Old news, America is in a state of recession. During the national election no politician or media outlet wanted to face the fact. Everyone was too intent on making history and bringing about change in America. The so called experts in the economy and the media analyst that were so all knowing and paraded before the camera every night have now all but disappeared. They have been replaced with more experts that believe the government can solve the problem by simply spending our way out of debt. I am not an expert but this seems crazy.
What the experts are not saying is with unemployment rising and production of goods being cut to an all time low, prices will go up for the limited quantity of goods on the open market. In their effort to put more people back to work by recreating Depression Era programs our new President and Congress will feed the flames of inflation. The seeds have already been sewn by our current President and current Congress. President elect Obama, Speaker Pelosi, and Senator Reid are promising more of the same. With all of his good intentions and desire to relieve some of the suffering Americans are experiencing,
Every economist and politician you talk to blames the current economic crisis on the housing bubble and unwillingness of the banks to give out credit. Politicians except no responsibility for the home loans and relative ease of people to receive loans that were forced upon the banks by our government. While this was part of the problem it is not the only reason our economy is in the shape it is today. Think back to the days before the bubble busted. The cost of everything was steadily increasing. Some speculators jumped into the markets and started to use the markets for personal greed and political reasons. Billionaires and millionaires played the stock market through hedge funds to make millions and billions more with a total disregard for the future of the country or the economy. The very nature of any market is to gamble that you can buy low when stocks are down and sell them at a higher price or live off of the dividends. Nothing illegal but some speculators made a run on certain stocks and then put out some kind of rumor that led people to believe these stocks would have a drastic increase in value. As soon as the stocks reached a profitable enough margin to satisfy the speculators they would short sell all of their stocks and start all over again. Other speculators hit the commodities market for purely political reasons.
In the case of oil what better way to bring down the economy and sew discontent amongst the voters than to force an outrageous and unnecessary increase on the price of oil. People like George Soros are not stupid people, uncaring, callous, and power hungry yes but stupid no. Would billionaires like Soros really be willing to destroy the world's economy and risk everything for more power in running the governments of the world, yes. Oil always has been and always will be the life blood of every economy. The world depends on oil for everything we produce from medicine, food, electronics, and clothing, to the transportation needs of the world. Take away our oil supply and the world will stop.
For some reason we cannot understand how important and how vital oil has become to mankind's very existence. People refuse to accept or learn from lessons of the past. What really caused our economy to crash was the attack on the oil market. When the price of oil went over $80 a barrel everything went up. Ordinary people went deeper in debt, companies cut back and began loosing money, the government turned a blind eye and allowed the price to continue. Politicians used the downturn in the economy and the high price of oil to promise all kinds of change and better days ahead if only they were elected. Politicians and experts told us new technology would solve our problems by making us less dependent on oil. We heard that before but somehow forgot that without oil new technologies cannot be invented or produced. The same politicians that made these promises never for a minute understood or imagined how much damage the price of oil would have on the future of our economy.
Now that the price of oil is down, miraculously right after the elections ended, what will happen with our economy? Unfortunately the future looks bleak. The new President and Congress will spend like drunken sailors or FDR and create more and more national debt for our children to pay. At some point inflation will hit double digit numbers and taxes will be raised simply to pay the interest on all of the borrowing our government is doing. There will be more people working for the government than private business. Companies and entire industries will be nationalized and eventually we will slip into another Great Depression. Because of the distrust, religious and cultural differences, and outright hatred of the United States by the Islamic world, George Soros and his followers will never see their plan for a One World Economy.
Is this a pessimistic doomsday prediction of times to come? Maybe it is. Can we change it? Probably not. It is true, we reap what we sew. The seeds we sowed in the last election will produce a Chicago style government and nothing we do can stop it. If President Obama should have to step down for any reason what do we have left? President Biden? President Pelosi? I really have to give President Obama congratulations on a well run extraordinary campaign. His time in Chicago has been well spent.