In a way, a huge sigh of relief was let out late Tuesday night. It really shouldn't matter your political leanings either, a balance was brought to the force. Unfortunately, "force" in this regard means government.
Massive gains for the republicans was a welcomed event primarily because government can now be kept in check. This same thing happened under Bush, wherein the republicans lost their supposed moral imperatives and went spending stark crazy and added such gems as the Patriot Act to our diminishing rights, or lack thereof. Still, after two years of Democratic control, the spending hit full-throttle and the Patriot Act lives on, unabated by either party.
By having the republicans in control of the house, and a near deadlock in the Senate, the debating will resume. Such luxury did not exist with ObamaCare, wherein it was entirely written without republican consent (not that they wanted it to begin, but they did put forth their own 219 page version, vehemently rejected for the +2000 page monster passed into law).
But what actually changes here today? The ominous truth is nothing. This country is still bankrupt, and I mean that in every sense of the word. I have to concede to some point that the only thing propping this ailing country up is the bailouts. Tax cuts will short the government coffers, thus propelling more bailouts, and "austerity" will cause more layoffs as funding gets cut, as will tax increases.
The day after election Ben Bernanke announces billions more dollars to be printed from thin air, and today commodites sky-rocketed -- silver rose over $26 an ounce, and gold is within touching $1400. Oil shot up a few more dollars a barrel, so expect your local prices to raise yet again. No fiat currency survives, and the dollar is no exception. Except, it is... as the world reserve currency, the slow demise of the dollar will effect everyone, especially countries such as China which have their currency pegged to the dollar and have $850 billion in Treasure Notes in their vaults. A foolish policy to cling to. Wars have been provoked for lesser reasons, maybe they'll take it out on Taiwan.
If Ron Paul has his way, he will push to audit the Federal Reserve. Insofar as this would be a good thing (wouldn't you like to know what is going on with your money?), I fear the outcome. Supposedly, there is $2.3 trillion in currency in circulation on the balance sheets, up from $908 billion in Q3 2008. (That was "Quantitative Easing 1.0.) But, what if there is more than that? How much faith will the world have in our currency if there is substantially more dollars floating around out there? It would tank overnight, lose value like whatever scary metaphor I can't come up with.
The best that can happen is austerity measures, massive layoffs, and slow growth for a decade. The worst is a complete collapse of our currency. When the money is worthless, the goods will cease. If they don't have a new currency ready to take place of the dollar, it'll get ugly quickly.
It is a sad note to state that I am done with both political parties. It is a shame that I cannot consciously vote with either party because neither imbues my apparent "old fashioned" senses of morality and principle. Henceforth, my vote will be cast for the person that best represents my ideals, even if it is a "wasted" vote. I support character, not played out positions of a party that left me years ago.
Having said that, I still have hope that Rand Paul, Ron Paul's protegy, can come up with something to save something of the USA. He's already made some genuine plans to mitigate our looming plight. I appreciate his efforts and those that will work with him. Yet, I still sense danger on the horizon...