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A 1923 Weimar German bank note in the sum of 50 million marks
In a few years will Americans be using wheelbarrows to carry around enough cash to buy a loaf of bread, as happened in hyperinflation-ravaged Germany in the 1920s?
Probably nein, but we are all going to experience pain as inflation eats away at our paychecks, our 401(k)s, and our bank accounts.
One worrying sign is that investors are less than enthusiastic about buying triple-A rated U.S. government debt.
AP reports this afternoon:
Stocks lost ground after a weak auction of U.S. government debt stirred worries about how easily Washington will be able to raise money to fund its economic rescue program.
Investors gave an unexpectedly cool response to a $24 billion auction of 5-year Treasury notes Wednesday, which also sent prices for Treasurys lower.
The government is running up record deficits in order to fund an array of plans to provide stimulus to the economy and support to the ailing financial system. [emphasis added above]
Investors are justifiably worried about the long-term solvency of the U.S. government which lacks the political will to set its financial house in order. They also worry whether the value of the U.S. dollars that the Obama administration is urging them to buy will be diluted by an orgy of money-printing. Remember that just a month ago Secretary of State Hillary Clinton had to beg the Chinese to keep buying Treasurys.
The fact that investors, including foreign central banks, have just about had their fill of greenbacks should scare the bejeezus out of all Americans.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online