Posted by: rotenochsen | May 25, 2009


arogenceA0E1RAgbpmMay 25, 2009 8:37:01 AM

Obamas’ popularity is still high in the USA despite the fact that he has spent more tax payers money than any president in history.
His approval rating is above 60% because people either do not realize what he is doing to the value of our money, or because they still look at him with adoring eyes as one would to a savior.

The 13 trillion dollar debt that he is running up and the resulting tax increases and devaluation of our dollar have not effected the average person as much as it will in year or two, when bread and cereal may cost $4.00 each!
But the British are realizing that Obamas’ attempt to collect taxes from Americans who live and work in England will be an expensive for them, and they get nothing for being Obamas’ tax collector.

“Andy Thompson of Association of Private Client Investment Managers and Stockbrokers (APCIMS) said: “The cost and administration of the US tax regime is causing UK investment firms to consider disinvesting in US shares on behalf of their clients. This is not right and emphasises that the administration of a tax regime on a global scale without any flexibility damages the very economy it is trying to protect.”

One executive at a top UK bank who didn’t want to be named for fear of angering the IRS said: “It’s just about manageable under the current system – and that’s because we’re big. The danger to us is suddenly being hauled over the coals by the IRS for a client that hasn’t paid proper taxes. The audit costs will soar. We’ll have to pay it but I know plenty of smaller players won’t.”

The British Bankers Association (BBA) and APCIMS had a meeting with European counterparts 10 days ago to discuss the crisis. A delegation is set to meet the US Treasury’s Internal Revenue Service on 16th June to demand they drop the reforms.” source:Drudge Report

President Obama’s proposals are built on the so-called Qualified Intermediary system which was intended to ensure Americans paid the correct tax wherever they were domiciled. Foreign financial institutions that handle American money have to fill in a US tax form on behalf of the client that has to be audited too. In return, the banks receive a QI seal of approval as a qualified intermediary.
But the seal is not legal tender. It sounds strangely similar to president Roosevelt’s NRA sign that merchants could put in their window during WWII if they agreed to price controls.

At the same time, Reuters reported that The dollar fell to a 2009 low on Friday as fears intensified that the United States could lose its triple-A rating, while renewed caution about the world economy and banks prompted Asian and European stocks to slip.

Yesterday, the President was interviewed by Steve Scully of C-SPAN, about the status of our economy, and despite the fact hat he has spent more money than the combined cost of all the wars since WWI, he still takes no blame for the deficit spending that he calls “stimulus”.

In the interview he was asked about the possibility that the USA could run out of money. The following is a quote from that interview.
“SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we’ve made on health care so far. This is a consequence of the crisis that we’ve seen and in fact our failure to make some good decisions on health care over the last several decades.

So we’ve got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it’s putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.

So we have a short-term problem and we also have a long-term problem. The short-term problem is dwarfed by the long-term problem. And the long-term problem is Medicaid and Medicare. If we don’t reduce long-term health care inflation substantially, we can’t get control of the deficit”.

So unlike this simple minded citizen, our Harvard Law school president refuses to recognize that he cannot spend the Country out of a recession. He implies that he will spend the estimated trillion dollars to bring about socialized medicine, on top of his massive “spendulus” program.
This will assuredly sink our generation and future generations further into debt, that will result in dollar devaluation and massive inflation to satisfy his quest to Socialize our Country. This is a sign that education doesn’t necessarily make one smarter! Or was his intention to wreck the U.S. economy and the free enterprise system all the while?
Tags: Britts obama economy spending


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