An Historic Day
I apologize for the digression from a Japan-centric topic, but today I feel like writing about todays U.S. Presidential election. It is an historic day for America, the first time an American President elect, Barack Hussein Obama, has a set of initials that are an anagram for a premium home movie channel.
OK, just kidding (although I do raise a valid point) the real historic thing is that for the first time an African American has been voted into the highest office in the land. But while the broad ranging social impacts of this solid step forward for a country that more and more has become a mixture from all corners of the Earth. But there is also the ugly truth that racism played at least some part in the results of this election.
It is a fact that there are those that did not vote for BHO for the sole reason that he is black. These people are obviously racist. But there is a flip side to that coin. There were also a lot of people that voted for BHO only because he is black. This is just as racist as the first case. Now I am in no way insinuating that the reason BHO won the election is because he is black. Not at all. I think he won the election for a whole bunch of reasons.
Who in my humble opinion do I think would be the best leader for America, John McCain or Barack Obama? My simple answer is neither. I didn’t vote for either of them.
My vote went to Ralph Nader as his platform is (to me) the most reformist of the bunch. And when I cast my vote for Mr. Nader I knew there wasn’t a snowballs chance in hell of him actually getting into the Whitehouse, I still had to vote for the one that I agreed with the most, not the one whom I thought had the best chance of winning.
After all we are seleting our next leader, not puting some money down on the outcome of a ball game. But sadly there are a lot of peopel that vote that way since they wat to feel that their vote counted. But I don’t believe in that, especially with a thing like the Electorial College doing the actual deciding about who will be the next president. As it turned out the popular vote agreed with the Electoral College vote, and there have only been three cases in American history when a president lost the popular vote but was still elected as president. (And I might note, let me remind you that NONE of them had initials that were an anagram of any premium home movie channels) But even if it happens only rarely that the Electoral College vote disagrees with the popular vote, I still think that each and every vote should have the same weight as all others. Scrap the Electoral College, and truely give the choice to the people.
I wish President Elect Obama the best, but I think he has his work cut out for him. The economy is in the toilet, and the flush handle has been pressed. So grab your wallets my fellow Americans as our government continues to try to tax and spend our way out of a recession. The recent bank bailout is going to do more damage to the economy than most people can imagine at this point for the simple reason that the “money” is being printed out of thin air, and this will result in serious inflation. There is no gold backing for the dollar (and there has not been since 1971 when the government basically declared bankruptcy by dropping the gold standard) so the only value that this paper has is what people believe it has. And the confidence in the dollar has started a decline that we have yet to even begin to see the scope of. (I KNEW things were bad when I saw rappers in videos flashing Euros instead of greenbacks)
And why on earth are we bailing out banks that made bad decisions? Let them fail for crying out loud, let the free market sort out the winners and losers, and let the economy naturally evolve into a stronger animal instead of subsidizing the gross incompetance (or rampant corruption) of those that made bad decision for whatever reason.
If I go to Vegas and blow my retirement funds at the craps table is the government going to bail me out? No. And they shouldn’t. Decisions have consequences. Live with them.
Yup, the dollar is headed south, and there is nothing that can be done to stop it ,short of going back to the gold standard, but the federal government will not be able to do that since it has been enjoing the short term benefits of a using a fiat currency for so long they don’t know how to deal with real money.
But enough of this doom and gloom (even though I believe it all to be true) , I’ll be doin as much as I can topump as many dollars as I can into a portfolio of solid foreign stocks, as well as some gold so as to protect my own financial future. The bottom line is that even though the U.S. markets will once again go up, the continued decline in the value of the dollar relative to other currencies will effectively cancel out these gains. What’s the point of making a lot of dollars if they are not worth anything?
OK, that’s enough politics and economcs for one night. And as I said before, sorry for the digression.