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For the past sixty days I have been on a campaign of alerting all who I can reach that the domestic and global economies are headed for a very rocky path over the next two years. Some experts are looking for a complete dollar melt – down. That could happen, but it’s a little too soon for me to tell.
I’m not ill – equipped to share economic theory, as my entire working career was spent as a banker, who among other duties, was responsible for the safety of both customer and bank assets. It was a task that was accomplished perfectly for nearly half a century, therefore my credentials have been well earned and give me a foundation to publicly discuss the economic woes of today.
My message has been shared with fellow entrepreneurs both domestically and world wide. What appalls and shocks me is the total lack of concern expressed by the citizens of the United States, as opposed to people from Europe, Africa, So Africa, Australia and dozens of countries around the world. An overwhelming majority of citizens of non US countries are taking action to protect their asset base. What is so visible to millions of people around the world, and so hidden from the sight of most Americans. I have had the discussion with colleagues around the world and they are as surprised as I that Americans are so totally blasé about the looming financial and dollar collapse.
As the Fed continues down the path of stimulus, quantitative easing, and trillions of dollars of US Debt purchase, discussion over hyperinflation intensifies. Already, trillions of dollars have been printed and pumped into the economy and the question arises – Does all this new baseless fiat money cause inflation? YES! YES! YES!
The Inflation Warnings are Flashing!
Are Americans listening? NO! NO! NO!
Here are just a couple of economic facts that for the most part go right over the heads of almost all Americans. More Americans can tell who won what “Oscars” and have no clue about the most basic economic facts. That is where the Europeans as a class are much further ahead of most Americans and are taking the necessary steps to keep their estates safe from the inevitable devaluation and inflation headed our way.
"The International Monetary Fund, heavily influenced by Europeans, last week also proposed creating SDR (Special Drawing Rights) Bonds, and repricing assets such as oil in SDRs," says Smith. "These changes could end the dollar's supremacy as the world's Reserve Currency and force us to purchase SDRs before we could buy oil."
"This would overnight devalue the dollar worldwide and make gasoline and everything else we import much, much more expensive. We would IMMEDIATELY become a much poorer country financially and a weaker country militarily," says Smith, who predicted this dollar decline and fall in his 208-page 2010 book Crashing the Dollar. Have you noticed higher prices at the gas pump? I have.
As frustrating as the results of my efforts domestically have been, I will keep beating the drum, because it is too important an issue to abandon. If you can look your family in the eye and honestly tell them there will not be a financial loss to the family or business if the economy tanks, then you have done a good job. If on the other hand you are unable to do that, then don’t you think you should do something because the window of opportunity will not stay open forever, and when it closes, it will happen fast leaving no time to act.
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