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The Stimulus Plan Is Starting to Stink

The deriding of Obama's stimulus plan and dire predictions about the economic future of the US dollar assume that the world will give Obama the same level of respect that was given to George Bush. Manifestly, that is not the case. Obama's approval ratings before the election were higher abroad than at home. So he has a strong start. We can maintain the dollar as a universally accepted currency if we properly manage the US economy going forward. Adopting bottom up spending for the newly created money in the stimulus plan coming from monetization of the the debt will be the lynch pin to his success. And ending the Bush/Paulson subsidies to well connected business' that should fail is essential. In addition, demonstrating to the world that the US operates under the rule of law, the most abject failure of the Bush administration, and is making sound investments in our future, another element of the stimulus plan, will keep the dollar riding high and the economy of the whole world on an upward trajectory.