Friday, April 22, 2011

Death of the dollar

Excellent take on the Fed's role in the murder of the US dollar by Graham Summers of Phoenix Capital Research.
In simple terms the world has already begun shifting away from the US Dollar. When it came (time to choose between maintaining) the reserve currency of the world vs. giving trillions to Wall Street crooks, Ben Bernanke chose the latter.
That one decision literally changed the course of the US’s future. Bernanke literally bet the Republic and the US Dollar that the world would tolerate it. The world isn’t.
The US already had a debt problem before Bernanke did this. But he made sure that this problem would become an absolute disaster. There is now only one way out of this mess and that is default. The US cannot EVER pay back its debts. A US default is going to happen GUARANTEED (hyperinflation induced by endless money printing is just another form of default). When this happens, the US Dollar will collapse, lose reserve currency status, and inflation will rip through the system destroying the purchasing power of anything paper-related.