Saturday Night Live did an interesting satire sketch last week, that raises the bar of its political humor to “The Daily Show” level and beyond.
Underneath this sophisticated satire, is the inconvenient truth that the once great United States is now on its knees at the mercy of begging for loans from Communist China, that it can never repay, in order prevent itself from having to formally declare Bankruptcy. And even as it does this (driving itself even further in debt in the process), all this never ending sea of Trillions of dollars in debt, which has exploded beyond anything before ever imaginable due to 10 years of multiple illegal, endless Wars & Foreign Occupations, has only resulted in a situation where the U.S. Dollar has steadily become virtually worthless.
Consider that a U.S. Dollar was not so long ago worth 1/35th of an ounce of Gold approximately 30 years ago. Today that same U.S. Dollar is now worth 1/1200th of an ounce of Gold. Can you say Argentina anyone?
This is why the once accessible “American Dream” is no longer possible anymore today for the vast majority of people, and why the price of things like Education, Real Estate, Medical Care, Cars, Oil and Energy, etc., are already today orders of magnitude exponentially higher than they once were.
At some point China will stop making these loans that cannot possibly be repaid to them, and stop lending us the money (or seriously cutback). When that happens, we will have Weimar Republic like hyperinflation, and the U.S. Dollar will be all over and done with. Mass poverty will ensue in the United States, and the living will soon envy the dead.
That is why this Saturday Night Live satire is really quite sophisticated, and far more relevant than any damn Sunday talk show, or any so-called “News” program.
Kudos to SNL!
They nailed it!!
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….is a better place to put your money on these days than either Banks, the Stock Market, or Bonds.
Someone who received their information from this skit would be under the impression that the US had borrowed money from China.
The reality is that China buys US$ bonds to depress its exchange rate. If it stopped buying those bonds the US$ would get cheaper and we would have strong growth in exports. If China ever decided to go further and sell the bonds it has accumulated to “get its money back”, our currency would crash and Chinese producers would lose market share to US producers.
The fact is, unlike the make-believe Chinese President in the skit, the ACTUAL Chinese leadership understand all this perfectly well. But supposed progressives in the supposed reality-based progressive blogosphere community spread this bullshit like its time to fertilize at the organic wheat farm.
Indeed, this skit directly spreads one of the most damaging “Conservative Movements” myths, that the dollars that the government spends have to “come from somewhere”. I guess its checkcards and creditcards that accounts for so many people conned by this lie, since otherwise people would have CASH and could read it – it does not “come from somewhere”, its a note printed by the Treasury on behalf of the Federal Reserve.
I have been hearing this Conservative Movement lie since Reagan’s day, and one of the most disappointing things I found when I started following the blogosphere early in 2006, living in Australia at the time, was how many people in the US who imagine that they are progressives are perfectly willing to spread lies about public finance on behalf of the US corporate oligarchy.
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