- - Sunday, June 29, 2014


In 1974, as America was losing Vietnam and descending into economic chaos, Richard Milhous Nixon did one great thing — he resigned rather than subject the nation to the living nightmare of the impeachment pending in the House of Representatives, followed by a trial in the Senate.

For Iran, Benghazi and the ongoing, raging conflicts that Team Obama peremptorily sparked across the Middle East; for the targeting of political opponents using federal government resources; and for enriching undeserving cronies using taxpayer dollars, President Barack Hussein Obama and his enablers should go quietly into the night and soon. But they have chosen to fight, perhaps even harder than before.

In face of mounting evidence of egregious wrongdoing, Team Obama’s defiant stance dooms any remaining chance to spark a robust economic rebound. We will not be able to break the political logjam in compromises — while partisan, unilateral initiatives will fail under judicial review and over growing outcry.

Most radioactive scandal of all

Training the vast resources of our Internal Revenue Service against enemies, while rewarding friends is unquestionably a “High Crime and Misdemeanor.” Evidence of wrongdoing already abounds, more will surely surface, so calls for a real investigation are finally non-partisan and rising in volume.

Mr. Obama’s fight against the disturbing reality his team used the Internal Revenue Service to create removes the last thread on which his credibly rests — he is now sure to be mired in political firestorms for as long as he clings to power

Elections secured under false pretenses do have consequences and they certainly do not give winners license to invent their own rules. In November 2012, we apparently re-elected a man who believes he can rule following the divine right of his own insight, whether anchored in reality, or in dangerous fantasy.

Judging Mr. Obama’s actions since 2008, he long ago forgot what he once taught concerning the Constitution of the United States — it is not a suggestion box, it is the law of the land which he, especially, must follow.

With so many scandals swirling, most miss the larger picture — America actually re-elected a president in 2012 whose campaign was erected on two bold-faced lies.

By Election Day 2012, al Qaeda (and adherents of radical Islamist tenets advancing the overthrow of Western civilization) were not “decimated” by Mr. Obama’s “phony” War on Whatever. Nor was General Motors’ “phony” turnaround proof positive that Team Obama’s interference with the American private sector actually worked.

Reading “Blood Feud,” Ed Klein’s gripping sequel to “The Amateur,” we see further evidence that Mr. Obama leads a “Team of Liars,” in close coordination with Valerie Jarrett, a person who has never been vetted, yet wields unusual power in our executive branch and over the American economy.

Prepare now for the crash of 2014

Hobbled at home while surrendering abroad, America now stands to lose what most believe is an indispensable privilege — the right to turn paper and electronic journal entries into currency that is accepted widely outside our own borders. When this happens, we will experience a collapse far worse than the Great Depression of 1929 through 1933.

We now approach another epic debacle, one whose consequences will prove devastating for unprepared investors holding U.S. dollar denominated assets, such as homes, stocks and bonds. The values of these assets are set to decline far from recent peak levels, and there is seemingly nothing the American people can do to avert coming catastrophe.

Inside America, inflation is rising, after tax incomes are falling, job security is a distant memory in the private sector, while government spending and borrowing spiral far outside effective control.

There is one way to mitigate the coming damage: Mr. Obama and his team have an exit door — they should use it.

Charles Ortel serves as managing director of Newport Value Partners (NewportValue.com), which provides economic research to executives and to investment firms.

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