Obama Comes Through - America Harmed

A conversation I engaged in at a recent grass roots political meeting was centered on President Obama being either a sinister internationalist intent on forcing socialism on America or a shallow, face-man being utilized by a radical element of Americans to promote the same international socialist goals. No decision was reached except that both views ended in bad news for America. However, recent developments at the International Monetary Fund [IMF] have forced a leaning that favors Obama as a fairly competent international socialist.





Recall that at the close of the recent Washington meetings between Communist China and the Obama Administration, President Obama agreed to assist the Chinese in obtaining a greater degree of authority in the arena of international monetary matters. He also said he would give some thought to a new international monetary standard. Via the IMF, this is being done.



On September 2, 2009 the IMF announced that it had borrowed $50 Billion from Communist China but had used for the transaction its own international monetary standard called SDR. This move away from the US Dollar as the accepted international monetary standard has been an expressed goal of Peking. In the past few days the head of the IMF, Dominique Straus-Kahn, indicated that the IMF was going to revamp its voting procedure to allow greater influence by African nations, India and Communist China. The current system grants to America an automatic 17% vote on all issues and since a positive 85% vote of IMF members is needed to approve any program, the United States had an automatic veto. This voting "revamp" will lower the voting power of American and give us a good input but no longer absolute control.



When the relationship between the head of the IMF French socialist, Straus-Kahn, and the American socialist, Obama, is considered it is clear to conclude that the IMF is assisting Obama in his prior expressed promises to China. Added to these actual developments is the published report that OPEC and a number of other nations have engaged in talks to convert international oil trade away from the dollar to a new international monetary standard that utilizes a "basket of currencies". OPEC has denied this development but it certainly sounds like the current monetary standard of the IMF, or something like it, is under consideration.



The impact on America by the implementation of the SDR standard on all international trade would force a massive change, for the worse, on our economy. As of October 6th one SDR is valued at $1.59 up 3 cents from September 2 so that the $50 Billion borrowed by the IMF is now $51 Billion with no interest calculation included. A weakening dollar will make everything imported, not just oil, more expensive for US citizens.



The biggest fear is that Obama, carrying the torch for internationalism, will decree that all outstanding US government obligations will immediately be calculated by the said SDR standard. That could mean the American debt to Communist China alone would be recalculated and be then set at $1.3 Trillion.

An economic recovery becomes more remote.