After losing $2.8 billion last year, the agency is expecting a much bigger loss in 2009. Postmaster General, John Potter, said, “Without a change, we will exhaust our cash resources…We can no longer afford business as usual.”

The USPS has begun a number of cost cutting measures and has even proposed delivery cutbacks, as well as closing a number of small, rural offices. However, Congress has not been receptive to the latter proposals.

Read the article here.

House Democrats are fighting hard to trim Obama’s unprecedented $3.55 trillion budget proposal. They’ve pared it down to $3.45 trillion, a whopping 3% cut. What a joke!

The Republicans, though significantly outnumbered, will likely propose greater budget cuts. However, where were they when President Bush doubled the size of the national debt?

Try cutting the budget by 67% and passing a balanced budget. Yes, there will be severe, short term pain, but we Americans are tough people. We’ll get through it, and we’ll rebound a whole lot quicker.

As it stands now, the federal budget is an absolute disgrace.

Read the article here.

Yesterday, in an EU meeting, President and Czech Prime Minister Mirek Topolane protested President Obama’s call for worldwide stimulus as “a way to hell”. According to PM Topolane, the biggest success of the EU summit was to not follow the U.S. in providing additional stimulus:

“We need to read the history books and the lessons of history and the biggest success of the (EU) is the refusal to go this way…”

The chips are stacking higher and higher against our current administration’s monetary policy with calls to drop the dollar as the main worldwide reserve currency, strong condemnation from many of our neighbors, and Americans demanding a restoration of constitutional principles in the growing tea party movement.

Read the Full Article Here

Daniel Hannan - “You are the devalued Prime Minister of a devalued government”

Congresswoman Bachmann tells Geitner and Bernanke to visit the Constitution and renounce global currencies. Barney Frank let’s Mrs. Bachmann know that after time is called, the manipulators of our economy don’t need to answer our representatives questions.

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Yesterday, President Obama claimed that the dollar is “extraordinarily strong” because investors are confident in our ability to lead a worldwide, economic recovery. He also rejected international calls for a new, global reserve currency. Fair enough, but what do the facts say?

In 2002, the US Dollar Index hit 120. Today, it’s at 84, amounting to a 30% drop in purchasing power. Since 1973, the US Dollar Index has crested in the mid-160s. Compared to this peak, the dollar has plummeted 49% in value.

Also, if the Dollar was truly “extraordinarily strong”, then why are China, Russia, the UN, and the IMF initiating fresh discussion on the creation of a new, international reserve currency in the future?

The hard data clearly indicates that the dollar is not “extraordinarily strong” and the international community is growing more concerned over its weakness.

Mr. President, please tell us the truth. Our currency is hurting, and Americans continue to lose purchasing power. If you really want to instill a sense of hope and optimism in the American people, change US fiscal and monetary policy. Otherwise, yours are just empty words.

Read the article here.