Executive Order Demands A Wake-Up Callby James Turk
We continue to confront the horrendous legacy of Franklin Roosevelt, America's first dictator. Too strong a judgment? Well, consider this. It was FDR who created the Exchange Stabilization Fund that Bill Clinton is now using to circumvent the will of the American people, the vast majority of whom oppose the Mexican bail-out. It was FDR who pioneered the use of the so-called "Executive Order," an unholy scheme by which a President makes his personal and capricious command supreme over the Constitution. By Executive Order, Clinton is using this FDR slush fund established with taxpayer money to circumvent the will of our elected representatives in Congress, the majority of whom opposed the bail-out. How long will the American public stand for this abuse? Probably not much longer. One of the most unpopular Presidents in history bails out Mexico against the will of more than 70% of the American people. Bill Clinton has committed political suicide. What are the results of Clinton's actions? Clearly, he is a one- term President. No surprise there. But is that all? No, the big impact will be on the Dollar. If the Federal Reserve forces a "re-liquification" of the monetary system, something has to give. Bill Clinton has taken those steps to ensure that it won't be the banks or Mexico. It will be the Dollar. Expect at least a major currency crisis for the US Dollar, and do not rule out the possibility of its complete collapse as an international reserve currency. After all, the Dollar has been on a downhill road for 30 years as a result of misuse and abuse, so its ultimate "Peso-ification" should not come as any big surprise. Reprinted with permission: Letter No. 159, Freemarket Gold and Money Report. A commentary on precious metals and monetary matters by James Turk. P.O. Box 4634, Greenwich, CT 06830 USA. NOTE: The Economist has a similar message, but with a different slant. The dollar's role as a reserve currency is bound to decline, because the portion of total currency reserves held in dollars is much higher than America's current portion of the world economy.
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