Fecklessness in government.

****When Obama proudly declaimed that "I didn't take calculus" he indicated he didn't know it is important to understand economics and science so he understands neither. Worse, he doesn't care... much as he doesn't care about American exceptionalism or is actually opposed to it!The cavalier attitude toward the dollar demonstrates this.****
http://tinyurl.com/yffbyuv
The Message of Dollar Disdain With U.S. debt set to exceed 100% of GDP in 2011, it's no wonder people are looking for alternative ways to preserve wealth. By JUDY SHELTON Unprecedented spending, unending fiscal deficits, unconscionable accumulations of government debt: These are the trends that are shaping America's financial future. And since loose monetary policy and a weak U.S. dollar are part of the mix, apparently,...the reputation of our nation's money is being severely compromised...To be "sound as a dollar" is to be deemed trustworthy, dependable, and in good working condition.***Or used to be.***
...the dollar is increasingly perceived as the default mechanism for out-of-control government spending, its role as a reliable standard of value is destined to fade. ...the projected budget numbers anticipate a permanent pattern of deficit spending and vastly higher levels of outstanding federal debt....it's a mathematical impossibility to reduce debt if you continue to spend more than you take in....To put it in perspective: U.S. federal debt was equal to 61.4% of GDP in 1999; it grew to 70.2% of GDP in 2008 (under the Bush administration); it will climb to an estimated 90.4% this year and touch the 100% mark in 2011, after which the projected federal debt will continue to equal or exceed our nation's entire annual economic output through 2019.****N.B. The "debt" is an integral number, the cumulative sum of annual "deficits." The GDP ( as is the deficit ) is a differential number, referring to only one's year's results. The analogy to a company's books is that the debt is the same but the GDP is only the annual REVENUE, i.e. not even profits.**** The U.S. is thus slated to enter the ranks of those countries...with the highest government debt-to-GDP ratio (which measures the debt burden ...The U.S. has long served as the world's "indispensable nation" and the dollar's primary role in the global economy has likewise seemed to testify to American exceptionalism. But the passivity in Washington toward our dismal fiscal future, and its inevitable toll on U.S. economic influence, suggests that American global leadership is no longer a priority and that America's money cannot be trusted.
...Whether the U.S. can once more summon the resolve to address its problems is an open question. But the world's growing dollar disdain conveys a message: Issuing more promissory notes is not the way to renew America's promise.