Letter: We are spending more than we take in

As a nation we’ve come through a tumultuous time. However, we have not fixed any of the core problems that we face.

The real problem is that we are spending more than we take in. As a result, the Federal Reserve is forced to debase the currency.

1) Federal government is running an unsustainable deficit.

2) The private sector is not able to absorb the debt from this deficit spending.

3) The fed is forced to quant ease to accommodate this debt.

4) The real value of a dollar is therefore debased. We’re not the Wymar Republic yet but there are wheelbarrows of worthless currency in our future if we do not take steps now to avert this.

5) That is why crude is trading at $85, corn at $7, diesel fuel at $4, housing, cars, etc. It’s not that they are worth anything more. It’s just that the paper used to buy them is worth less. A dollar today only buys what — say 70 cents bought four or so years ago.

6) This is like running on a treadmill. We are expending energy, but going nowhere. We must get off the treadmill. Stop the printing presses. Admit we have a spending problem and address it.

The quant easing theory was an illusion in order to trick consumers into thinking that things were getting better. It didn’t work.

We have to have real change in order to put people back to work creating things and trading things in a real commerce world.

Whatever the outcome, the newly elected president needs to get China to revalue their currency, as the Chinese currency rises.

U.S. exports will boom and jobs will come back to this country.

No amount of stimulus nor quant easing will accomplish this.

Those are only smoke and mirrors. There ya go. That’s what we need to do.

Make sure you get out to vote this election.

Jerry Wolberg, Dickinson

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