Ok, he didn’t literally admit to weakening our currency and setting us up for record inflation, but he might as well have. In the President’s unusually short speech this morning, Obama again touted his fictitious one million jobs saved/created number, the government-sponsored GDP growth in the third quarter and that the new jobs figures that show another half-million Americans out of work are good news.
The President went on to basically admit two things Americans figured out long ago:
- He has no idea how to spur the economy and create jobs (or has no intention to)
- He plans to continue weakening the dollar
Obama being the politician that he is didn’t say these things as honestly as he could have. Instead he disguised them as positive moves.
Instead of saying that he’s clueless on how to fix the economy, the President announced that he will hold a jobs summit next month. Will that summit then be followed by several months of talking with his advisers as in the Afghanistan troop decision? If a summit was needed, why didn’t he hold this in January or February? Wasn’t Obama aware that unemployment was an issue back then?
Secondly, the President informed us that he intends to make the dollars we hold, less valuable. Despite little Timmy Geithner’s remarks yesterday that a strong dollar is “very important” for our economy, it is fairly obvious that the Treasury, Federal Reserve, and Obama are all focused on pushing the dollar into a low-weight currency. In the President’s remarks this morning, he said that we would be changing our economy from one of consumption of foreign goods to one where foreign countries buy our products. To create this international trade reversal would require a massive devaluation of the dollar to make our exports competitive with cheap Asian exports. The flip side of making our products cheaper for other countries is that everything will get more expensive for us.
Most news outlets are focusing on the short-term jobs summit, but there was much more in what Obama said than just more useless talk about an ineffective gathering of worthless people to come up with a plan that will continue to do nothing.Wake up Right! Subscribe to our Morning Briefing and get the news delivered to your inbox before breakfast!