This is George Jr's economy. A government cannot create innovation. But it certainly can create problems by excessive spending, financial lying, and other techniques similar to what Nixon did in 1970. From CBSMarketWatch.com:
Euro tops $1.50 as dollar drops on recession fears
Currency cracks through stubborn resistance, interest rate view a factor
The euro remained above the $1.50 level Wednesday morning after notching a new all-time record high against the dollar on fears the U.S. economy may be flirting with stagflation -- a combination of stagnant growth and high inflation.
The dollar's plunge to a new low "was unexpected, but nevertheless a risk that could happen if the right circumstances were at the same place at the same time," wrote currency analysts at Jyske Bank.
The Euro was created at one Euro for one Dollar. This is how unstable the American economy has become. Euro now costs $1.50. US government was even on the verge of a surplus. George Jr destroyed a surplus and used extremist spending to run up record debts (the only real tax cut also involved reduced spending). To mask that debt, George Jr will even put "Mission Accomplished" on an emergency spending bill this summer so that we don't see its real cost. Most of those costs will appear in the econony years later - the point of
post #7.
After flooding the world with dollars to further mask excessive spending, well, economics takes revenge years later on economies that are irresponsible. Just another reason to ask whether a lower standard of living will occur simultaneously with a recession.
