Thanksgiving tradition – precedented and “un”

By mw | Related entries in Bad Decisions, Barack, China, Economy, Fiscal Responsibility, Food

The administration carves up the dollar for Thanksgiving

The administration that initiated so much that is unprecedented in American politics, introduced an unprecedented new Thanksgiving tradition – carving up our currency for the holidays.

Before considering this new tradition, let us not forget the greatest tradition of this holiday, taking time to count our blessings and give thanks for all that has transpired in the last year. While my blogging activity has been limited recently, I did not want to miss this opportunity to offer this holiday greeting and a wish for a Happy Thanksgiving to the extended Donk family.

I have much to be thankful for…

I am thankful that Justin continues to permit me to be a contributor to Donklephant, so I can annoy many more partisans than I can reach from my little blog.

I am thankful for all the bloggers, columnists, and pundits that helped me to understand and appreciate the significance of Barack Obama’s election one year ago. I learned that with that election we ushered in a new post-partisan, permanent realignment of the American political landscape. I learned that the United States was actually a center-left country. I learned that the Republican Party if not already dead was doomed to succumb to the inevitable demographic shifts in the populace and that ideas like fiscal restraint are so last century and irrelevant.

Having learned all of this from the 2008 election we can only assume that the recent 2009 GOP gubernatorial victories in New Jersey and Virginia are attributable to the last spasms of a dying GOP corpse. In that context I am thankful to Professor Jacobson’s penetrating analysis of the 2009 race:

“Republican Bob McDonnell has been projected the winner of the Virginia Governor’s race. Proving that even a small, unpopular, fringe party which does not appeal to moderates or independents, can win over a large, popular, mainstream party. The secret? More votes.”

I am thankful that as we turn our eyes to the 2010 midterms, the prospect for and value of divided government is once again getting its due from the political chattering class, and there is hope for divided government and fiscal sanity to get “more votes” in 2010 and beyond.

Back to the new Thanksgiving tradition of plucking, stuffing, skewering and carving up the value of our currency. For this, we can be thankful to Barack Obama, Tim Geithner, Ben Bernanke and single party Democratic rule. I am personally thankful for CNBC, a network that, while certainly not immune to political bias, offers the depth of coverage to afford some understanding of our government policies and the real consequences for the economy, jobs, the dollar, our standard of living and the future of our country. Case in point – this week on CNBC I learned about the consequences of devaluing our currency by printing money to service unprecedented debt created by fiscally irresponsible spending that started in the Bush administration and has accelerated to unprecedented levels under Obama:


It seems that the administration conceit is that since we are coordinating with central banks the world over, and since every other country of significance is also stimulating their economy devaluing their currency, we are safe in the smug assumption that there is nowhere else to go but the dollar. Our leadership arrogantly assumes that the dollar can continue to rest on its reputation as the reserve currency of last resort, so we can continue to print more and more and more. Two problems with this plan – 1) No one has yet figured out how to print gold, copper, steel, oil, corn or other commodities – 2) Everybody else in the world is not stupid.

So China is hoarding commodities, and India, Russia and other countries are buying gold specifically to hedge against the falling dollar (as well as other fiat currencies). It would seem we are migrating toward a global gold standard whether we in the US want to participate or not. In the meantime we continue to play Russian roulette with our currency and standard of living.

I am also thankful for Peter Schiff, who was right in 2006, was right in 2008 again and again, and who now tells us what to expect in 2010 and beyond. Three for three??


Peter Schiff is frightening. But anyone concerned about their financial future would be foolish not to listen to what he has to say.

Finally, I am really thankful for this clip from SNL, which is quite possibly the single best bit that they have ever done:


Just get it over with!

Happy Thanksgiving.


This entry was posted on Thursday, November 26th, 2009 and is filed under Bad Decisions, Barack, China, Economy, Fiscal Responsibility, Food. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Thanksgiving tradition – precedented and “un””

  1. Donklephant » Blog Archive » Carving the Currency Says:

    […] am less thankful about what our leaders are doing to our currency. Last year I introduced a new tradition on Thanksgiving – watching the carving of our currency as it is sliced by administration fiscal policy and […]

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