The ongoing issues with Greece, Portugal, Ireland, Italy, Iceland, Great Britain, oh, heck, lets just say Europe, have been described as, "The EU is lagging in the global recovery". What global recovery? The Chinese economy is a soap bubble waiting to pop. They are not "self-sustaining" as yet. Much of their foreign reserves used to be dollars, but they plowed those dollars into Euros as a punishment to the United States. Then the EU melts down and the Euro drops to about $1.33. Ooops, some Red Chinese politician just got sent to an education camp. The dollar is going up in value only because the world is looking for somewhere safe to park their capital.
Can't park too much of it in China. They have a tendency to tell you what you can and can not do with it (hello Google). Can't send it to Russia, those folks will just take it through a fraudulent law suit. Europe will continue to melt down until Germany is the last powerful country. South America? Sure, just ask Chavez to leave you a few bucks.
America really is the last stand on Earth and we have Obama at this time of global need. We are tuning in on ourselves, tearing this country apart while Israel clings to survival. We focus on ourselves while Europe cracks without our leadership (look out for Russia, folks). We argue about health care while China gets ticked that we are wreaking their investment portfolio (there is just something so wrong about that last statement). We are in the middle of a national nightmare and we will not wake up from it until we return to the traditional values of limited government.
That's it. Going back to a limited government will reset us. From that point forward everything else must logically follow. Stronger States's rights, fiscal responsibility (no one to bail you out), rugged individualism. Creativity and enterprise...we need to get back to doing what we do best and that is create the future by leaving the present ALONE.
I had a conversation with a fellow the other day who is so far on the other end of the spectrum he appears red shifted to me (physics people will get that). He went on and on about the Bush tax cuts and the mess all that left Obama. I told him that a tax cut never once led to a deficit. Neither Reagan's' nor Bush's. Not one ever. He then went into a three minute discussion about how taxes were a moral responsibility, a patriotic duty and all that as well. There are obligations, spending obligations that must be met and to cut taxes goes against all that. I told him that the answer was right there in front of him. It is spending that causes deficits, not the tax cut. Do we really need seven programs to do the same thing? How about this; do we need to be doing that thing at all?
We got to get our priorities right and we have to get them right NOW. There is no recovery. I can't stress that enough. Things are fluttering right now. Capital is racing around the world looking for a safe place. Not to make money, but just to be kept whole without being seized by some sovereign nation. The world is insolvent. It has borrowed more money then exists. Several times over I believe. There must be a reckoning. It will hurt.
I am optimistic, though. We are Americans and we know how to make something out of nothing. It is what we are best at. We have known personal liberty and freedom for over 200 years. This is something that the rest of the world can't take pride in. Sure we have a Marxist in the office now trying to "Europeanize" us, but we'll get through it. When nothing is all we have left, then we will build again. Once the economic trauma has burnt through our forest of dead wood (economic and philosophic models of wealth and liberty) we will find the old growth forest of our Founders, alive and well in our hearts.
Then, we will have a recovery.
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