Most Americans know the economy is in bad shape even if a majority voted to reelect the man most responsible for making a bad economy worse. And, no, it was not George W. Bush who is responsible for the 2008 financial crash. It was the government with its housing programs that encouraged giving mortgage loans to those who could not afford them and then bundling those “toxic assets”, and selling them to banks who then found themselves in trouble for investing in them.
Another partner in the nation’s financial woes has been the Federal Reserve, a banking cartel given the right to literally print money. The Fed recently released the fact that its holdings in U.S. government debt has increased by 257 percent since President Obama took office! Those holdings are at an all-time record of $1,696,691,000,000 at the close of business on Wednesday, January 23. The other major holder of our debt is China at $1,170,100,000.000.
It’s worth taking a few minutes to see how the policies of President Obama, whether a deliberate effort to ruin the economy or just the result a lack of understanding of how the U.S. economy works, has put the U.S. on the precipice of failure comparable to what is occurring in Europe. It is a global, as well as national problem as the central banks of the EU desperately transfer billions among themselves to stave off a catastrophe that will destroy the wealth of their citizens.