Posted on | January 25, 2013 | 18 Comments
If you think this is the solution, you are the problem
“Sooner or later, you run out of other people’s money. Something that can’t go on forever, won’t. Debt that can’t be repaid, won’t be. Promises that can’t be kept, won’t be.”
— Professor Glenn Reynolds
Everybody who knows anything about economics — that is to say, everybody who isn’t a liberal — is concerned about the Federal Reserve’s policy of deliberate inflation: Devaluing the dollar as a monetary solution to the nation’s underlying fiscal and economic problems. There is no real recovery, and no end in sight to deficits so, hey, let’s just print a lot of paper. It’s as logical as the Magic Trillion-Dollar Platinum Coin.
This unsustainable zero-interest policy began during the Bush administration and has been continued for nearly five years. How long before the inevitable Day of Reckoning? We don’t know. What will that monetary Day of Reckoning look like? Mike Rogers has a few thoughts:
It can’t happen here; We’re too big (to fail?); The whole world wants Dollars; We could never become The Weimar Republic/ Zimbabwe/ Greece/ 1960s Britain … After all, OUR financial wizards are too smart to let that happen!
Not so much! Just because Ron Paul has been telling us for a long time that the Federal Reserve was bad for us, doesn’t mean he’s wrong. Let’s check a few bullet points, and then I’ll explain why the warning signals are flashing a little more urgently these days . . .
Please read the whole thing. Don’t say you weren’t warned: Buy gold — a bargain today at $1,667 an ounce — and stockpile ammunition.