Wednesday, March 04, 2009

Gold Price To Skyrocket - II

The gold price should skyrocket due to out of control, whacked out, senseless, irresponsible congress critters, senators, bureaucrats and some large percentage of citizen units.


Paul Craig Roberts was Assistant Secretary of the Treasury during President Reagan’s first term. He was Associate Editor of the Wall Street Journal. He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University. He was awarded the Legion of Honor by French President Francois Mitterrand. He is the author of Supply-Side Revolution : An Insider's Account of Policymaking in Washington; Alienation and the Soviet Economy and Meltdown: Inside the Soviet Economy, and is the co-author with Lawrence M. Stratton of The Tyranny of Good Intentions : How Prosecutors and Bureaucrats Are Trampling the Constitution in the Name of Justice.

He has produced a March 01, 2009 article:

a banana republic by 2012?
Change for the Worse

"President Obama has presented the most irresponsible budget in US history. His fiscal year 2010 budget projects federal spending of $3.5 trillion and a federal deficit of $1.75 trillion. In other words, 50 percent of the government’s budget consists of red ink.


The bald fact is that the US government is going to have to borrow--or print--half of the money it intends to spend in Obama’s first budget. This fact has fallen through the cracks as New York Times headlines proclaim "A Bold Plan Sweeps Away Reagan Ideas." It certainly does sweep away Reagan ideas. No Reagan budget ever presumed that the federal government could borrow half of its annual expenditures. Indeed, Obama’s budget deficit for 2010 alone exceeds the totality of "Reagan Deficits" for Reagan’s two terms of office.

As presidential budgets are marketing devices rather than financial statements, they are imbued with optimistic assumptions. Obama’s budget is based on optimistic assumptions about the extent of decline in GDP. A more realistic projection of GDP decline would reveal that Obama’s budget is the first since World War II in which more than half of the government’s expenditures must be financed by red ink. I suspect that the red ink component of the FY 2010 budget will surpass World War II budgets.



Jim Rogers is saying essentially that if gold goes down buy all you can:


Celente: U.S. Has Entered "The Greatest Depression"
“The global financial system, built on endless supplies of cheap money, rampant speculation, fraud, greed, and delusion is terminally ill and will not be coaxed into remission by stimulus packages nor restored to health by government buyouts and bailouts,”


"Get it while you can." - Janice Joplin

Most people, at least in the Anglo Saxen world, still do not understand what is going on, and do not want gold or silver, would wonder what to do with the stuff, do not know what money is, but in the future will want them when the gold price and the silver price are beyond their reach and there is a major change in the world's monetary "system" underway.

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