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Besides it's easier to yell for more drilling than to actually pay off your debts and tighten the money supply.
Obama knows this because one of his chief advisors is Paul Volcker, our last great Fed Chairman, who slew double digit inflation and interest rates in the early 80s, setting up the long expansion that Repubs credit Reagan for.
http://www.youtube.com/watch?v=5kbDXQpO9Bc
http://freewayblogger.blogspot.com/2008/08/peac...
peace on earth y'all...
Not that hard to figure that out.
The real point however is that a weak dollar is the stated position and goal of the Bush administration.
and pay their execs multi-milion dollar bonuses.
WANT MORE PAIN ?????????? VOTE McSAME !!!!!!!!!!!!!!!!!!!
What made matters even worse was Nixon in 1971 breaking the link between the dollar and gold. With nothing of value to back the dollar any longer, bankers could now inflate the money supply by printing more dollars and today the US treasury with the help of the Fed is now printing dollars like there is no tomorrow in order to bail out everyone from brokers like Bear Sterns to bailouts of Fannie and Freddie. Now take a wild guess as to just who gets to pay for all these bailouts? Just take a look in the mirror.
This scenario brings up an interesting question. After we the people bail out what ever banks are left standing after this sad chapter in our history, who is going to bail out an overburdened tax payer who has lost his job, his home, can't obtain credit becasue the markets are drying up and is having a harder time in trying to feed his family?
if Obama really wants to effect change, dump the Fed and return to the original standards as set forth in the Constitution. Go back to a sound money system with dollars backed by an asset of value like gold and silver.
Both parties over the years have continued their mantra of a strong dollar policy, but niether party had the balls to say, stop the printing presses. If we don't do something other than giving the American spendaholic andother fix like a $1,000 energy rebate, we just continue to pile debt upon debt until your looking at the very real probability of another depression circa 1929.
I believe that Bush figured that by chopping the dollar's value in half, he also chopped social securities surplus in half.
Remember, their is only one goal of Republicans, to destroy the New Deal and turn America into another Brazil or Mexico.
Their window of opportunity is closing....
"...Obama's wife Michelle is slated to headline the opening night [of the convention] on Aug. 25, while the yet-to-be-named vice presidential pick will speak on the third."
Hillary will headline the 2nd night.
http://www.breitbart.com/article.php?id=2008-08...
Being right is terribly elitist.
Sure, I'm being snarky. Watch that point get made for real by one gasbag or another in the next few days...
From Live Leak, July 30 08
US military aid for Middle Eastearn countries
Mature
“The US is to spend billions of dollars on military assistance for allies in the Middle East, Secretary of State Condoleezza Rice has confirmed.
Israel is to receive $30bn (?15bn) in aid over the next 10 years, and Egypt $13bn (?6.5). Deals are being discussed with Saudi Arabia and more Gulf states.
Ms Rice said the assistance was needed to counter influences from Iran, Syria, and regional mi More..litant groups.
She is embarking a tour of the region with Defence Secretary Robert Gates.
They will visit Saudi Arabia and Egypt together and other countries separately.”
I continue to view the US $ as considerably over-valued, and last week's rebound as just a reflection of the end of vulgar speculation in oil futures. Sooner or later, some big trading partner is going to dump dollars (whether it is China, or Saudi, or Dubai doesn't really matter). Someone is going to get nervous and pull the panic selling trigger and the US$ is going to go down. That in turn would raise the American consumer's goods transportation costs disproportionately given the exposure. And lets not forget natural gas... it is burned to produce lots of electrical power. A goodly and rising proportion of that is imported as well. What if it all gets repriced in euros to avoid the fuss? And what exactly is there besides imperial aggression that the US exporting these days? Cynicism is not a trade good.
Republicans like to say that Saint Ronnie was responsible for the downfall of USSR. How Ronnie was responsible is that he bankrupted the USSR economy. We built a ton of nukes; they had to build a ton just to stay even. They didn't have the money, and went BK We broke them.
Today: The Chinese are literally laughing all the way to the bank with $ that are worth less than 8 years ago. They are holding how many billions, if not trillions of our debt; most of which has been wasted in Iraq. They don't even have to prime the war pump to get us to waste money on today's equivalent of nuclear armament!
They love it; they keep their yuan pegged to the dollar, they export the shit out of their growing economy with their products becoming cheaper and cheaper the more the dollars fall. They build their economy, take our paper that is decreasing in value, and gleefully watch as we get buried by oil prices that are pegged to a falling dollar.
After they have had enough success and fun watching America BK itself, they wait for the day to call in their paper, and REALLY WIPOUT the American economy. Not a shot fired; just a long term project to have its enemy destroy itself with it's egotistical mindset.
The rest of the world has declining confidence in America, principally because of inept governance.
That's George Bush is an Idiot in case you didn't get it.