Next Major Leg DOWN for Dollar;
UP for Resources
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 ...
It's
time to take action now!
First, if you missed any part of my
seminar Washington's Secret War on the Dollar,
turn up your computer speakers and
click this link. The video is free — our service to
help you survive.
And second, after you've watched
Washington's Secret War on the Dollar,
click this link to read my report with even more ways
to protect yourself and profit.
IMPORTANT WARNING:
The video goes offline this coming week. Plus, at the same
time, your opportunity to save $130 by joining me now —
during our deeply discounted Introductory period — will
also end.
Best
wishes,
Larry |
