Obama will have to devalue the dollar — value of savings will crash » Glade Sun

Glade Sun

November 3, 2009

Obama will have to devalue the dollar — value of savings will crash

By Bob Tonachio / Sun contributor The Crossville Chronicle Tue Nov 03, 2009, 09:52 PM CST

Starting March of 2009, the value of every dollar you have saved, invested or set aside for retirement has plunged 15 percent. A dollar that was worth $1 just seven months ago is now worth 85 cents. In the 1970s, smaller, slower declines in the dollar brought a massive surge of inflation. Today, the devalued dollar is making energy, food, clothing ... and other products we buy cost more. In the last seven months, crude oil is up 96 percent. Raw materials needed to manufacture most products we buy cost more. Copper is up 88 percent. Aluminum is up 38 percent. Nickel and cadmium for the batteries in your cell phone and computer are up 93 percent and 18 percent, respectively. Cotton is up 45 percent, wool is up 24 percent, making the price you pay for clothing escalate. Food imported from overseas is already soaring: coffee and tea are up 26 percent and 42 percent. Oranges are up 41 percent. Sugar is up 71 percent. Checked Wal-Mart’s prices lately?

When the dollar’s value falls against foreign currencies, you can expect all imported goods to rise. What if this trend continues? What if the dollar begins falling even faster? Will you survive? The dramatic plunge in the dollar you’ve seen so far is only the beginning .... The U.S. government now has no choice but to devalue your dollars.

The total national debt is nearly nine times larger than Washington claims. When reporting the national debt, Washington conveniently leaves out the $104 trillion the government owes to seniors and veterans through Social Security, Medicare, Medicaid and veterans benefits programs.

Meanwhile, the Obama administration is planning to increase spending. Sending small supplemental checks to 50 million seniors. Extending unemployment benefits. Renewing tax credits for new homeowners. And pushing the biggest health care package in history. Three years ago, the federal deficit for fiscal year 2007 was $161 billion. By September of 2008, it had more than doubled to $407 billion. And just a few days ago, Washington revealed that the deficit had exploded to $1,400 billion ($1.4 trillion)! When your money is devalued, your wealth is diminished. Every dollar you have buys less! Roosevelt’s debt solution — suddenly gutting the value of a currency in order to repay debt with cheaper money, caused the value of savings to crash. Those counting on their savings to get them through the depression got annihilated as their dollars lost nearly 70 percent of their purchasing power in a single day. Retirees and anyone approaching retirement that plan to live on fixed incomes could be wiped out. Sit and ignore this reality and risk massive losses as your buying power plunges and your cost of living soars ..., or take action to defend your savings, investments and retirement future.

At the rate of $100 million per day, it would take 3,446 years to pay off total government debts and obligations! Washington has no other alternative but to decrease the value of your money, and then pay its bills with cheaper dollars (Roosevelt’s Solution).

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