EagleTribune.com, North Andover, MA

Opinion

February 4, 2013

Letter: With power to print money, no worries for Obama

To the editor:

I have always said that most of the countries of the world are nothing but different states of America. When the economy of the United States suffers then all other countries suffer directly or indirectly. It is because America is the largest economy of the world and is also the largest consumer country of the world.

So, for the sake of all other countries, it is necessary to improve America’s economy. When the economy of America goes down hill, it affects other countries. But it has the ability to revive the economy by artificial financing. This is the subject I want to discuss today.

Today, President Obama is boasting that he has revived the economy from recession, no matter how slow it may be. How has he done that ? He has printed trillions of dollars and distributed these to corporations, banks, mortgage companies.

He has also distributed free money to poor people, the middle class and others, He has also extended unemployment benefits to all Americans. So everybody has the money to spend and revive the economy.

On printed money, there is no obligation to pay back with interest! However, it can create inflation. But government can alleviate that problem by printing more paper money and giving everybody cost-of-living adjustments every year. So the American government does not have a money problem.

I hear America has borrowed some money from China. President Obama does not have to worry about paying interest on borrowed money or paying back the debt. because he has the ability to print money at will. China will never demand to get the borrowed money back because China is heavily dependent on America. Even though India is not directly dependent on America, its currency has gone down hill with respect to the dollar. It cannot print money because its economy is weak.

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