Many Americans are rightly decrying Washington’s unprecedented spending spree as this year’s federal deficit soars to nearly four times last year’s record. Among them is a senator prominently touted last year as a potential vice president. In a recent Wall Street Journal op-ed, he issued a timely call for those now holding the power of the federal purse to reverse our nation’s reckless spending course:
“Congress’ initial reaction to our fiscal peril has not been encouraging. The $410 billion omnibus spending bill passed in March increased domestic discretionary spending by 8 percent and included more than 8,000 earmarks. This year’s budget contemplates domestic discretionary increases of nearly 9 percent, three times the rate of inflation. If the past is any guide, it will include thousands of new earmarks.”
Those words of warning weren’t written by a conservative Republican. They were written by Indiana’s Evan Bayh, a moderate Democrat who made the short list of President Barack Obama’s potential running mates last year.
If you want to get a good read on where things are and where we may be heading this letter is a must read. The author is Kyle Bass a well known Wall Street money man and one of the few people who predicted the real estate collapse. (He actually made money last year, and I mean a lot of money.) It’s not light reading but it is very detailed and it paints a grim picture.
http://www.scribd.com/doc/20643004/Hay-Man
The world is already beginning to dump the dollar, or at least ist rying to abandon it.
Yesterday’s stories were about Russia, China, France and Arab states moving to abandon the dollar as a reserve currency for oil trading.
http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html
Today the UN called to abandon the dollar as the world’s reserve currency.
http://www.breitbart.com/article.php?id=CNG.e272eaa74dccc30f21c6ff7638b0f37b.461&show_article=1