Whatever the other failures of the U.S. government were, it had managed to print an excess of dollars which, combined with the collapse of trade and communication, had severely eroded the currency's value.
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Chapter 30, Page 146James Howard Kunstler
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Neil Cavuto: Yeah but, you can't, Congressman, we've got a pretty good economy going here, right? We've got productivity soaring. We've got retail sales that are strong. We've got corporate earnings that for, what, the 19th quarter, are up double digit? We've got a market chasing highs, I mean, this isn't happening in a vacuum, right?
Ron Paul: Yeah, that's nice, but when you have to borrow, you know... My personal finances would be very good if I borrowed a million dollars every month. But, someday, the bills will become due. And the bills will come due in this country, and then we'll have to pay for it. We can't afford this war, and we can't afford the entitlement system.
Neil Cavuto: Look, Congressman, did you say this 10 years ago, when the numbers were similarly strong...
Ron Paul: Go back and check.
Neil Cavuto: ...and we were still borrowing a good deal then.
Ron Paul: That's right, that means the dollar bubble is much bigger than ever.
Neil Cavuto: So what's gonna happen?
Ron Paul: We've had the NASDAQ bubble collapse already. We have the housing bubble in the middle of a collapse, so the dollar bubble will collapse as well. We have to live within our means. You can't print money out of the blue, and think you can print your money into prosperity.Ron Paul
We are already well down the road toward a managed-trade regime. It would be far better to acknowledge that reality, and seek a set of reasonable rules, than to pretend that Ricardian trade is the norm and allow mercantilist states to overwhelm U.S. industry and ratchet down wages, in the name of free trade.
Robert Kuttner
A lot of poets published their own work then; unlike novels, poetry was short, and therefore cheap to do. We had to print each poem separately, and then disassemble it, as there were not enough a's for the whole book; the cover was done with a lino-block. We printed 250 copies, and sold them through bookstores, for 50 cents each. They now go in the rare book trade for eighteen hundred dollars a pop. Wish I'd kept some.
Margaret Atwood
Firstly, the current government officials are in power for their currency, but I'm informing you for your new currency.
Jared Lee Loughner
Overconsumption by US citizens, US buy-outs of foreign companies and dollars the Pentagon spends abroad all end up in foreign central banks. These governments face a hard choice: either recycle the dollars back to America by buying US Treasury bonds or let the “free market” force up their currencies relative to the dollar – thereby pricing their exports out of world markets, creating domestic unemployment and business failures. US-style free markets hook them into a system that forces them to accept unlimited dollars. Now they want out. ... The US is the world’s largest debtor, yet has avoided the pain of “structural adjustments” imposed on other debtor nations. US interest rate and tax reductions in the face of exploding trade and budget deficits are seen as the height of hypocrisy in view of the austerity programmes that Washington has forced on other countries via the International Monetary Fund and other vehicles. - June 2009
Michael (economist) Hudson
Kunstler, James Howard
Kupchan, Charles A.
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