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"No one in this world, so far as I know - and I have searched the records for years, and employed agents to help me - has ever lost money by underestimating the intelligence of the great masses of the plain people." ~ H.L. Mencken
Each and everyday I'm amazed by the sad amount of truth held within this statement.
I've totally shunned TV, I have no cable, no dish, I've deleted every mainstream news source from my iGoogle RSS reader and I am now weeding out what I once considered to be the best 25 economic blogs.
Let’s visit the many ways that we are being robbed by the pig wearing lipstick.
Confusion and sexing up the ugly:
Today, on a blog I used to hold in high esteem was an article entitled "Who's Afraid Of a Falling Dollar?"
And it should scare you also!
First we need to take the lipstick off the falling dollar pig and understand what it means. If you have $100,000.00 in your account and the dollar falls in value that $100,000.00 might buy you only $25,000.00 worth of assets.
Would you put your money in a bank that offered you a falling balance? Open an account today with your life savings of $100,000.00 and tomorrow your balance will be $25,000.00.
The incredible part about the article is that it was written by a senior fellow at an institute that is trying to save Social Security.
Sorry Grandma, your $500.00 Social Security check that used to buy you a month's tuna caught by Japanese fishermen had a really bad fall and now you'll have to eat saltines all month long.
No more tuna for you.
"A lower dollar is good news for US exporters and foreign importers and bad news for foreign exporters and US importers."
Well bad news here. We import 2/3rds of our oil.
Sorry, when you fill up your SUV with your falling dollar you are now on the cusp of bankruptcy because that dollar had a bad fall and only buys 1/4 the amount of gas it used to. When you go to the store and purchase food that has been shipped a minimum of 1,500 miles and farmed in a petrochemically dependent fashion you’re going to be in the same line as Grandma buying saltines.
Bon appétit mon ami(e).