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cgnao

The Coming Category 5 Financial Hurricane

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Scary stuff from a speech given by Hon. Ron Paul, a US congressman.

http://www.house.gov/paul/congrec/congrec2005/cr091505.htm

We face a coming financial crisis.  Our current account deficit is more than $600 billion annually.  Our foreign debt is more than $3 trillion.  Foreigners now own over $1.4 trillion of our Treasury and mortgage debt.  We must borrow $3 billion from foreigners every business day to maintain our extravagant spending.  Our national debt now is increasing $600 billion per year, and guess what, we print over $600 billion per year to keep the charade going.  But there is a limit and I’m fearful we’re fast approaching it.

Runaway inflation is a well-known phenomenon.  It leads to political and economic chaos of the kind we witnessed in New Orleans.  Hopefully we’ll come to our senses and not allow that to happen.  But we’re vulnerable and we have only ourselves to blame.  The flawed paper money system in existence since 1971 has allowed for the irresponsible spending of the past 30 years.  Without a linkage to gold, Washington politicians and the Federal Reserve have no restraints placed on their power to devalue our money by merely printing more to pay the bills run up by the welfare-warfare state.

This system of money is a big contributing factor in the exporting of American jobs, especially in the manufacturing industries.

Since the last link to gold was severed in 1971, the dollar has lost 92% of its value relative to gold, with gold going from $35 to $450 per ounce.

Major adjustment of the dollar and the current account deficit can come any time, and the longer the delay the greater the distortions will be in terms of a correction.

For more, see http://www.house.gov/paul

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Scary stuff from a speech given by Hon. Ron Paul, a US congressman.

http://www.house.gov/paul/congrec/congrec2005/cr091505.htm

For more, see http://www.house.gov/paul

Sounds like an unusual congressman and I would also think he will be very much a lone voice. Also I notice he has a book out 'The case for Gold' or something which seems to sum up his opinions in this speech.

I don't know what's more scary the state of the American economy or the fact that like the wreckage of New Orleans the government seems to be acting very slowly to do anything about it. :(

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Gold is going mental again today up $4.60 to a whopping $464.

Remembering that gold was at around $400 a year ago that's quite a return.

It doesn't look to me as though the yellow metal is going to lose favour with investors anytime soon. Remember also that gold remains the prefered store of wealth for all of those billions of Indian & Chinese whose economies are undergoing quite a revolution at present.

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Sounds like an unusual congressman and I would also think he will be very much a lone voice.

The guy is well respected and his fears on the current monetary excess are sadly well founded.

Dr. Paul's consistent voting record prompted one Congressman to comment that "Ron Paul personifies the Founding Fathers' ideal of the citizen-statesman. He makes it clear that his principles will never be compromised, and they never are." Another Congresswoman added that "There are few people in public life who, through thick and thin, rain or shine, stick to their principles. Ron Paul is one of those few."

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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