Vindication

A central theme of my congressional campaign was that if we didn’t get our house quickly  in order, we would lose our reserve currency status. Worse still, Obama wants the White House to control the debt ceiling so that he can spend whatever he wants without the public hearing about the yearly back and forth arguments discussions as it is today. A very, very bad idea but one that the Republicans, knowing their record, will cave on.

I read a partial transcript today from President Obama’s remarks about the ongoing squabbling between him and the GOP. “That is a bad strategy for America, it’s a bad strategy for your businesses and it is not a game that I will play,” he said. “Everybody here is concerned about uncertainty. There’s no uncertainty like the prospect that the United States of America, the largest economy, that holds the world’s reserve currency, potentially defaults on its debts.”

His comments reinforced my candidate position that we are in danger of losing our reserve currency status, that debts are settled in U.S. dollars. That will cause a massive financial disruption which means you’ll possibly lose your job, house and your standard of living will plummet.

I’ve seen it firsthand. It isn’t a pretty sight.