... The Republic is finished. Already badly beaten for decades, the fatal blow landed November 6th 2012. We'll tell our grand kids what it was like. Let's pray we can survive now as a social democracy without a meaningful constitution, survive better than our European counterparts.
Dollar Falls as Obama Win Paves Way for Monetary Easing
The dollar dropped the most in a week against the euro on speculation Barack Obama’s re-election as president will boost chances the U.S. will maintain monetary stimulus policies that tend to weaken the greenback.
The U.S. currency fell versus all except two of its 16 major peers as Obama defeated Republican challenger Mitt Romney, who disagrees with current Federal Reserve policy. Obama now faces the so-called fiscal cliff, $600 billion in tax increases and spending cuts due to be implemented in 2013.
“Monetary policy will remain loose under Obama so the dollar will be sold,” said Michiyoshi Kato, senior vice president of foreign-currency sales at Mizuho Corporate Bank Ltd. in Tokyo. “Dollar selling may not last that long as the U.S. faces the fiscal cliff.”
Treasury Quietly Warns: 'Expect Debt Limit to Be Reached Near End of 2012'
The U.S. Treasury quietly warned at the end of a statement issued last Wednesday that it expects the federal government to hit its legal debt limit before the end of this year--which means before the new Congress is seated--and that "extraordinary measures" will be needed before then to keep the government fully funded into the early part of 2013.
As of Oct. 31, according to the Daily Treasury Statement (DTS), the portion of the federal debt subject to the legal limit was $16,222,235,000,000--just $171.765 billion below the $16,394,000,000 debt limit.
In October alone, according to the DTS, the debt subject to the limit increased by $195.214 billion.
U.S. Debt Now $136,260 Per Household—Up 50%
Just since President Barack Obama was inaugurated on Jan. 20, 2009, the debt has increased by $45,848 per household.
Americans under the age of 18 will inherit approximately $218,676 in national debt per individual.
New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS
When Obamacare’s individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form. The new form will require disclosure of a taxpayer’s personal identifying health information in order to determine compliance with the Affordable Care Act’s individual mandate.
Simply put, there is no way for the IRS to enforce Obamacare’s individual mandate without such an invasive reporting scheme. Every January, health insurance companies across America will send out tax documents to each insured individual. This tax document—a copy of which will be furnished to the IRS—must contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare.
This new tax information document must, at a minimum, contain: the name and health insurance identification number of the taxpayer; the name and tax identification number of the health insurance company; the number of months the taxpayer was covered by this insurance plan; and whether or not the plan was purchased in one of Obamacare’s “exchanges.”
This will involve millions of new tax documents landing in mailboxes across America every January, along with the usual raft of W-2s, 1099s, and 1098s. At tax time, the 140 million families who file a tax return will have to get acquainted with a brand new tax filing form. Six million of these families will end up paying Obamacare’s individual mandate non-compliance tax penalty.
... What happens next?
... Amnesty (increase Democrat voter base, so as to maintain power indefinitely)
... Carbon taxes (turn carbon into cash-money)
... Tax hikes (that "fair share" thing, in spite of our wealthy being taxed more than any other class in the world)
... These are just guesses, but they make sense to my ultra-conservative mind. Of course I'm pissed off and bitter, but I believe the election was fair, and we get what we deserve, as a nation.
... Let's see what happens from here.