If you read my previous article, “Federal Reserve Bankrupting America,” you’ll see a reference to BRICs. BRICs are an acronym for Brazil, Russia, India, and China. I can’t prove this, and I doubt many could, but I think that President Obama is meeting with 3 of the 4 BRICs nation’s heads of state in order to get them to continue buying more US Bonds. Just recently the Federal Reserve held the QE2 or Quantitative Easing 2 meeting. This could mean that the BRICs may no longer be willing to buy US Bonds. The US credit rating could also be in the process of being dropped from AAA to AA making the interest too high to borrow money from these nations.
Could the US be facing another credit rating decrease? I would say there is a definite possibility of this happening. The US is expected to reach 100% debt to GDP by 2020. With the Federal Reserve printing $600 billion-$1.2 Trillion to stimulate the economy this may cause our debt to reach 100% of our GDP by 2015…or even sooner. This would be a cause for alarm to the many nations that buy US Treasury bonds which may end up getting them to refuse to buy any more bonds. I don’t know the details, but Glenn Beck is doing a segment tonight outlining 15 days to the NWO if foreign countries stop buying US Bonds. This could be a very real possibility as far as foreign countries buying US Bonds and I have no comment regarding Glenn Beck’s segment tonight on Fox News Channel.
If we are fortunate though, President Obama may be trying to restore our credit rating by petitioning these BRICs governments to restore our AAA credit rating. Just like with any loan your credit rating determines your interest rate and your income determines how much money you can borrow. When you have good credit you can borrow more money because less of your money is going towards interest payments. The same goes with the US, with our skyrocketing deficits (newest estimate is 1.5 Trillion for 2010) under the Obama administration along with our current unemployment crisis which some estimate to be between 9.5-16.9% we become the equivalent of a high risk loan.
Is there something we can do? Possibly! On November 2nd, the Republicans took over the purse strings in the House of Representatives. If the Republicans continue with business as usual I would suggest preparing for the worst. If the Republicans decide to take the opportunity to provide the people with what they’re asking for and decide to listen to the American Public for once, we might have hope. Representative Eric Cantor is running for House Majority leader against Representative John Boehner. I think the Eric Cantor would be the best candidate for this position because he will be the one to put us back on the road to fiscal responsibility. Rep. Cantor has been on Greta stating that if the Republican party doesn’t stop spending then he will leave the party. I see that as a sign of hope along with his new website http://republicanwhip.house.gov/YouCut/review_thx.htm where you can suggest cuts to government programs to help bring down our deficit. I think this is the most responsible way to cut government and allow the people to find the waste while the government is doing the same. Please write your local representative and ask them to vote for Eric Cantor for Majority Leader.