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Thursday, 20 May 2010 00:00 |
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Hi, this is conservative candor and I'm Dr. Carl Mumpower...
The biggest 21st century US export is not wheat, the utensils of war, or the light of liberty. America's greatest production item is the dollar bill - the drug of choice for most of the world's economies. It's that addiction that has paradoxically allowed America to live beyond its means and temporarily avoid the accountabilities for our own bad habits. The color of green has camouflaged our shift from an economy of production to consumption; lending to debt; and responsibility to entitlement. For now the world needs the US dollar as much as we need their loans. Our government is spending two dollars for every one it takes in. China, Japan, and others are funding that extravagance - for now. That's because, for now, there is no replacement for the greenback. For now, the Fed has unlimited power to print our way through today's economic crisis. The price for that indulgence will bring a day when the color of green is no longer in favor. It's to our shame that our young will bear the consequence of an American Dream built on paper...
Dr. Carl Mumpower and you just spent a minute with a candid conservative...
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