In tough economic times, people often clamor for help from far away but often what they need is just within their reach. While politicians from around the world are trying to architect a global currency without any commodity backing (i.e. gold, cotton, oil) that will only serve the rich and plunge worldwide economies into a deep recession, local currencies, backed by tangible items and trust, are the only practical and effective response. Anyone who has been to a casino or a Chuck-E-Cheese is already familiar with local currency. In other countries with greater GSM penetration, pre-paid mobile minutes are exchanged for goods and services. I’m sure with J.R.’s father’s background, Hoeft has traded a few baseball cards as well. Whether it’s tokens at an arcade or time spent cooking dinner, human nature has an inherit ability to judge value.
If Jim realized that most people had multiple Mickey Mantle rookie cards, then he probably would not trade his most rare cards for one. On the anniversary of the inexplicably defended stimulus package which pumped over 787,000,000,000 US dollars into fungible global markets, the Chinese are getting worried their Dollars are becoming less precious. While China and US will have to address their pseudo-symbiotic economic relationship, the rest of the world is much less dependent on the US Dollar. The real fear we should have with Iran is not nuclear but their efforts in getting OPEC to convert to a Euro standard instead of the Dollar. This is one of the many reasons the US should have free trade with Iran and not sanctions. If the OPEC conversion succeeds, the US Dollar will crash hard and fast. The history of failed currencies has always proven this. Without a good credit rating, the most in-debt nation in the history of the world will not have the means to protect its citizens, wage a war, or even provide basic services.
But it’s not all bad news, primarily because the real crash hasn’t happened yet. Although much fewer, there are still other countries surprisingly willing to purchase American debt despite an impending healthcare bill and continued economic stagnation. The TEA parties are putting the issue of debt on the radar of the MSM and with or without Palin’s palm readings are getting the message out to grassroots activists who in turn are doing their own outreach. If Congress doesn’t wake up though, at the next TEA party convention they will likely have Bono as the headline speaker requesting debt relief for the Impoverished States of America.
