Nothing To See Here, Just More Evidence Of American Decline

One of the most bizarre features of modern American life is how the wheels are coming off of the American dream right in front of us, but so many people seem not to notice. As you read stories like this one you can’t help but marvel at the human ability to ignore what’s right in one’s face.

The US dollar will lose its status as the global reserve currency over the next 25 years, according to a survey of central bank reserve managers who collectively control more than $8,000bn.

More than half the managers, who were polled by UBS, predicted that the dollar would be replaced by a portfolio of currencies within the next 25 years.

The results are the latest sign of dissatisfaction with the dollar as a reserve currency, amid concerns over the US government’s inability to rein in spending and the Federal Reserve’s huge expansion of its balance sheet.

“Right now there is great concern out there around the financial trajectory that the US is on,” said Larry Hatheway, chief economist at UBS.

Yet, the Democrats want to spend, spend, spend. In fact, if the Democrats had the same sort of numbers they did in 2010 in Congress, is there anyone who doubts that spending would be going up significantly instead of going down?

Oh, there is someone who doubts it? Well then, the rest of us think you’re kind of an idiot because every single dime of spending cuts that have happened this year have been because the GOP demanded it. If the Democratic Party doesn’t join the adult party at some point, if it keeps pretending not to see the devastation its rampant spending is causing, it’s going to bankrupt the country.

It doesn’t have to be that way, but at some point, Democrats have to move beyond rhetoric and finger-pointing and start governing. This country isn’t going to prosper long term with one party full of responsible people and another party running on “All the free money you can spend, forever, with no consequences!”

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