Housing Bubble Gum
Consumer Joe goes for a drive.
He leaves the house a bank owns, drives a car a bank owns, and looks at all the houses and cars in the neighborhood the banks own too. Was it always this way? We all took the bait of easy loans, and exaggerated property price increases. We are all paying for it now in more than a monetary sense.
The housing bubble gum held our flawed economy together for a decade, then Bush’s war defended the petro-dollar. Saddam starting selling Oil in Euros in early 2001. The U.S. didn’t like it, Europe didn’t mind. Iran began threatening to sell oil through it’s own exchange a few years ago. The mortgage collapse/banking crisis has only fueled the anti-dollar oil frenzy. It is now to be a basket of currencies, a cornucopia of yen, rubles, yuan’s, and gulp Euros. The good news for the children of this planet is that the age of the oil empire is over. No more tumorous benzene exposure at the gas stations. If ending oil curbs global warming, if it exist, bonus. Will the dollar be replaced by the SDR? Special Drawing Rights have already been given to the International monetary fund, where Wolfowitz went to work after resigning from Rummy’s Pentagon if you recall. Drawing rights? Sounds like the play money our Federal Reserve has been printing since 1913. The Federal Reserve on the ropes gives us a real chance to get our country back from an international gang that is as Federal as Federal Express. So the bad news is for the freedom and constitution loving people of the world. Like every President after Kennedy, it doesn’t look like Obama has any interest in upholding the Constitution – Article 1 Section 8 – The Congress shall have Power: To coin Money, and regulate the Value thereof…bummer.