Barack Obama’s time-bomb legacy

your say January 19, 2017 01:00

More than 40 years ago the United States abandoned the gold standard that provided a value-basis to its currency. As a currency, the dollar has become nothing more than printed paper based only on confidence as a means of trading.

The paper dollar, having lost its intrinsic value, has been exploited by successive governments to manipulate the economy. “Quantitative easing” (jargon for printing money) became their favourite tool. This, together with low interest rates, has provided cheap money – lots and lots of it.

When Barack Obama took office eight years ago the national debt was around $9 trillion. It is now close to $20 trillion. With interest rates at an all-time low of 0.25 per cent and the economy floating on borrowed money, the situation is potentially explosive.

The US cannot continue to print more and more currency and increase the debt while using free money as a feel-good factor for political image. It’s not only irresponsible but also treacherous, destroying the country financially and socially.

Interest rates will have to rise. When they do, homelessness and social misery will descend across the country. But of course Obama, having created the mess, will most likely be on the golf course, leaving the problem squarely on Donald Trump’s shoulders. The gullible will blame Trump while the people with some grey matter will realise the treasonous situation that is the Obama legacy to America. Only the globalists will regard the chaos as a success.

The country’s degeneration will take at least a decade to reverse. Before America can be great again, it will have to revert to the gold standard to give stability to the currency. 

JC Wilcox