will have major ramifications both economically and milatarily

Reagan inherited 12 % inflation from Carter. Just remember that number so that you will know what to say when we reach that point and Obama blames it all on “them”.

I’m sure those who were unemployed during the great depression thought it was an global economic Armageddon. I guess it depends on your perspective.

I think Schiff is right about the economic fundamentals – more government debt in the form of government spending didn’t work in the 1930s and will only add to the problem. He’s definitely not a Keynesian!

The sub-prime mess and the freezing of the capital markets are just the tip of the structural problems relying upon spending now, paying later.

You have the current government debt,
– add in the TARP,
– add in Obama’s Democratic payback non-stimulus package,
– add in more government spending as the Dems expand their
Socialist power grab,
– add in the rapidly approaching and escalating and
unfunded Social Security payouts (spending) as the
boomers retire in numbers,

That debt will eventually have to be dealt with and when it does some very nasty inflation will occur.

Whether Schiff’s economic Armageddon will occur, who the heck knows.

The conumdrum for me, is being close to retirement, where do I target my investments knowing that abnormally high (8 – 18%) inflation is likely (remember the late 70s/early 80s?), and worse inflation is possible.

I know things are scary when my wife tells me she’s going to plant an unusually large garden and wants to raise some chickens this year.

The currency of a nation heavily in debt to other nations, with a nation of cheap-gadget-obsessed dimwits and a dolled-up chimpanzee for the President is secure?!

I don’t mind the occasional exaggeration of our nation’s greatness in the name of patriotism, but that’s just a little too much!

Dark-Star on February 7, 2009 at 1:52 PM

Whats your alternative? The Euro currently is a good choice, but it’s a currency without a nation, and if times get bad the member nations will fracture and pursue their own interests. They did just that late last year when many of them chose to bolster their own national banks instead of acting in unison as the EU. My comment isn’t about how great the dollar is, but how bad all other currencies will be if things get much worse.

As far as security goes what can compete with the dollar?

The currency of a nation heavily in debt to other nations, with a nation of cheap-gadget-obsessed dimwits and a dolled-up chimpanzee for the President is secure?!

I don’t mind the occasional exaggeration of our nation’s greatness in the name of patriotism, but that’s just a little too much!

He has said repeatedly that “what works” is what he seeks. He disregards the methods, he places the “means” subservient to the “ends,” which is classic Marxism.

In other words, his philosophy is Socialism, his political model is Communism.

Destroy any part of that, you destroy who and what this nation is.

Peter Schiff: The stimulus will bring about economic Armageddon

Well I dont know about Armageddon, but its going to be one Hell of a hangover!

Cheshire Cat on February 6, 2009 at 6:56 PM

What Schiff is saying is that it’ll bring about THE END or DESTRUCTION of this nation as we know it.

What’ll remain is something else, not the United States of America as it’s defined by our Constitution, nor by our Declaration of Independence, which I just reread and republished on my own site, just to be able to stare at that document again and again.

Schiff is saying that, by bringing about “an economic Armageddon,” that the nation will economically be destroyed if Obama gets his ruination passed.

are you saying to invest in wheelbarrows? Have a listing code for Barrows-r-Us?

Limerick on February 6, 2009 at 3:16 PM

BICYCLES are not a bad idea. Everyone should have at least one per family member and all the gear necessary to use one for just about everything when/as necessary.

Not joking.

let every individual citizen work for their own way in the world, command their own property without crippling taxation of personal property, and use their “cash” or financial worth as they deem they individually want to.

If they want to save their wealth, their accumulating money, let them save it. If they want to spend it all or part of it, let them do that. Let government NOT be involved in how individuals use their personal property and let what government exists, do so while managing within what taxes it does collect from citizens.

What Obama’s PORKULUS is attempting is to continue government at the costs of individual wealth — personal property, in other words.

What “failure” that may occur if they are not fed this trillion dollars is that bad government will flounder and so it should.

Then it can be rebuild in moderation as it was meant to be, by citizens, after they enjoy their property themselvse.

This may sound idealistic today but this is exactly what our nation was founded to establish. Obama does NOT “know” the Constitution, he is only familiar with what loopholes he might use to violate it.

A small announcement from china november 3 2012, could totally ruin his day. Whatever he’d done until that day.

the_nile on February 7, 2009 at 9:35 AM

Yes, but they’d be far smarter to just start whispering in his ear now. Have you considered that??? Yikes!

I guess that means barry doesn’t scare them.

JiangxiDad on February 7, 2009 at 9:26 AM

A small announcement from china november 3 2012, could totally ruin his day. Whatever he’d done until that day.

They could short us some time in the future and sustain manageable losses.

rhodeymark on February 7, 2009 at 9:14 AM

I guess that means barry doesn’t scare them.

If any of the following happens, we’re d o n e.

(A) Asia figures out how to get out of the dollar without killing themselves

or

(B) OPEC decides to standardize on some other currency

That’s just my semi-informed opinion. Your mileage may vary.

cryptojunkie on February 6, 2009 at 10:09 PM

Good summary. And while neither may happen today, both seem like reasonable goals for our creditors to pursue.

I hope he’s wrong but….

Nor am I, but I took enough economics classes in college to get a degree in the field(instead I stupidly took business administration). I’m asking if you think the Dow value is a reasonable indicator of the state of the economy or not, not in terms of when it’s truly low, but as in the serious curve we’ve experienced in the last decade or so, to 14,000 and back under 10,000.

MadisonConservative on February 6, 2009 at 10:03 PM

No I really don’t think the DOW is a good indicator of the economy, but it is a good indicator of how people who are buying stocks feel about the economy. If the market was privy to some knowledge from the universal consciousness then it would never run off a cliff like a frightened heard of bison as it has on a few occasions.