The recent announcement that Obama wants to spend $1 trillion for banks, along with $1.2 trillion to buy bonds and mortgages, a $700 billion bank bailout and his proposed budget will cause at least a $9.3 trillion deficit over the next decade is digging us into a hole. We cannot continue to print money; this will cause us to hyper-inflate our currency.
As the Federal Reserve keeps printing money, this will lead to inflation and cause every dollar you have now to be worth less. The Federal Reserve should be taken over by our government.
China is very nervous because they are the largest holder of our debt in the world; they do not want President Obama, Federal Reserve, Congress and the Treasury Department to continue to devalue our dollar.
Zimbabwe last year had an inflation rate of about 11,000,000 percent. If we keep printing money that is not backed by anything, we will keep devaluing the dollar and cause hyper-inflation.
With Obama’s radical socialist spending plan and bailing out huge corporations, we are under economic attack and destroying our nation. Obama is writing checks that he (nor Congress) can cover, nor us, nor our children, nor our grandchildren – this is generational theft.