I WOULD TELL OBAMA AND CONGRESS:
Congress, this is your last term.
Obama, step aside for the Vice-President.
YOU HAVE FAILED THE NATION."
There are certain weapons that are just improper to use against humanity," Warren Buffet told CNBC.
"It is a political weapon of mass destruction and both sides should say we’re not going to touch it, just like with poison gas or nuclear weapons. It’s too powerful."
He said his concern is for the U.S. reputation as a credit-worthy nation. The dollar is the world's reserve currency.
"Creditworthiness is like virginity," Warren Buffett added. "It can be preserved but not restored very easily."
WHY ALL THE WORRY?
Ask Britain. Its people spiraled into economic madness and poverty after the Pound Sterling lost its place as the world's standard.
It created a balance of payment deficit. Since the pound was the world's standard it could pay for foreign goods and services that it was unable to pay for with British goods and services.
Imagine how thrilled the world was with that.
In 1967, the British government devalued the pound, whereupon the consequences led to the dollar becoming the world's standard.
Other countries now peg their currencies to the U.S. Dollar and pay for goods and services according to the value of the dollar.
China has stated it has lost faith in the dollar because of CONGRESS AND PRESIDENT OBAMA'S pissing contest.
If the world should make China's Renmimbi (Yuan) the world's standard?
WE WOULD PAY FOR GOODS ACCORDING TO HOW OUR DOLLAR FARED WITH THE VALUE OF THE YUAN.
The peoples of the world would stop buying dollars and START BUYING YUAN. Our dollar would spiral downwards in value.
Now, nations buy oil in dollars. THEN WE WOULD BUY OIL IN YUAN and with the forever declining worth of the dollar ...
OUR PRICE FOR OIL WOULD SKYROCKET.
Trucking could well be destroyed. Our interstate commerce would crumple.
What we pay for electricity would be horrendous. Many would no longer be able to afford air conditioning or heat.
America could within a period of years or months be reduced to a third world state. The elderly and the young would be the first casualties.
ALL BECAUSE CONGRESS AND OBAMA COULDN'T ACT RESPONSIBLY.
What do you think?