Financial events are happening at a rapid clip right now. The US Dollar looks to be at some stage of dying. There was never any serious debate over IF the dollar would die. All fiat currencies devalue over time until they arrive at zero value. The only question is WHEN the dollar will become worthless. I would suggest that the death will be rather sudden, taking most people by surprise. That is how it always happens. - Tate Ulsaker
- The Fed, Debt and Systemic Collapse of the US - Eric King wrote after interviewing both Ron and Rand Paul, "Having a discussion about the Fed, massive debt and the systemic collapse of the United States with two of the most qualified individuals in US politics today cemented in my mind that we are in a depressionary cycle, and their is virtually no way out for a variety of reasons. This is why it is so important for readers to protect themselves and their families from the next wave down." To hear the interview with Dr. Rand Paul and Congressman Ron Paul on King World News CLICK HERE.
- Unemployment at 16.6% + Home Prices To Fall 50% - Eric King points out "Some may call it a recession or the "Great Recession" but a depression by any other name is still a depression and in the end the real numbers don't lie."
- Brett Arends, WSJ.com and MarketWatch says - "There is no double-dip, just a continuation of the Great Recession. I have been calling this "The Great Credit Crunch". On April 26th predicted the beginning of the second leg of the multi-year bear market which is again led by housing and financials. read more...."
- Widening US Deficit To Collapse the Dollar - The graph on this article says it all... the current snapshot is horrendous and yet the government prediction for future spending just gets worse. Hey, we are already beyond anything close to historic levels of debt-to-GDP ration, exceeding Great Depression levels by twice currently and widening. What are they thinking? Projections for revenues are a pipe dream. As Eric King correctly says in the article - "As the chasm increases in size between spending and revenue, faith in the US dollar will evaporate. This will lead to a significant devaluation of the dollar, or an outright collapse."
- Strength In Gold A Surprise To Many Traders - Eric King reminds us of investing basics that we need to remember as this gold boom turns into an outright explosion in precious metals prices to historic significance - "Remember that bull markets always surprise on the upside, so never give up your position. If you are afraid of your positions because you think gold will fall you have missed the point and probably will never make any money in the markets. Buy and hold during secular bull markets and stop worrying about gyrations in price."
Jim Rickards: "But that could be a very chaotic process...Some people did die, there were riots in the streets. I mean people think that this is far fetched, and there is always the attitude that it can't happen here. But I know in my own lifetime you know in 1970 and '71, I mean I saw armored personnel carriers with armed troops in the streets of Georgetown, tear gas on the mall, civilians rounded up, and there weren't enough jails to put them in, so they herded them into RFK Stadium. I mean this sounds like scenes from Allende's Chile, but they were actually scenes from the Nixon administration from Washington in the early 70's."
Eric King: "Those people that were rounded up, that was in the tens of thousands wasn't it?"
Jim Rickards: "Correct, right, this is not fantasy, this is not fringe thinking. These are concrete facts. I mean I saw them with my own eyes, I don't need a historian to tell me what happened. I was there, and when you tamper with very fundamental things such as the value of your currency which everyone uses to make all of their investment decisions, all of their economic decisions, all of their job decisions, people are basing all of that on a unit of value and when you undermine the unit of value you undermine the entire economy, and from that you can very easily slip into civil disorder. It's fair to give people warning about that."
As mentioned in Jim Rickards interview with King World News, this week, here is the promised link to his 40 page piece "Economics and Financial Attacks" - (Attacks in this line of operation include targeting or acquiring sensitive financial, trade, or economic policy information, proprietary economic data, or critical technologies, and the potential impact to national security.)
Jim was asked not only to attend, but also to put together the above piece, be a speaker, and to sit on discussion panels at the high level Unrestricted Warfare Symposium. This was a gathering of the leading figures from the military intelligence community.
Jim gives a hypothetical description of the Russian Central Bank introducing a gold backed currency which would cause an overnight massive devaluation of the US dollar. Jim described this as the financial equivalent of the atomic bomb.
To hear the recent in-depth interview with Jim Rickards on King World News CLICK HERE.
Eric King
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