It used to be that when the going got tough for the USA, Americans would come together to fix their problems, whatever they were. In the face of whatever ailed us - war, inflation, joblessness, hunger, recession, depression - Americans would roll up their sleeves and take a positive, confident, "we can do it" attitude. And we always could and would.
President John F. Kennedy, the son of a wealthy American family, didn't view his wealth as something that separated him from the welfare of his fellow countrymen. He served in the military during World War II and almost lost his life for his country. He served as President of the United States and did lose his life. President Kennedy summed up his philosophy, and the philosophy of most Americans at that time when he said, "Ask not what your country can do for you, but what you can do for your country." This patriotic belief in doing what's best for your country, has taken a back seat these days, it seems, to the greedy self-interest of some wealthy Americans. I was disappointed to read recently in The Washington Post ("The dollar no longer almighty," 4/22/11) that multimillionaires and billionaires like Warren Buffet (Berkshire Hathaway) have been "shopping" in other countries, such as South Korea and Japan, opening factories, and predicting that the US dollar will fall, and ultimately, fail.
While it's certainly true that the USA's economic and budget deficit problems have weakened the US dollar, I believe that the right-minded and patriotic response of an American who has made his or her fortune here should be to bet on the USA, not against it. An American businessman should be energizing this country's economy by buying businesses and opening factories in the US, and creating much-needed jobs here, thereby strengthening the economy and the US dollar. In theory, this is what all that money the wealthy saved from their tax cuts was supposed to do, wasn't it?
Instead, Buffet and other super rich Americans, such as Bill Gross (Pimco), are betting against their country. They are investing their wealth in wholesale foreign businesses, then instilling fear in their investors and the American stock market by predicting the fall of the dollar, and hoping their predictions will become a self-fulfilling prophecy. If and when the dollar does fail, their foreign investments should pay off, and they will make even more money. In other words, Red Riding Hood makes money off the Three Little Pigs, bets that the Big Bad Wolf will eat the pigs, repeatedly cries "Wolf!" until the pigs get scared, the Wolf eats them, and Red's bet pays off. Yes, this is probably oversimplified, but you get the picture - a pretty nifty scam, and perfectly legal. To be sure, not all American wealthy businessmen are doing this. For example, Terry McAuliffe, who I wrote about a couple of blogs ago ("Greentech Automotive"), has purchased a Chinese car company and moved it to the US, opening a factory in Mississippi. He is also in the early stages of starting a different business in Virginia. McAuliffe is betting on America, and creating US jobs. Hopefully, there are other successful American business patriots out there who will follow McAuliffe's business model, and bet on the USA.
God bless, Happy Passover, and Happy Easter! *****************************************
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