Bush’s Chernobyl economy; hard times are on the way

I can't vouch for the truth on this one, but my 'gut' does.--Dictynna

by Mike Whitney
Online Journal Contributing Writer

Nov 9, 2006, 01:24

In the next few months, a financial crisis will arise somewhere in the world which will jolt the American economy and trigger a swift and precipitous decline in the value of the dollar.

This is not speculation; it will happen and there is nothing that the Bush administration can do to stop it.

All of the traditional supports for the dollar have been removed by a shrinking economy, a massive $800 billion account deficit, dramatic increases in the money supply, and the reckless manipulation of interest rates.

Now, the noose is tightening. Our foreign trading partners can see that we are bobbing in an ocean of red ink and are refusing to buy back our debt in the form of US Treasuries. This is a death sentence for the dollar. It means that in a matter of months the once-mighty greenback will crash through the floor and free-fall through open space.