“American Empire – so long, we hardly knew you. But good riddance! We liked the old Republic much better.”
That is a quote from Bill Bonner over at the DailyReckoning. Bill also posted a link to the latest version of the corporate bailout plan. This could also be known as the “taking money from me and my children by threat of imprisonment if I don’t pay my “fair share” of taxes and then using that money to cover problems caused by corporate greed and prop up a godless economy” bill. But I digress…
Bill points out some great benefits of the bill like raising the limit on our national debt to $11,315,000,000,000, found in Section 122: Subsection (b) of section 3101 of title 31 of the US Code. Yes that number starts with a T.
There are numerous other goodies for corporations and states around the nation. Check them out if you have the time. Of course, like most laws, the very size of the document defends it from ever being read completely, but that is another discussion for another day.
As an aside, the Daily Reckoning was also involved in the production of I.O.U.S.A. the movie which is produced by the same folks who put out Supersize Me. It addresses the trouble in the American economy and is probably a great view, although I’ve not yet made the time to watch it. I’ll post the trailer below.
The trail that lead me to The Daily Reckoning article started with a few resources I wanted to share.
First, there is Everbank. They have some interesting foreign currency money market accounts that are designed to help hedge against the falling dollar. They also have what seems to be a nice precious metals account. But the specific piece of information that I thought worthy of posting was found in The Daily Pfennig report from Chuck Butler, the Senior Vice President of EverBank World Markets.
With all the uncertainty around the huge corporate welfare program on the table again, I could not figure out why the dollar was fairing so well in recent days. Apparently there is some US Dollar and Euro swapping going on due to a requirement for European Banks to hold cash reserves in US dollar for US issued mortgage bonds. You can get the whole scope along with the rest of Chuck’s currency report here. I have subscribed for a few weeks now and have found it a great read.
Of course for all those who are concerned about the economy, let me offer this reassurance. It will fail, the empire of these United States will fall. It will not happen overnight, but it is in fact happening right now, and has been happening in earnest for at least a decade. The question on the table it not if America will fall, but how America will fall. That is the challenge before us as fathers, and as business men who must learn to provide for our family and future generations in this period of history. I hope to speak to some of the questions this raises in a future post or two. Until then remember God is in control and this will not be the first time in history that a great empire has fallen.