Welcome to the 1930s

At A Tangled Web, David Vance says the 1930s are happening again, thanks to a toxic mix of  "economic luddism and political incompetence":

The dollar is heading south, the deficit is heading north and Obamanomics are proving as ineffective as those [pursued] in the 1930's by FDR.

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As Sarah Palin points out the dollar decline is directly linked to rising US indebtedness and dependence on foreign oil. “We can see the effect of this in the price of gold, which hit a record high today in response to fears about the weakened dollar,”

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The neo-Keynesians are wreaking havoc and proving that they have learned none of the lessons of history. You just cannot spend your way out of a spending induced recession and yet Geithner and the gang imagine otherwise.

Indeed. As Vance points out, Both Hoover and FDR failed to get it right 75 years ago, and millions of Americans got stuck with the bill. 

"The Wizard of Oz" made it's screen debut in 1939, and we are most certainly not in Kansas anymore, TOTUS. But on a more serious note, the 1930s was a decade that saw the rise of fascism overseas, complete with massive military buildups by Germany and Japan. Despite those foreboding events, the prevailing desire for neutrality in the U.S. made it a sleeping giant which would only be awakened by Admiral Isoroku Yamamoto's daring attack on Pearl harbor which crippled the American Pacific Fleet.

- JP