Everyone knows how much in debt we are to foreign countries, particularly China. Yet, we continue to print money and go further in debt when another country buys our debt. How do you stop this and the sorry trade deficit where we continue to import more and more while exporting less and less. Our dollar is be driven down to a very unhealthy price -- one that other countries may not want to own. It will only be a matter of time, shortly unfortunately, that China will not only stop buying our debt, but dump its dollar reserves completely. Many foreign countries have already been stockpiling Euros and other currencies in anticipation of this. How to we recover our dollar?
Here's an idea: Since it will take 10-15 years to build a nuclear plant (some are already started and were abandoned 30 years ago thanks to our leaders), oil must be drilled. We have promising volumes of oil off shore. Now, consider this. We start getting that oil up in the next 3-7 years (yes, we already have some derricks built off California) and start using it, we immediately reduce our dependency on foreign oil. This would shrink the trade deficit in a more positive direction and strengthen the dollar while ensuring America's credit rating in the world markets which will pul in more foreign investors. America would grow rapidly again. Jobless numbers would disappear. Drill more oil than needed or export some and we grow even more and more.
Hello Congress and Obama. Is anybody listening out there? We must get the oil our of the ground and give America the recovery needed to allow full exploitation of nuclear and renewable energy dreams. What are we waiting for! Stop the politics and do something that should have started/continued 30 years ago!
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