EconomicCrisis.US

America pays its bills. It always has. It always will.

The fact that Washington is now debating whether to honor its debts and obligations, then, should come as a surprise. But playing political football with a necessary vote to raise the nation’s debt ceiling has become as predictable as a Twitter rant from Charlie Sheen.

The predictability should not, however, detract from its seriousness. Holding the nation’s full faith and credit hostage for political gain could imperil a fragile economic recovery and sow seeds of a global economic meltdown. While there is a great temptation in both parties to use this debate to their advantage, the political peril for each is enormous.
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The government’s bailout of banks, auto makers and insurers helped prevent a more severe economic crisis, but might have sowed the seeds of the next one, a congressional watchdog group said Wednesday in its final report.

The Congressional Oversight Panel said that the government’s rescue fund may have prevented an economic depression by sending billions of dollars to companies crippled in financial crisis that erupted in 2008. But little has been done to aid to homeowners facing foreclosure or others far from Wall Street, it said.
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The dollar, and much of America’s economic autonomy, may be the next two endangered species created by the global economic crisis – and the two events may actually be linked, according to one expert.

“The recent global economic crisis didn’t just happen – it was created,” said John Truman Wolfe, a banking industry expert and author of Crisis By Design: The Untold Story of The Global Financial Coup and What You Can Do About It (www.johntrumanwolfe.com), which explains how the financial crisis was caused. “It was designed by a group of international bankers operating out of the Bank for International Settlements (BIS) in Basel , Switzerland . The purpose was twofold: to remove the United States and the U.S. dollar as the stable point in international finance, and to replace them with what Timothy Geithner (at the time, President of the New York Fed) called a GMA – a Global Monetary Authority.
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The head of one of the nation’s top business organizations said Tuesday that the U.S. economy is “improving,” but “regulatory roadblocks” stand in the way of job creation.

“When it comes to the nation’s economy, we begin 2011 in better shape than we found last year,” said Tom Donohue, chief executive of the U.S. Chamber of Commerce. “Yet we still face a number of risks that could send us in the wrong direction.”

Donohue, delivering his annual State of American Business address in Washington, said regulatory roadblocks should be “swept away” to free up $180 billion in private capital that could be invested in U.S. infrastructure.
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