Evidence continues to mount that precious metals are on the rise as an alternative global currency. The elevation of gold and silver as real money is now being acknowledged, if begrudgingly, by the highest levels of the financial establishment – both here and abroad.
I bring this up less to not to toot the horn of Independent Living‘s editorial team (although they deserve major credit for charting such a true course years ago). Rather, I want to reassure you that trading in your paper wealth for some measure of hard assets is becoming less and less a “fringy” move.
Look, we all care about our country – which can make it emotionally difficult to shy away from what we were raised to believe was “King Dollar.”
Diversifying Out of the Doomed Dollar Can
Be an Emotional, Difficult Decision
Choosing to walk away from the dollar is a big step for many, I know. Ten years ago, I sometimes rolled my eyes when someone talked about the evils of central banking.
But as I delved deeper and deeper into the country’s true financial condition and the devastating impact of indiscriminate money printing, it was clear that our nation was on a path to bankruptcy and financial ruin.
Today, the horrible truth that the dollar’s fundamentals are disastrous is dawning on more and more people. And as that realization continues to spread, the chances of a currency crisis increase dramatically. When the crisis fully manifests itself, I want my cherished subscribers to be ready. It is that simple.
Obama’s Domestic Baby Talk Angers U.S. Creditors
So yes, we can all learn something from the astonishing rhetorical blow-back that Barack Obama and Ben Bernanke have encountered since the Federal Reserve announced its latest money-printing binge (a.k.a. Quantitative Easing 2) just 11 days ago. It’s as though leaders both at home and abroad have been readers of Independent Living for years!
Obama has been attempting to use his domestic political baby-talk before a global audience, but he has been practically laughed off the world stage. American voters might be slow on the uptake, but foreign holders of U.S. dollars are now wide awake. The international blow-up hit a high-point when Obama tried to sell QE2 during a press conference in New Delhi, India: “The Fed’s mandate, my mandate, is to grow our economy… and that’s not just good for the United States, that’s good for the world as a whole.“
One top-level global official who sounded like he was quoting from the pages of Independent Living is German Finance Minister Wolfgang Schaeuble, who told Der Spiegel magazine: “It’s not right when the Americans accuse China of manipulating exchange rates and then push the dollar exchange rate
lower by turning on the printing presses ,” he declared, adding that this policy move was “clueless.”
World Bank President Robert Zoellick is hardly a fringe voice in the financial world. Zoellick worked at Treasury for James Baker III and was George W. Bush’s deputy secretary of state. He declared in the Financial Times what we at Independent Living have been telling you for some time: “Market’s are using gold as an alternative monetary asset today.” (The next day, Zeollick backed off his statement somewhat after facing behind-the-scenes recriminations from the financial establishment.)
More and More Experts Are Starting
to Say “Thumbs-Down” on the Dollar
JPMorgan Chase has just said that the dollar is probably going to fall below 75 yen next year as it becomes the “world’s weakest currency.”
Brazil’s finance minister, Guido Mantega, said the Fed’s planned creation of $600 billion (QE2) amounted to the first shot in a global currency war. Nobel prize winning currency expert Robert Mundell recently warned that global currencies are the most unstable they have been in 3,000 years.
And this rising recognition of the dollar’s precarious position is evident in the actions of other countries. For example, Turkey’s Prime Minister Recep Tayyip recently announced that Turkey and China would from now on trade in their own currencies, effectively excluding the U.S. dollar.
The “Maestro” Now Admits Gold Will Rise, and for Good Reason
Even former Federal Reserve Chairman Alan Greenspan recently quipped that “fiat money has no place to go but gold.” Of course, Greenspan is only talking this way now that he is out of power. When it mattered, he did exactly the wrong thing, pursuing loose-money policies and blowing up both the tech and housing bubbles.
I could go on and on with examples such as these, but you get the idea. The realization that the dollar is doomed is catching on. And when this realization reaches a critical mass, there will be a currency crisis of unprecedented proportions.
It’s vital you take action RIGHT NOW to protect what’s yours. Independent Living newsletter will eagerly help you, just as it has done for the 50,000 Americans who subscribe.