Who Needs Taxes when you have Ben?

Some interesting news coming out of Washington.  Obama will be extending the Bush tax cuts for 2 more years, along with some other goodies.  Let's add up the effects.
1) Bush tax cut extension ~ $900 Billion - $1 Trillion over 2 years
2) Payroll tax cut ~ $120 Billion over 1 year
3) Unemployment Benefit extension ~ $75 Billion over 13 months
4) Estate tax rate reduction ~ ?
5) Equipment Purchase Deduction ~ $30 Billion
6) Various other tax breaks ~ ?

Of course there will be no spending cuts to pay for the tax cuts.   This Obama deal is a budget buster and guess who pays the deficit?  Banana Ben.  He is paying for this deficit with freshly minted dollars straight out of the Fed.  This is a classic money printing financed tax cut equivalent to a helicopter drop of money.  Milton Friedman would roll over in his grave.

This is pure dollar debasement.  Look for continued trend of dollar weakness.  In the long run, this is going to take commodity prices through the roof.  We are back on the course of 2007-2008.