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The Coming Economic Basket Case

Guest post by: Michael Hume

Article Overview: Hey, guess what! It's Easter weekend, and all over the world, folks' thoughts are turning to baskets. Homemade, store-bought, or recycled from last year... pretty baskets filled with colored eggs and candy. Oh, and don't forget the festive "basket of currencies" with which they're planning to replace the U.S. Dollar as the world's reserve currency....

The Coming Economic Basket Case

The Joke Will Soon Be On All Of Us Hey, guess what! It's Easter weekend, and all over the world, folks' thoughts are turning to baskets. Homemade, store-bought, or recycled from last year... pretty baskets filled with colored eggs and candy. Oh, and don't forget the festive "basket of currencies" with which they're planning to replace the U.S. Dollar as the world's reserve currency.

Haven't heard about this particular basket case? Well, it's only going to change every aspect of your daily life, so maybe you should know about it. Here's the 411 on the impending doom of The Almighty Dollar.

To begin with, of course, the dollar in your pocket (if you're lucky enough to have one) is far from almighty these days. It used to be so awesome... so "special," really. But then the Federal Reserve (neither federal, nor reserve... discuss) printed so darn many dollars JUST like yours, there's really just nothing special about it any more.

Remember when your dollar used to be backed by actual gold, kept in a mythical place known as "Fort Knox?" No, you don't remember that, unless you're my age or older and you had dollars before 1971, when President Nixon (among his many acts of brilliance) cut our currency loose from gold to "float" on the world market. Since then, the Dollar's been worth whatever you can get for it, kinda like the stuff you sell at a garage sale.

Well, it's not like your dollar isn't backed by anything. Oh, no. It's backed by the "full faith and credit of the United States government." BOO-yah! That's some serious backing, right?

Well, it was, I guess, back in the days when the United States government had things like "faith" and "credit" with which to back currency. For that, you'd have to go all the way back to, hmm, at least 2008, before monsters named Stimulus and Son Of Stimulus ATE much of your dollar's worth, and before the remainder of its worth sailed away on tremendous cruise ships known as QE-I and QE-II.

So now, the international monetary powers-that be (let's call them Globally Important Money People, or "GIMPs"), who specialize in holding super-important world meetings in comfortable overseas locations, are taking a long, hard look at replacing the Dollar as the world's reserve currency. You can see why. If the Dollar remains the reserve currency of the world, used to trade everything from oil to stocks, why, the U.S. maintains an economic edge it just doesn't deserve (and no longer has the will to defend). That "American edge" has actually made every person in every country in the whole world better off over the past few decades... but the GIMPs are just getting a headache hearing all this rah-rah U-S-A prattle. So they feel it's time to kill the Dollar, once and for all.

Never mind that the worldwide poor will be battered to pieces - that minor consequence pales in comparison to the more weighty issues facing the GIMPs, such as how they (the GIMPs) can make the most money themselves. And that requires replacement of the Dollar.

But what to replace it with? That's what's bugging the GIMPs. It's a tough question, because every other currency in the world has become just as troubled as the dollar. The Euro? Please. The GIMPs are uncertain that there will even be a single European currency in the foreseeable future. The Chinese Yuan? Hmm... nope. Like the ol' Soviet Ruble, it's still just a garage-sale item with a shady communist past.

So the GIMPs are going with a "basket of currencies," some sort of blend of world greenbacks, to kind-of diversify away all that risk.

Good luck with that!

But don't despair. Maybe our Dollar can still be in that almighty Easter basket of currencies. But with it, there'll be Swiss Francs and Canadian Dollars (two of the stronger garage-sale currencies in today's world). There will probably be Euros and Yuans, too, while supplies last. And who knows what else? Pesos... Lira... Yen... Rubles (don't want the Russians to feel left out)... Dinars... Shekels... food stamps... S&H Green Stamps... bus tokens... casino chips... potato chips... dollar-off coupons from Pizza Hut... maybe even a certificate for a free 24-point Vehicle Safety Inspection tossed in by that one guy with the spiky beard and shifty gaze.

When the Dollar is replaced as the world's reserve currency, hyper-inflation will be just around the corner for America... and that's no joke. Take a look at your day-to-day life, and imagine how different it looks when gas doubles again to ten bucks a gallon and Piggly-Wiggly wants more than a grand for your weekly trip to the grocery store. Imagine that happening by, say, back-to-school time.

Hilarious, huh?

The time is now to get smart about what's really happening in the global economy. Start a business, if you can. Buy gold and silver (won't find that in the GIMP basket). And get your family as prepared as they can be for this new "normal."

Final Easter reference: like Jesus, eventually the free market will rise again. But I'm afraid it's going to have to be nailed to the cross of global collectivism before any veil is rent and the world sees that things were better when people were allowed to chase the Almighty Dollar in relative freedom. Meanwhile, we'll all be brought closer to God by the hard times that make even the most stubborn intellectual secretly start praying for a miracle.

Amen!

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