{"id":34591,"date":"2010-02-05T01:01:01","date_gmt":"2011-05-19T01:25:11","guid":{"rendered":""},"modified":"2011-05-19T01:25:11","modified_gmt":"2011-05-19T01:25:11","slug":"the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/","title":{"rendered":"The Euro\u2019s Disaster Could Happen Here Thanks to Obama\u2019s Deficits"},"content":{"rendered":"
\n

RUSH: Here\u2019s what\u2019s happened in Europe. The European Union has put Athens, Greece, on an unprecedented short leash demanding deep fiscal adjustments and regular reports on the progress in slashing Greece\u2019s deficit to below 3% in 2012. Now, imagine if the ChiComs did that to us? Imagine if the ChiComs demanded that we go on an austerity program like the EU is demanding of Greece. That could be what\u2019s spooking the US market, even the world. We drive the world\u2019s economy, but we have lost control of our economic destiny, folks. Our economic destiny is no longer ours, individually — and there\u2019s Obama, predictable, speaking again about how he saved the nation from depression. Today\u2019s news suggests we\u2019re climbing out of the hole we found ourselves in, he said. No, I wish it were true, folks. I wish it was true. But it isn\u2019t. <\/p>\n

Greece\u2019s deficit, by the way, is 12.7% of GDP. That\u2019s what the European Union has found to be unacceptable. Greece has now pledged to reduce its deficit by four percentage points to 8.7% of gross domestic product in \u201910 and thereafter to 5.6% and then 2.8% and 2% down in 2013. Last year 12.7% was their fiscal deficit. Obama\u2019s budget proposal, $1.6 trillion in the red in 2010, a deficit equal to 10.6% of GDP, and they\u2019re demanding that Greece get down to 8% of GDP. If the ChiComs decided to do this to us? This is all predictable, this is all predictable. Proposed new small business tax credit, we\u2019ve pulled the country out of depression, saved it from depression, climbing out of the hole we find ourselves in; climbing out of the hole that we inherited. This is leadership from the young man-child somehow elected president of the United States. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Now, we spent a lot of time on Europe yesterday and explaining why what\u2019s happening over there could be having an effect on our stock market, and of course the problem that\u2019s happening now is that — I mentioned this yesterday — that the euro may actually collapse. These are states, equivalent to our states. Greece is like a state in the European Union and they can\u2019t print their own money. New Jersey can\u2019t print its own money. The four countries that are really providing problems are Portugal, Italy, Greece, and Spain. They have huge deficits and no monetary policy, no national monetary policy that they can monkey with and manipulate. A lot of people are fearful that they can\u2019t resolve the problems within the confines of the euro because they don\u2019t know that the EU can bail \u2019em out. The EU is not working. It\u2019s a grandiose idea trying to mimic us but of course we are the product of ideas, and they\u2019re not. <\/p>\n

Now, Mike Munger thinks it\u2019s possible we\u2019re looking at the end of the euro as we know it, as one or more of these countries may have to — normally, folks, I wouldn\u2019t bother you with all this, but it has an effect, it\u2019s having an effect on the stock market here. And a lot of these countries are socialist countries — and hang on for the piece de resistance — now, Munger says that ‘It is not impossible that we are looking at the end of the euro as we know it, as one or more of these countries may have to drop out and inflate a new national currency to get out from under their fiscal situation,\u2019 and he says this is 37% probability. He\u2019s run the numbers. And the situation is getting worse rather than better because as the EU has demanded that Greece lower its deficit as a percentage of GDP, the announced austerity programs are causing rioting, ‘striking and Portuguese legislators appear to be thinking about increasing spending and raising rather than lowering their deficit. The Spanish stock market fell 6% yesterday, Portugal\u2019s 5% and Greece\u2019s 3.5 %.\u2019<\/p>\n

And from the Los Angeles Times: ‘Protests in Greece Over New Austerity Measures — Reporting from Athens — Tax and customs inspectors took to the streets of Greece on Thursday at the head of an expected wave of new labor unrest as the country tries to claw its way out of a debt crisis that threatens to engulf much of Europe. The walkout was the first of several planned protests over the government\u2019s new austerity plan intended to restore confidence in its finances.\u2019 But you have all these dependent people, and they hear an austerity program, and, ‘Oh, I\u2019m not going to get my government goodies!\u2019 ‘More labor unrest is expected as the government drafts a plan to trim the budget and raise levies –‘ taxes, that\u2019s a new word, by the way, to replace tax. ‘– raise levies to cut the deficit, which has passed 12%.\u2019 So, same thing could happen here. I want you to put yourself in the future and imagine the ChiComs demanding that we do the same thing the EU is demanding of Greece. Your debt as a percentage GDP, \u2019cause we own it, ChiComs say, is way too high. We need you to get that debt down to 8% instead of the 10.6% that it is. <\/p>\n

Well, the only way to do that would be to really cut spending and lower taxes to create jobs and economic output. Is Obama going to do any of that? If he did, can you imagine the howls of protest from at least the 36% of the people in this country that Gallup found like socialism? Riots? Strikes? Same thing could happen here. The situation is not that much different. We can inflate our currency all we want, we can continue to print it, but in the end it only makes it much worse. And right now what Obama and the Democrats are looking at, if you take a look at their budget and everything else, they\u2019re looking at getting outta town before we have to make the deal with the devil. They\u2019re looking at getting out of town before the excrement hits the fan. That\u2019s their plan. Wreck the country and then flee. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Back to the phones, Boca Raton, this is Jim. By the way, I just got a fax, or an e-mail. Jim, I\u2019m told there are three conservatives in Boca Raton.<\/line> <\/line>CALLER: (laughing) Well, I happen to be one of them, Rush. Not all the folks down here are socialists or liberals. And I want to bring up a point that has not been discussed on the air and get some advice from you on it. As a matter of fact, you\u2019re the only person that mentioned it. I am going to say two words, Rush Limbaugh: China card. In other words, what I\u2019m talking about is, because the United States is dependent on what will be the second largest economic power by the end of the year — taking that spot from Japan — they have started to flex their muscles as far as the control over the United States and how we do business, vis-a-vis the severe consequences of Obama meeting with the Dalai Lama, the arms sales to Taiwan, and the refusal to devaluate their currency — also to threaten severe consequences, as well as to flex their muscles at all these areas. They are going to pull the plug on loans, and then where will we be?<\/line> <\/line>RUSH: Well, not as bad as if they called \u2019em.<\/line> <\/line>CALLER: Right.<\/line> <\/line>RUSH: I want to ask you something. I\u2019ve got a story from the Washington Times, I didn\u2019t get into it in a lot of detail, just pulled one quote from it, but here it is. It\u2019s by David Dickson. ‘China has acknowledged that its export-driven economy took a beating in 2008 and 2009, but Western analysts, most of whom are suspicious of Beijing\u2019s willingness to concede downturns, think China may have already slipped into a recession.\u2019 And that they\u2019re hiding it with phony, trumped-up numbers that show rabid economic growth. And more and more people are beginning to think that the ChiComs are manipulating their economic statistics just like the Obama administration is. Now, how do you explain? When you say that the ChiComs are going to play the card, how is that going to manifest itself?<\/line> <\/line>CALLER: Well, you can see the move toward socialism right now as far as the government is concerned, and I really am feeling more and more like they are going to have more of an influence economically, as far as these loans are concerned. They\u2019re supporting a lot of financing of this thing we\u2019re going through right now, and if they pull the plug on that&hellip; If they seem to be our major source of funds in order to even float this thing during this crazy time.<\/line> <\/line>RUSH: Well, it could be. I know that they have — at least there have been reports that the ChiComs have told Obama they\u2019re very, very worried about all of this debt and all of this borrowing, and Obama is going to turn that around and say we gotta raise taxes, and I think that\u2019s&hellip; His trip over to China was a dud. By all measures and all reports, it was a dud. Yeah, and this ChiCom thing it\u2019s got everybody on edge, a little unease out there, because if they called the debt, or if they did what the EU was doing to Greece and demanded that we get our debt down below to 10% of GDP, whew! (interruption) Well, they\u2019re kind of interlinked with us. I mean it might hurt their economy because they\u2019re export driven. We consumers here have to have money to buy their stuff. And not only us, but around the world, too. Anyway, Jim, thanks much for the call. I appreciate it.<\/line><\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Here\u2019s what\u2019s happened in Europe. The European Union has put Athens, Greece, on an unprecedented short leash demanding deep fiscal adjustments and regular reports on the progress in slashing Greece\u2019s deficit to below 3% in 2012. Now, imagine if the ChiComs did that to us? Imagine if the ChiComs demanded that we go on […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\nThe Euro's Disaster Could Happen Here Thanks to Obama's Deficits - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"The Euro's Disaster Could Happen Here Thanks to Obama's Deficits - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Here\u2019s what\u2019s happened in Europe. The European Union has put Athens, Greece, on an unprecedented short leash demanding deep fiscal adjustments and regular reports on the progress in slashing Greece\u2019s deficit to below 3% in 2012. Now, imagine if the ChiComs did that to us? Imagine if the ChiComs demanded that we go on […]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125111.Par.89380.ImageFile.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/#website\",\"url\":\"https:\/\/www.rushlimbaugh.com\/\",\"name\":\"The Rush Limbaugh Show\",\"description\":\"Excellence In Broadcasting\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rushlimbaugh.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125111.Par.89380.ImageFile.jpg\",\"contentUrl\":\"https:\/\/live-rush-limbaugh.pantheonsite.io\/wp-content\/uploads\/01125111.Par.89380.ImageFile.jpg\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/#webpage\",\"url\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/\",\"name\":\"The Euro's Disaster Could Happen Here Thanks to Obama's Deficits - The Rush Limbaugh Show\",\"isPartOf\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/#primaryimage\"},\"datePublished\":\"2011-05-19T01:25:11+00:00\",\"dateModified\":\"2011-05-19T01:25:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/admin.rushlimbaugh.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Euro\\u2019s Disaster Could Happen Here Thanks to Obama\\u2019s Deficits\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/#\/schema\/person\/911066e449df26406b107ca78cbbde0b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.rushlimbaugh.com\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f18195e0073013fa0e16b040686c2924?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.rushlimbaugh.com\/daily\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Euro's Disaster Could Happen Here Thanks to Obama's Deficits - The Rush Limbaugh Show","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rushlimbaugh.com\/daily\/2010\/02\/05\/the_euro_s_disaster_could_happen_here_thanks_to_obama_s_deficits\/","twitter_card":"summary","twitter_title":"The Euro's Disaster Could Happen Here Thanks to Obama's Deficits - The Rush Limbaugh Show","twitter_description":"RUSH: Here\u2019s what\u2019s happened in Europe. 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