Busted: Bankers and The Global Economy

June 17, 2008

Boosting the Economy Best for the Dollar

Some folks get it and others don’t. We might have a keeper in Barack Obama. The Democratic presidential candidate said today that the best way to lift the sagging dollar is to improve economic fundamentals, rather than manipulating the currency.

He acknowledged that the devalued dollar is a symptom of underlying problems rather than a cause by itself. “I’m not somebody who thinks that we should spend a lot of time manipulating our monetary or fiscal policy simply to strengthen the dollar. What I want to do, though, is strengthen the economic fundamentals in such a way that the dollar, of its own accord, ends up being strong.”

That is the kind of “nuts and bolts” thinking needed. You have to look after yourself. The country could use more of that instead of focusing on the entire globe.

John McCain is proposing strengthening the dollar by reining in government spending and pushing free trade agreements to bolster investor confidence. This sounds like the same road that the United States is on now: a road to oblivion. Life is more than the idea of investor confidence without real economic promotion or change.

The economy is about the whole country, not a few investors.


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