As if the last week wasn't already packed with bad news, yesterday we got two more unprecedented signs of the economic times.
While most countries were cautious about the downgrade, China slammed the Unites States' addiction to credit calling for a new world wide reserve currency.
The "full faith and credit" of the U.S. Treasury is no longer the world's gold standard. Instead of the U.S.A. the AAA rating that had become synonymous with the dollar, is now in the possession of France. America is on a par with New Zealand and Belgium.
"President Obama is destroying the foundations of the U.S. economy one beam at a time," Bachmann, who represents Minnesota's 6th Congressional District, said in a statement according to Minnesota Public Radio. "I call on the President to seek the immediate resignation of Treasury Secretary Timothy Geithner and to submit a plan with a list of cuts to balance the budget this year, turn our economy around and put Americans back to work."
Fellow presidential candidate and Minnesotan Tim Palwenty also blasted Obama according to MPR: "What he [President Obama] doesn't understand is all this talk of the full faith and credit in the United States government, he needs to stop being reminded. We need to have a president who understands what it means to put our full faith and credit in the American people," said Pawlenty. "His vision for America is to take things out of the private sector and to put it into the government."
Predictably Obama failed to take the hint.
Also, The Bank of New York Mellon announced it will actually start charging customers for large cash deposits. Think about it! Instead of some meager amount of interest – or even zero – the bank is effectively saying they can't earn enough on those deposits to even cover their overhead.
That's how far the economics brought to you by the Obama administration has driven the country. If banks can't make money on cash deposits, then how are they going to lend cash to make money.
And, the 2011 deficit is already at $1.103 trillion with two months to go in the fiscal year, "on pace for the second-largest shortfall in history."
Did you ever think you'd see it?
I did not.
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