Pension plans in dollars in Peru "should disappear," BCR says.
The US DOllar, once the most sought after form of currency in the world is getting snubbed a lot lately. The latest news is from Peru, of all places.
Peru's Central Reserve Bank President Julio Velarde, said that pensions in US dollars should disappear and be substituted by pension plans in soles, because of the high volatility of the dollar these days. “If the dollar keeps on dropping, many people could turn into impoverished pensioners in 25 years for having their pensions in dollars. The worry in the world is not Peruvian inflation, but U.S. inflation," he said.
The administration has asked for an additional raise in the fabled debt ceiling. A fictitious dollar amount that congress set as to NEVER go beyond. But as always they have jets to fuel, tens of thousands of new government employees to pay with salaries more than yours and huge expense accounts that need refilling. Hey guys as long as were bankrupting the country, why not bump it up anther 1.8 trillion, we couldn't possibly spend all that could we?
So the President is bowing to their loan officer in Communist China, the printing presses are running 24/7 and the dollar is about to drop like Obama's approval rating. So, where to we go from here? Maybe we can trade these worthless dollars for some of those Peruvian Nuevo Soles. Their economy is growing nicely dispite the world-wide financial collapse. Maybe its just good management on their part. A bunch of monkeys could do a better job than this bunch of monkeys we have in congress.
Maybe more people should have thought about this, especially when I and many others posted this picture during the campaign.
The Post American World Let me quote Julio one more time in case you missed it. "If the dollar keeps on dropping,
many people could turn into impoverished pensioners in 25 years for having their pensions in dollars. At present almost all pension plans in Peru are set in dollars, and that people should turn to soles instead." Peru's Central Reserve Bank President Julio Velarde.
This is intentional people. Barack Obama and his group of leftists have a huge chip on their sholders and are intentually driving this nation in to a debt abyss that we will not crawl out of for generations. Remember Jerimiah Wright, Barack's pastor for 20 years? "Not God Bless America, God Damn America."
Hope for the best folks, but prepare for the worst. Looks like this ride is just getting started.