Cheney- Not Investing in America Anymore? Or *Deficits Do Matter*Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

Cheney- Not Investing in America Anymore? Or *Deficits Do Matter*
 


13 March 2007 at 2:57:03 PM
salon

What to say about a man who has invested in European bond funds.

The article is called "Cheney's betting on bad news" and provides an account of where Cheney has socked away more than $25 million. While the figures may be estimates, the investments are not. According to Tom Blackburn of the Palm Beach Post, Cheney has invested heavily in "a fund that specializes in short-term municipal bonds, a tax-exempt money market fund and an inflation protected securities fund. The first two hold up if interest rates rise with inflation. The third is protected against inflation."

Cheney has dumped another (estimated) $10 to $25 million in a European bond fund which tells us that he is counting on a steadily weakening dollar. So, while working class Americans are loosing ground to inflation and rising energy costs, Darth Cheney will be enhancing his wealth in "Old Europe". As Blackburn sagely notes, "Not all bad news' is bad for everybody."

This should put to rest once and for all the foolish notion that the "Bush Economic Plan" is anything more than a scam aimed at looting the public till. The whole deal is intended to shift the nation's wealth from one class to another. It's also clear that Bush-Cheney couldn't have carried this off without the tacit approval of the thieves at the Federal Reserve who engineered the low-interest rate boondoggle to put the American people to sleep while they picked their pockets.

After I read this article, I saw this news from today about the dollar tanking while the yen is going up.

The yen strengthened the most in more than a week against the dollar and euro on speculation investors are reducing holdings of assets funded by borrowing Japan's currency, known as the carry trade.

The yen rose more than any other currency versus the dollar, extending gains after U.S. stock-index futures slid. Prospects of bankruptcies in the U.S. mortgage industry prompted investors to dump riskier assets. New Century Financial Corp., the second- biggest U.S. lender to borrowers with poor credit histories, yesterday said it doesn't have the cash to pay creditors.

``Worries about U.S. subprime mortgage lenders are weighing on market sentiment and have triggered some unwinding of carry trades,'' said Elisabeth Andreew, chief currency strategy analyst at Nordea Bank AB, the largest Nordic bank, in Copenhagen. ``Risk aversion tends to rise when there's a slowdown in the U.S.''

I have a mental picture of Bush and Cheney riding a ship into the east, high fiving each other as they drink from champagne glasses (oh, vodka for Bush so he can keep fooling people about his drunkenness)  laden with goodies from our country while the rest of us who stay here are scratching the dirt with a shovel.


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Comments

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