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Letter: Ship will hit sandbar
President Obama has been re-elected and re-anointed in a very close election. Surely this will result in four more years of world peace and global prosperity. Right? Wrong!
I beg to differ. Our unprecedented national debt of upwards of $16 trillion is a warning of bad things to come. Sixteen trillion dollars and counting is to be repaid with interest by about 300 million U.S. citizens, which equals to between $53,000 and $54,000 per person.
My guess is that this debt will never be paid by anyone voluntarily. A much more inevitable development will be a drastic devaluation of our grossly inflated dollar. A one-decimal-point devaluation is possible. This would make the dollar worth 10 cents; $10 would be worth $1; and $100 would be worth $10. Would you like to calculate your net worth after a one-decimal-point devaluation? Probably not.
The U.S. mints are pumping out $40 billion monthly. How much longer will China and Japan invest in the United States?
Consider the case of the Mexican peso, once a very stable currency. Today, a peso is worth 10 cents in U.S. money and 10 pesos are worth a dollar according to local bankers. I’m sorry to say, but I see a very possible parallel between the peso of today and the dollar of next year. We are in a desperate situation and only a fool in Washington, D.C., would deny it.
A look at world peace is even more frightening. With Islamic terrorist states bent on Israel’s destruction, they are pushing us dangerously close to an Armageddonish event.
Greece, Spain, Italy, Ireland, et al. are becoming fiscal basket cases and Germany, England, and Poland can no longer offer much fiscal help. If it’s any comfort to anyone, the European Union may crash before the United States.
Well, this is my Christmas message urbi et orbi.
EMMETT J. STORK
Your Opinions and Comments
The Marcelina Muse
Dry Tank, TX
November 30, 2012 10:44am
GRAND PRAIRIE TX
November 28, 2012 10:17am
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