I wish President Bush and President-elect Obama did not believe that money grows on trees. Nonetheless, they're obviously both afflicted with Inside-the-Beltway Disease and are convinced that running Hank Paulson's printing press 24/7 is a net positive for America.
Recognizing that I can't beat back this tidal wave of "free money," at the December 9 Council meeting I voiced my desire for Cheshire to jump on the bandwagon and make some projects happen before America's currency is trading on par with Zimbabwe's currency.
If you watch this video, you'll see that the Town Manager and his staff were already thinking about this:
11 comments:
I thought Dodd Middle School kitchen renovations were for $120,000 not $275,000. And I agree that the pool cover project should be on the list - we've been talking about it for so long, seems it should be shovel ready!
seems it should be shovel ready!
Well, whenever the pool gets discussed, I've certainly seen the Council shoveling a lot of something.
Where is all this money going to come from?
Obama Claus is going to print it! Helicopter, Ben Bazooka Hank and their newly minted right hand man, Geithner, are all drinking Krugman's Kool-Aid. So everything will be fine. Just remember, it's...
Change we can believe in!
Though on a serious note, I do believe Obama will effect change on the environment, Iraq and assorted other issues.
Too bad for us that ill-considered monetary policy could lead to the collapse of the dollar.
But hyperinflation is a thing of the past, right?
Inflation levels in Zimbabwe are running at 13.2 billion per cent a month and could reach an all-time world record within weeks. Nov 13, 2008
1920 Weimar Republic
1946 Hungary
1994 Yugoslavia
2008 Zimbabwe
But we're different.
We're rich!
As Mike Ulicki mentioned earlier today in the above link... the US acts as the world's reserve currency and possesses the world's most powerful military.
But in my opinion, that doesn't mean we get to be rich forever... and it certainly doesn't mean we can print money at will.
It just means that other countries are going to deal with our foolhardy government more gingerly than, say, Zimbabwe.
And this is why I voted for Ron Paul. I know he upset a lot of people, but his underlying point is 100% correct.
We can't afford to continue what we're doing. And while his approach of dismantling the federal gov't is extreme... our situation is extreme. Even Bush / Obama speak of us being on the verge of another depression.
And neither Bush nor Obama want to raise taxes. So the adult approach would be to cut spending. But instead, Bush / Dodd / Obama think they found a special trick to fix our problems... turn on the printing presses!
But the Chinese know better.
But forget the gov't. If a household knows times are that tough, what does a household do? It cuts spending. It's that simple. There are no sacred cows.
RE: Comment about "Obama Claus"--fuse was lit by "W" with his bailout of the auto and finance industries...I agree Ron Paul is the best canditate but he didn't get elected...(Registered Republican)
IMO, Bush deserves blame. But the bigger culprits are:
Nixon in 1971
FDR in 1933
Wilson in 1913
I'm not totally opposed to the existence of a central bank. But grow increasingly moreso as I continue to learn about economics / monetary policy.
And for fun...
"Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."
Ben Bernanke to Milton Friedman, November 8, 2002
I understand Friedman wanted a stable money supply. So what does Helicopter Ben do? Double the money supply!
Genius. Pure genius.
There is nothing in the above list that needs to be done. None of the above will make our economy more competitive.
Most all of the above are also estimated at the high side to allow big profits.
One idea not mentioned was the extension of gas lines. This would help reduce the use of foreign oil and provide a cheaper form of energy for both commercial and residential.
You forgot the turf
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