Dawn Bennett, Host of Radio Show "Financial Myth Busting," Writes Article, "This Way to the Exit"
Washington, DC -- (ReleaseWire) -- 05/02/2016 --During President Obama's recent trip to England, he addressed a group of London students, one of whom asked about his legacy as president. After touting his health care plan, Obama went on to say, "Saving the world economy from a Great Depression, that was pretty good. You know, the first time I came to London was April of 2009 and the world economy was in a free-fall in part because of the reckless behavior of folks on Wall Street, but in part because of reckless behavior of a lot of financial institutions around the globe. For us to be able to mobilize the world community, to take rapid action, to stabilize the financial markets, and then in the United States to pass Wall Street reforms that make it much less likely that a crisis like that can happen again. I'm proud of that." To me, this arrogant and misleading statement encapsulates the unreality of our economic situation today. Less likely that a crisis will happen? Look around.
In fact, I was asked not long ago to address a group of listeners from the Southwest on the state of the global economy. I was happy to oblige, of course, but in the course of preparing I came to realize a problem. As I put together the data points, I saw that there simply aren't any legitimate financial or economic numbers that mean anything any more. What was I going to show this group? Financial analysts use certain factors to understand the current environment and make predictions about the future: employment, credit, savings, supply and demand. The problem is that nearly every index I've used in the past thirty years, every measure of capital flow and industry is absolutely useless today. We now live in an entirely fabricated fiscal environment, where every aspect is filtered and manipulated before our eyes. Even before we get to study the statistics, they've already put it out in the media as something else. How do you compose a lecture when everything looks the same? It's like a surreal magic show, with performers and props and special effects all designed to confuse us and that's what we get every single solitary day. In the end, trying to make sense of illusion is a waste of time, and the only appropriate response is to look for the Exit signs.
One of those signs is the ongoing multi-front attack on the U.S. dollar and the petrodollar. Several moves happened last week in this area. The Saudis are now openly threatening to take down the U.S. economy in the ongoing fall out over collapsing oil prices and tense geopolitical events of course involving the 9/11 cover up. The New York Times reported that "Saudi Arabia has told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars worth of American assets held by the kingdom if Congress passes a bill that would allow the Saudi government to be held responsible in American courts for any role in the September 11th of 2001 attacks." The bill referenced is making its way through Congress with bipartisan support, despite the fact that the Obama administration opposes it. It would allow for the families of 9/11 victims to sue the Saudi government in American courts to collect damages. The "smoking gun" is supposedly outlined in a still-classified document that was part of the Congressional investigation into the attacks known as "Document 17," twenty-eight pages that are alleged to show high-level involvement by Saudi officials. The response was a statement from the Saudi Foreign Minister threatening that his government would sell off $750 billion in U.S. Treasuries.
This would certainly be a hit to the Saudi economy, but the U.S. government has racked up so much debt that it could be truly disastrous for us. We already have $19 trillion in debt, without even considering unfunded liabilities, and having another three-quarters of a trillion of debt called in would be a real blow. There are implications beyond the immediate, practical ones, though, and they are a sign that something is truly bad coming down the pike for America.
Consider the fact that our economy and foreign policy are so weak that a threat such as the Saudi's could even happen. Consider the news last week that China has launched a yuan-denominated gold benchmark. Twice daily auctions will fix the price of gold independent of the dollar. For years, China has been making a play to have the yuan become a global currency, and this is another step in the ongoing war on the dollar. When China made the announcement, gold went up $20 in a single day. Consider Obama's tepid reception when he visited England to lobby the public to vote in favor of remaining with the European Union. British media seemed to collectively shrug their shoulders, wondering out loud what business it was of the United States or our president to tell Britain what to do. Consider Russia's ongoing moves to outmaneuver the dollar and counterbalance the United States in Asian markets.
The Exit sign from this absurd economic magic show is glowing brightly. Investors need to be cautious not only of the American economy's steadily worsening state, but of America's increasingly precarious position on the world stage. We are simply addicted to debt, leaving ourselves open to threats and manipulation from all comers. As individual investors, we must protect ourselves, because the government is in no position to do so.
For over a quarter century, the experienced advisors of Bennett Group Financial Services, LLC have been successfully guiding clients through the complexities of wealth management. Bennett Group Financial Services provides individual investors, corporations and foundations with holistic investment strategies using unique portfolio solutions across a breadth of asset classes. Our unique vision and insight into market trends makes Bennett Group Financial Services a much sought after expert resource with regular appearances on Fox News Channel, CNBC, Bloomberg TV, and MSNBC as well as being featured in Business Week, Fortune, The NY Times, The NY Sun, Washington Business Journal in addition to our highly regarded weekly talk radio program - Financial Mythbusting. Through attentive service and prudent, thoughtful advice, Bennett Group Financial Services, LLC strives to consistently provide its clients with the highest quality of guidance and personalized service available.
About Dawn Bennett
Dawn Bennett is CEO and Founder of Bennett Group Financial Services. She hosts a national radio program called Financial Myth Busting http://www.financialmythbusting.com.
She discusses educational topics and events in the financial news, along with her thoughts on the economy, financial markets, investments, and more with her live guests, who have included rock legend Ted Nugent, as well as Steve Forbes and Grover Norquist. Listeners can call 855-884-DAWN a as well as take podcasts on the road and forums for interaction.
She can be reached on Twitter @DawnBennettFMB or on Facebook Financial Myth Busting with Dawn Bennett.
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