More Economic Storm Clouds

The longer Barack Obama proceeds with his radical Leftist agenda unchecked, the worse the American economy gets.  Remember, his massively unprecedented spending has buried not just current Americans but also future generations of Americans under so much debt that no one really has any idea of how we're going to get out from under it.  With that kind of debt, we're walking a knife's edge, and the slightest tip can drop us over the side.  As we've discussed any number of times here before, there are only two possible ways Obama can fund his debt load: raise taxes (which is politically dangerous, but he'll probably do anyway) or print money (which devalues the dollar and prompts inflation).  One of the big warning signs of financial disaster is when foreign nations stop buying American debt.  Well, guess what:

Foreign demand for long-term U.S. financial assets fell in April as both China and Japan trimmed their holdings of Treasury securities.

The Treasury Department said Monday that net purchases of stocks, notes and bonds obtained by foreigners fell to $11.2 billion in April, from $55.4 billion in March.

Wonderboy Tim 'Tax Cheat' Geithner went on a begging tour to China to assure them that Obama's good for the money, but do you remember their response?  They laughed.  Nice work.

The international community is showing a growing unease with using the American dollar as its currency of exchange:

...global economic leaders are concerned about the future of the dollar. Brazil, Russia, India and China called for a "more diversified" currency system on Monday. This caused the dollar to drop today.
Breitbart reported:

The dollar fell against the euro and yen on Wednesday after major emerging economies cast doubt on its long-term future as the world's main reserve currency, dealers said. In late morning trading in London, the European single currency climbed to 1.3867 dollars from 1.3838 dollars in New York late on Tuesday.

Against the Japanese currency, the dollar slipped to 96.30 yen from 96.42 yen on Tuesday.

Leaders of the so-called BRIC nations -- Brazil, Russia, India and China -- had on Monday called for a "more diversified" currency system.

"The BRIC leaders are divided between supporting the US dollar -- as it is the only choice for now -- and advancing the march for an alternative," said Phil McHugh, who heads the corporate foreign exchange desk at currenciesdirect.com.

And you know we're in serious trouble when Vlad Putin of Russia gives Obama economic advice:

Vladamir Putin already warned Democrats about the dangers of socialism at Davos in January...

Now, capitalist pig Vladamir Putin is criticizing the Barack Obama Administration for its plan to raise taxes on US businesses.
The Moscow Times reported, via Free Republic:

Prime Minister Vladimir Putin on Monday criticized U.S. President Barack Obama's plan to raise taxes on U.S. companies' foreign operations, saying it would amount to double taxation that will hurt the global economy.

"This is a serious decision for the world economy," Putin said at a meeting of the Presidium, the government said on its web site. "If taxes are imposed on all companies working abroad, then it will mean the total destruction of the system for avoiding double taxation."

Thank you, Mr. President, for taking America down a road that current and former Communist nations are smart enough to avoid!  Make no mistake...Obama's policies will have a severe impact on every man, woman, and child in this country, and he needs to be held accountable for his own actions.

There's my two cents.