While running for President, Barack Obama accused China of manipulating currency. Talk about the pot calling the kettle black.
The US is the biggest currency manipulator in the world. Why ? The dollar is the world's reserve currency.
Now that he's President, Obama continues to accuse China of manipulating currency. This isn't smart and may lead to trade sanctions and trade wars. if trade wars break out, we'll all lose - through job losses, higher prices, and, ultimately, higher taxes.
Recently, Moody's threatened to downgrade US bonds from AAA. That means the US is becoming less credit worthy. Being downgraded is like taking a hit to your FICO score. If you have a poor FICO rating, you pay more for your debt.
Regardless of what names any country calls the other, the hard reality is that we're all in for a rough road ahead. Our leaders have led the world into a tight spot, and it's people like you and me who pay the price for their incompetence.
This is why your financial education is even more important. If our leaders are incompetent, it means that you and I must become more competent.
