Aug 11 1984
Not realizing that his weekly radio address is already on the air, President Ronald Reagan quips into his live microphone: “My fellow Americans, I’m pleased to tell you today that I’ve signed legislation that will outlaw Russia forever. We begin bombing in five minutes.”
And the world shit its collective pants…
We outspent the USSR with Reagan’s Star Wars program. They went broke first. We had to spend 30 years into the future making it happen. Creditworthiness matters, bitches.
The dollar is backed only by the “Full faith and credit” of the U.S. Government, no thanks to President Richard Nixon’s dumping the gold standard in 1971. The recent grandstanding in Congress reduced the world’s faith in the dollar. That is what Standard and Poors meant when they downgraded the US from AAA to AA+. The US isn’t as good an investment any more and it is likely to get worse.
Standard and Poor’s Global Credit Portal Research Update: United States of America Long-Term Rating Lowered To ‘AA+’ On Political Risks And Rising Debt Burden; Outlook Negative
“You know, Paul, Reagan proved deficits don’t matter. We won the midterms (congressional elections). This is our due.”
— Dick Cheney, then Vice President
Source: Adam Entous, Reuters, on AOL News Jan 11, 2004
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