Dollar Crisis: None dare call it ‘conspiracy’

Crude oil prices hit an all-time high this week, closing above $98 a barrel for the first time in history.

According to the AAA, many drivers in my home state of California are already paying more than $4 a gallon for regular unleaded gas. And in one town south of Big Sur, unleaded gas topped $5 a gallon.

The U.S. dollar is at an all-time low, even when compared against the hapless Canadian loonie. Five years ago, a loonie was worth 60 cents. Today, it’s worth $1.12 and climbing.

Yesterday, WorldNetDaily reported that the Chinese are considering abandoning the U.S. dollar as their national reserve currency. WND quoted Craig Smith’s assessment of the consequences of such a move by Beijing on our economy: “If that were to happen, all bets are off, and we will be in a depression that makes 1929 look like child’s play, or we will experience Weimar Republic inflation as the dollar makes extreme moves toward devaluations.”

On Tuesday, the U.S. national debt topped $9 trillion for the first time in history, according to the U.S. Treasury Department’s daily accounting of the national debt. Nine trillion dollars! The number is so staggeringly high that it exceeds our ability to comprehend it in monetary units.

Million, billion, trillion – in financial terms, for most of us, it means a lot of money, really a lot of money, but that is about as specific a picture as most ordinary people can grasp.

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Let’s put all these “illions” into perspective. A million seconds is roughly 12 days, whereas a billion seconds is approximately 32 years.

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2 Comments

  1. hello,

    1) do you have an email address that folks can send you new articles you may have missed? there was a very funny bill maher youtube segment when maher interviewed jeremy scahill (who wrote blackwater) that you would have liked. it is much easier to email than to have to copy and paste and log into this site.

    2) almost 50% of the time I check this blog for new articles, when I first load https://crazyrichguy.wordpress.com , IE crashes. I kid you not. is there some photo it can’t load or is there some new program your “friends” have put on top of your blog to track down who is accessing your blog?

    scary stuff

    thanks for putting up this blogsite and the new articles

  2. Hi, I don’t have an e-mail address for this blog, I will see what I can do. I’m worried about to much spam if I just give an e-mail. I am interested in input like you mention.
    I have placed the Bill Maher video on the page with other Scahill interviews and also a couple of days ago as a post.
    I have had a spell of bad inlogging and would not be surprised if I had acquired some friends as you say. I don’t know how to check it though.
    Thank you or your interest and comment

    Travellerev


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