Posted on 07/12/2011 10:22:20 AM PDT by Nachum
"The rule of law has basically been thrown out the window. Money printing is the order of the day. And when politicians take control of central banks, which they have done in the United States and they are also doing in Europe, that basically destroys the currency. It puts the currency on the road to what I call the Fiat Currency Graveyard, so I expect there are going to be massive currency problems as we go forward. The financial crisis that we have been dealing with for the last several years has not been solved."
So cautions James Turk, widely-respected precious metals expert and founder/chairman of GoldMoney. In this detailed interview (recorded in June), Chris and James explore the probable outcome of the current US debt-ceiling operatics, the likelihood of future Fed money printing, and strategies for preserving wealth. In short, James believes we are witnessing the decline of the world's major fiat currencies, and expects gold to be remonetized in the aftermath.
James explains why he expects:
The US Government to raise the debt ceiling in August, which will require the Federal Reserve to print more money in order to soak up the new debt, sending gold and silver prices much higher this summer. Holders of fiat currencies to experience increasing losses in the purchasing power of their wealth; contrary to those who hold precious metals, who will see the reverse. This pattern of currency devaluation to be similar to the many other examples seen throughout monetary history. In short, the unthinkable event of a dollar collapse is a much more probable event than most consider.
(Excerpt) Read more at zerohedge.com ...
I’m happy that I invested in gold and silver coins a few years ago...no bullion for the old curmudgeon.
Be Ever Vigilant!!
Gold,silver,any metals,ammo/guns,food,land ect. Any hard that you own and can sell is a hedge aganist infalation.
should be (any thing hard that you own )
i think that the writer underestimates the understanding of the public. It is true that most of the present sorry class of Left indoctrinated media types do not understand money--do not understand the obvious that money acts like every other factor in the market; that its exchange value is controlled by supply and demand.
The media types that slavered over Obama do not understand basic economics, nor history, nor Constitutional Law, nor the dynamic interaction that drives or stifles human progress. But more of the public does. Thus Gold has already devalued even the 1934 cheap Roosevelt Dollar by over 97 1/2%, even though much of the fiat currency that has already been created, has not really hit the market, but is being held in private & foreign reserves. (It is this phenomenon, alone, that has given us a breathing space. Will we use it?)
For what has happened & what is likely to follow--and how it is impacting the resources of American families: Gold & Money In America, II.
When you allow your Government to fall under the control of crack-pots with an Agenda, you are condemned to repeat the history of others who demonstrated the same neglect. (And in the Obama Administration, we have fallen to as sorry a collection of crack-pots as you are likely to find in any era of Western History.)
William Flax
However the provident citizen prepares, there may be terrible day to day problems, unlike anything Americans have seen since the 1860s. You cannot forever "kick the can," from maintaining a self-destructive "Welfare State," down through the generations.
William Flax
Being prepared will go a lot farther then not being ready.
And even those who are head over heels in debt, and see their debts wiped out by hyperinflation, are still stuck in communities where there is suddenly little, if anything, to buy, because the transport industry is unable to function.
Yes but if one has good trading goods one could still come out ahead.
Having a surplus of food ect to trade who knows what one could find and get on the marget.
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