S.C. governor says U.S. at risk for hyperinflation.

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S.C. governor says U.S. at risk for hyperinflation.

Posted March 13, 2009 00:09:56
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South Carolina governor Mark Sanford warned of a collapse of Zimbabwean proportions if the federal government keeps on spending money it does not have. Sanford plans on turning down part of the federal stimulus money, but with South Carolina having the second highest unemployment rate among the states, there are other lawmakers who disagree. "What you're doing is buying into the notion that if we just print some more money that we don't have and send it to different states, we'll create jobs," he said. "If that's the case, why isn't Zimbabwe a rich place?" said Sanford. Zimbabwe currently faces a 11 million percent inflation rate.

case zimbabwe rich sanford zimbabwe faces 11 percent inflation rate

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+2 raves Brutus Maximus March 13, 2009 05:38:40

With all due respect to the Governor, it is my opinion that his rhetoric is full of hypocrisy, and partisan obstruction. Where was Governor Sanford's fiscal outrage when former President GW Bush via trade treaties, sold out American manufacturer's in favor of buying Chinese goods, so that, in a show of reciprocal "goodwill", the Chinese would lend us billions of dollars a month to fight a much regretted war in Iraq. Think about this... we were and still are, buying an incredible amount of merchandise from communist China. Communist China. Weren't these the bad guys not so long ago ? Have we forgotten how ruthlessly the communist Chinese government caused through the use of the military, untold numbers of "Freedom Fighters" to be massacred at Tienanmen Square ? We sold out the American worker in order to finance an ill advised war from a communist country that does not share American social and political ideology. For years, we as a nation overspent our budget in order to fight a war that yielded very little fruit. Where was the governor's fiscal skepticism as our country continued to borrow from the communists? In regard to the governor's analogy to Zimbabwe's current sky high inflation and how President Obama is handling our nation's current economic crisis, is Governo...

With all due respect to the Governor, it is my opinion that his rhetoric is full of hypocrisy, and partisan obstruction. Where was Governor Sanford's fiscal outrage when former President GW Bush via trade treaties, sold out American manufacturer's in favor of buying Chinese goods, so that, in a show of reciprocal "goodwill", the Chinese would lend us billions of dollars a month to fight a much regretted war in Iraq. Think about this... we were and still are, buying an incredible amount of merchandise from communist China. Communist China. Weren't these the bad guys not so long ago ? Have we forgotten how ruthlessly the communist Chinese government caused through the use of the military, untold numbers of "Freedom Fighters" to be massacred at Tienanmen Square ? We sold out the American worker in order to finance an ill advised war from a communist country that does not share American social and political ideology. For years, we as a nation overspent our budget in order to fight a war that yielded very little fruit. Where was the governor's fiscal skepticism as our country continued to borrow from the communists? In regard to the governor's analogy to Zimbabwe's current sky high inflation and how President Obama is handling our nation's current economic crisis, is Governor Mark Sanford inferring that President Barack Obama in his first 50 days as US President is, as inept in leadership as Zimbabwe's President Robert Mugabe ? Is the governor an American President hater ? If so, maybe he ought to remember that it was a majority of Americans that voted for change in government via the electing of Barack Obama as our 44th President. Heck, it appears that the South Carolina governor is already throwing his name in the proverbial "hat" as a Republican Presidential Nominee in 2012, and what better way to get "the party started" then by being an obstructionist to our country's current President and leader of the free world ?
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dick April 23, 2009 18:04:10

just another rightie hoping that comander in chief fails he would make his state suffer just to prove his rightie point and the hell with america
+1 raves
right this time April 23, 2009 15:36:30

I continue to be astounded by people who have bought into a certain economic ideology but who know nothing about the basics of how an economy works. Hyper inflation can not happen during a period of deflation anymore than you can have a blizzard in 90 degree weather. To be sure inflation will be something to guard against once the economy starts to turn around. But that will only be a concern once the banks start lending, employment starts to go up and factories start producing. The remedy then will be to raise interest rates which are ridiculously low now because the economy is virtually flat. The next step would then be to start cutting government spending, something that will automatically happen with several programs which would have to be reauthorized or refunded to continue. To me this governor just doesn't like Obama and he is looking for any excuse to justify his opposition. The alternative is that he really believes this hog swill in which case he is an idiot.
Harry April 23, 2009 02:29:54

Indeed, hyperinflation is the specter that seems destined to destroy our nation. Someday soon, when our shortsighted, craven leaders realize that raising taxes won't make a dent in the Obama megadeficit, that other nations will no longer lend us money, and that we can barely pay off the interest on the debt - let alone fund actual programs - they (our leaders) will see only one way out: turn on the printing presses. But that "solution" will only turn each dollar into pennies. Your savings and mine will be destroyed; we won't be able to buy anything. We will be cooked. As sure as I'm writing this, worthless currency will be the Obama legacy. That is why this irresponsible, narcissistic man and his ignorant sycophants in Congress and the media MUST be stopped.
Sandra April 17, 2009 12:52:13 (edited)

I'm from SC and admire our governors resolve! He is right, IMHO, we are heading way down....hyperinflation...cont... resession for many, many more years. People need to wake up and THINK!!
dick to Sandra April 23, 2009 18:11:06

yes right this time is right no hyperinflaion with these conditions he is only trying to hurt the people of his state for his own gain
+1 raves
Ryunkin March 30, 2009 06:14:17

When my parents bought their house in New Jersey in 1951 it cost $7200. My father was making $5000 a year.
Show me a family today that can buy a house in suburban New Jersey for $72,000 dollars who are making $50,000 a year. I bought a brand new Chevy van in 1972 for $3200. What do Chevy vans cost today, even with the "deals" that the auto maker is offering? The truth is, our government has been handing us rubbish for statistics. We've already suffered hyper-inflation, it's just that no one in government has had the guts to own up to it.
American Voter March 27, 2009 18:52:11

The majority of Americans that voted for change hoped for change, believed & needed change. In the short time Obama has been in office, how many campaign promises has he broke? Close to all, already has he not? And no, even though I am a Republican, I never voted for Bush or approved of Bush Politics. But regardless of Obama & his borken promises, hopefully before we become a socialist Country, (any more than we have), more Americans will demand change one more time.
I appreciate Gov Sanford for standing up for what he believes in and not backing down.
Using the money to pay down the state;s debt, is that not making good use of the money, for the state, for the people of SC ? If it is wrong to the people of SC, let the people of SC decide this at the next election.
Why not let the free market make the needed changes? If the Government wants to take an active part, dig into the ones who stole from each of us and jail them, including those in Government that played a part in the breakdown.
Let Obama go line by line and put an end to Government waste. What Government Program running works as a business should?? Just tell me one. Look at the fraud in the Government programs that they themselves state each year. Why not try to reduce those numbers instead of getting involved in...

The majority of Americans that voted for change hoped for change, believed & needed change. In the short time Obama has been in office, how many campaign promises has he broke? Close to all, already has he not? And no, even though I am a Republican, I never voted for Bush or approved of Bush Politics. But regardless of Obama & his borken promises, hopefully before we become a socialist Country, (any more than we have), more Americans will demand change one more time.
I appreciate Gov Sanford for standing up for what he believes in and not backing down.
Using the money to pay down the state;s debt, is that not making good use of the money, for the state, for the people of SC ? If it is wrong to the people of SC, let the people of SC decide this at the next election.
Why not let the free market make the needed changes? If the Government wants to take an active part, dig into the ones who stole from each of us and jail them, including those in Government that played a part in the breakdown.
Let Obama go line by line and put an end to Government waste. What Government Program running works as a business should?? Just tell me one. Look at the fraud in the Government programs that they themselves state each year. Why not try to reduce those numbers instead of getting involved in even more programs to create more waste & money spent.
States need to begin taking more responsibility for theirselves and the people of each state.
The Country as a whole need to bring back their hands that are out for what ever they can get and begin to clean house and learn how to live again and appreciate all life has to offer.
Every day you hear of someone wanting more laws, more Government help, ect ect and yet no effort on the part of the one wanting to do for themself.
Government is here to protect the Country as a whole, not to step into our homes daily.
But that is my opinion...
Mark Sanford for Pres 2012?? If so he has my vote !!!
Yup, I am from SC and I think Gov Sanford has & is doing a great job.
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Ivo March 18, 2009 04:53:28

Well he has a point printing more money doesn't make us any richer. Would we get as bad as Zimbabwe probably not because we the people are smarter than that. People are losing jobs is because company taxes are so high, taxes in general are high. We the people of America pay how much in taxes? And where does everything go? and I don't want percentage, I want actual money figures. I don't make a lot of money and yet this past year I gave the government about $1,500 and my state alone about $500 and those are just my figures. Now imagine all the money in america? There's how many citizens, about 300 million? So tell me why are we in so much debt. Its probably the greed in capitol hill. Look at what AIG just did and wall street, they gave themselves how much of a raise, millions! Just think what capitol hill is doing with our money then! No wonder why were in the situation we are in.
+1 raves
wxmanwes March 16, 2009 03:30:48

Good Lord. Governor Sanford doesn't know what he is talking about. Zimbabwe is in the position that it is in because Zimbabwean dictator Robert Mugabe, who has ruled the country since independence from the United Kingdom in 1980, forcibly killed or evicted hundreds of white farmers---who knew how to farm and made Zimbabwe the breadbasket of southern Africa prior to 2000---and redistributed those farms to landless blacks to reverse the colonial footprint of the country, as he claims. In reality, those "landless blacks" were cronies of his political party and his regime, most of whom don't know how to run a farm and most farms are now growing weeds instead (a chronic drought didn't help much, either). Now, Zimbabwe has to import nearly all of its food as well as other commodities and the country is exporting little to nothing. Mugabe rigged the 2002 and 2008 presidential elections because he is addicted to power and has delegated jobs of his regime to people who don't have the slightest idea of how to do them. That's why the inflation rate is as high as was mentioned in the blog. Also, the country faces a 94% jobless rate, severe repression by Mugabe's regime, all dissent has been crushed, no freedoms to protest, chronic shortages of fuel and medicine, and a cholera outbre...

Good Lord. Governor Sanford doesn't know what he is talking about. Zimbabwe is in the position that it is in because Zimbabwean dictator Robert Mugabe, who has ruled the country since independence from the United Kingdom in 1980, forcibly killed or evicted hundreds of white farmers---who knew how to farm and made Zimbabwe the breadbasket of southern Africa prior to 2000---and redistributed those farms to landless blacks to reverse the colonial footprint of the country, as he claims. In reality, those "landless blacks" were cronies of his political party and his regime, most of whom don't know how to run a farm and most farms are now growing weeds instead (a chronic drought didn't help much, either). Now, Zimbabwe has to import nearly all of its food as well as other commodities and the country is exporting little to nothing. Mugabe rigged the 2002 and 2008 presidential elections because he is addicted to power and has delegated jobs of his regime to people who don't have the slightest idea of how to do them. That's why the inflation rate is as high as was mentioned in the blog. Also, the country faces a 94% jobless rate, severe repression by Mugabe's regime, all dissent has been crushed, no freedoms to protest, chronic shortages of fuel and medicine, and a cholera outbreak that has killed thousands. Yes, the American dollar is weak, but it isn't worthless like Zimbabwe's currency. Come on, Governor Sanford. Stop posturing yourself for a 2012 presidential bid.
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+1 raves
Diane March 14, 2009 21:39:40

What we've been experiencing is DEFLATION. Deflation sounds good, until you realize that, when there's deflation, existing debt becomes very expensive. Your mortgage is the same, but, the value of your house is much lower, and the dollar is strong and harder to come by, so your mortgage is now much more expensive. Anyone with any debt--credit card debt, student loan debt, etc.-- is having a hard time paying it off, because many people are unemployed or underemployed. In some cases employers are cutting pay or hours.

Japan was the only country relatively unaffected by the Great Depression because they intentionally devalued their currency, making their exports more attractive. Their industrial production doubled during the 1930's. Eventually the Japanese government reduced deficit spending to prevent the economy from overheating.
+2 raves
Brutus Maximus March 13, 2009 05:38:40

With all due respect to the Governor, it is my opinion that his rhetoric is full of hypocrisy, and partisan obstruction. Where was Governor Sanford's fiscal outrage when former President GW Bush via trade treaties, sold out American manufacturer's in favor of buying Chinese goods, so that, in a show of reciprocal "goodwill", the Chinese would lend us billions of dollars a month to fight a much regretted war in Iraq. Think about this... we were and still are, buying an incredible amount of merchandise from communist China. Communist China. Weren't these the bad guys not so long ago ? Have we forgotten how ruthlessly the communist Chinese government caused through the use of the military, untold numbers of "Freedom Fighters" to be massacred at Tienanmen Square ? We sold out the American worker in order to finance an ill advised war from a communist country that does not share American social and political ideology. For years, we as a nation overspent our budget in order to fight a war that yielded very little fruit. Where was the governor's fiscal skepticism as our country continued to borrow from the communists? In regard to the governor's analogy to Zimbabwe's current sky high inflation and how President Obama is handling our nation's current economic crisis, is Governo...

With all due respect to the Governor, it is my opinion that his rhetoric is full of hypocrisy, and partisan obstruction. Where was Governor Sanford's fiscal outrage when former President GW Bush via trade treaties, sold out American manufacturer's in favor of buying Chinese goods, so that, in a show of reciprocal "goodwill", the Chinese would lend us billions of dollars a month to fight a much regretted war in Iraq. Think about this... we were and still are, buying an incredible amount of merchandise from communist China. Communist China. Weren't these the bad guys not so long ago ? Have we forgotten how ruthlessly the communist Chinese government caused through the use of the military, untold numbers of "Freedom Fighters" to be massacred at Tienanmen Square ? We sold out the American worker in order to finance an ill advised war from a communist country that does not share American social and political ideology. For years, we as a nation overspent our budget in order to fight a war that yielded very little fruit. Where was the governor's fiscal skepticism as our country continued to borrow from the communists? In regard to the governor's analogy to Zimbabwe's current sky high inflation and how President Obama is handling our nation's current economic crisis, is Governor Mark Sanford inferring that President Barack Obama in his first 50 days as US President is, as inept in leadership as Zimbabwe's President Robert Mugabe ? Is the governor an American President hater ? If so, maybe he ought to remember that it was a majority of Americans that voted for change in government via the electing of Barack Obama as our 44th President. Heck, it appears that the South Carolina governor is already throwing his name in the proverbial "hat" as a Republican Presidential Nominee in 2012, and what better way to get "the party started" then by being an obstructionist to our country's current President and leader of the free world ?
(more)