by Larry Edelson
Gold's proven ability to bust cleanly through the $1,035 level — and now the $1,050 level — confirms what I've been saying all along:
A coordinated international effort to replace the U.S. dollar as the world's dominant reserve currency is now well under way ... and gathering steam.
Consider the gathering forces that are now converging and pummeling the U.S. dollar in international markets ...
The G-20 countries, now largely in control of the world's economic caretaking, are turning the U.S. into just one of many countries setting the rules for our future.
Behind closed doors, Arab Gulf States are seriously considering replacing the dollar for pricing oil.
The U.N. Commission of Experts on International Financial Reports is now recommending that the world ditch the dollar as its reserve currency and replace it with a basket of currencies.
China's central bank governor Zhou Xiaochuan is calling for a new global reserve currency run by the International Monetary Fund (IMF).
A host of leading and Nobel prize-winning economists — such as Robert Mundell, Joseph Stiglitz, George Soros and fund manager Jimmy Rogers — are making similar arguments and doing so with growing influence.
Make no mistake about it — the world's monetary system is on the verge of dramatically changing. And the chief reason behind it all is ...
Washington's Tower of Debts
The total amount of U.S. government debts and obligations is far greater than what most people realize.
Uncle Sam is saddled with ...
An officially recognized national debt of $11.8 trillion, which will likely exceed $12 trillion sometime this month.
Unfunded national obligations of $104 trillion!
Another $9 trillion in cumulative deficits over the next ten years.
Plus another trillion dollars for health care reform, no matter what bill finally makes it through Congress.
Grand total: $125.8 TRILLION of public debts!
All told, that means that each and every household in America is now indirectly responsible for more than 1 MILLION DOLLARS in government debts and obligations. And that assumes no new government spending, no new social programs, no new wars, no new economic disasters or bailouts. Worse, it assumes no new deficits in the meantime!
Put another way, even if the government could somehow pay off that debt at the rate of $100 million PER DAY, it would take 3,446 years before the total government debts and obligations are paid off.
Even if Washington were to pay off $1 billion per day, it would still take nearly 345 years to pay off those debts!
Patently unsustainable debts? Yes! Patently unpayable? You bet it is!
Of course, Washington will never default outright on its obligations. But it doesn't have to. By devaluing the dollar, Washington can effectively pay off its debts with a cheaper currency.
This is why the dollar is falling ... and why savvy investors all over the world are beginning to lose confidence in Washington and our currency ... and why it's all leading to a massive renewed bull market in natural resources, especially gold.
Make no mistake about it: By doing nothing, your finances become a victim of a falling dollar — a currency whose purchasing power has already lost more than 36 percent of its value in the last decade ... will lose a lot more purchasing power in the months ahead ... and eventually lose its status as the world's reserve currency, ultimately replaced by a new world currency.
Bottom line:
If you're appalled as our government's deficits explode — up a staggering 770 percent since 2007 alone — and outraged that our leaders are still finding ways to spend even more ...
If you're horrified that Washington has more than doubled the national debt to nearly $12 trillion since 2000 — and sickened by the likelihood that the Obama administration will double it again ...
If you're terrified that the $104 TRILLION our government now owes us through Social Security, Medicare, Medicaid and veterans benefits programs can NEVER be paid ...
If you're losing sleep over how this great debt default will impact your savings, investments and retirement ...
Moving to china and join with Jim Rogers
Gold's proven ability to bust cleanly through the $1,035 level — and now the $1,050 level — confirms what I've been saying all along:
A coordinated international effort to replace the U.S. dollar as the world's dominant reserve currency is now well under way ... and gathering steam.
Consider the gathering forces that are now converging and pummeling the U.S. dollar in international markets ...
The G-20 countries, now largely in control of the world's economic caretaking, are turning the U.S. into just one of many countries setting the rules for our future.
Behind closed doors, Arab Gulf States are seriously considering replacing the dollar for pricing oil.
The U.N. Commission of Experts on International Financial Reports is now recommending that the world ditch the dollar as its reserve currency and replace it with a basket of currencies.
China's central bank governor Zhou Xiaochuan is calling for a new global reserve currency run by the International Monetary Fund (IMF).
A host of leading and Nobel prize-winning economists — such as Robert Mundell, Joseph Stiglitz, George Soros and fund manager Jimmy Rogers — are making similar arguments and doing so with growing influence.
Make no mistake about it — the world's monetary system is on the verge of dramatically changing. And the chief reason behind it all is ...
Washington's Tower of Debts
The total amount of U.S. government debts and obligations is far greater than what most people realize.
Uncle Sam is saddled with ...
An officially recognized national debt of $11.8 trillion, which will likely exceed $12 trillion sometime this month.
Unfunded national obligations of $104 trillion!
Another $9 trillion in cumulative deficits over the next ten years.
Plus another trillion dollars for health care reform, no matter what bill finally makes it through Congress.
Grand total: $125.8 TRILLION of public debts!
All told, that means that each and every household in America is now indirectly responsible for more than 1 MILLION DOLLARS in government debts and obligations. And that assumes no new government spending, no new social programs, no new wars, no new economic disasters or bailouts. Worse, it assumes no new deficits in the meantime!
Put another way, even if the government could somehow pay off that debt at the rate of $100 million PER DAY, it would take 3,446 years before the total government debts and obligations are paid off.
Even if Washington were to pay off $1 billion per day, it would still take nearly 345 years to pay off those debts!
Patently unsustainable debts? Yes! Patently unpayable? You bet it is!
Of course, Washington will never default outright on its obligations. But it doesn't have to. By devaluing the dollar, Washington can effectively pay off its debts with a cheaper currency.
This is why the dollar is falling ... and why savvy investors all over the world are beginning to lose confidence in Washington and our currency ... and why it's all leading to a massive renewed bull market in natural resources, especially gold.
Make no mistake about it: By doing nothing, your finances become a victim of a falling dollar — a currency whose purchasing power has already lost more than 36 percent of its value in the last decade ... will lose a lot more purchasing power in the months ahead ... and eventually lose its status as the world's reserve currency, ultimately replaced by a new world currency.
Bottom line:
If you're appalled as our government's deficits explode — up a staggering 770 percent since 2007 alone — and outraged that our leaders are still finding ways to spend even more ...
If you're horrified that Washington has more than doubled the national debt to nearly $12 trillion since 2000 — and sickened by the likelihood that the Obama administration will double it again ...
If you're terrified that the $104 TRILLION our government now owes us through Social Security, Medicare, Medicaid and veterans benefits programs can NEVER be paid ...
If you're losing sleep over how this great debt default will impact your savings, investments and retirement ...
Moving to china and join with Jim Rogers
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