Yesterday Ron Paul spoke before the House floor preaching words rarely heard between politicians, truth. What did he say you ask? Congressman Paul said default is inevitable because debt is unsustainable. Congressman Paul also said, “If we don’t understand this, this default will not be because we don’t send out the checks. We will send out the checks. It will be defaulted on because people will get their money back, or they will get their Social Security checks and it won’t buy anything.” Today we peak into a time when your dollars become worthless.
Welcome to The Prospector Site and thanks for reading today. It might seem we have a black cloud over our website but this is not the case at all. What we do is provide factual information that allows our readers to make informed decisions as they relate to gold and silver. This type of information was rare when I started buying gold over ten years ago. Plenty has changed since then and not a moment too soon.
What concerns me the most with what Congressman Paul said is the part about worthless government checks. What Mr. Paul is eluding to is inflation which means paying more, much more, for the same amount of product and service. There is no guarantee wages, benefits, and pensions will keep up with this inflation. History validates Mr. Paul’s opinion and unfortunately it is not pretty for most. As gold and silver holders prosper the opposite is true for those dependent on a fiat currency (dollars).
You may ask why would a government continue to print currency if the result is worthless money.The simple answer is big government and bigger dependency is nearly impossible to reverse so the choices are more revenue (taxes) or print money. Here is the cold hard fact in one sentence. If our economy doesn’t improve soon, by producing more revenue, severe entitlement cutbacks will happen or printed money will replace declining revenue. Either one is a major blow to Middle Class and down. Those holding gold and silver will feel less pain probably profiting from this misfortune and fiscal irresponsibility.
Politicians will blame each other but the fact is both parties have enough blame to go around. Even the most conservative presidents have increased the debt ceiling and all found a good excuse to do so, this administration is no different. No currency as dominate as the US Dollar has defaulted but never before has so much inflationary pressure been on such a currency. Everything has a breaking point and the dollar certainly is no different.
BUT WHAT ABOUT YOU:
Let me ask you, what is your plan to make sure years of hard work won’t crash right along with our currency? Does this sound too hard to believe? Do you have faith someone will step in and fix the debt, deficit, problem leading America to get back to normal? You and I both know politicians will elect to raise debt thresholds until one day us frogs realize the water went from comfortably warm to boiling. I think you know my opinion. My recommendation is to trade dying dollars for gold and silver, it looks like cheap insurance from where I sit.
REAL CLEAR POLITICS: Ron Paul: “We Will Default Because The Debt Is Unsustainable”
CHRISTIAN SCIENCE MONITOR: Gold prices plummet on debt talk
So this intraday move lower for gold may be short-lived, traders say. The proposed debt deal is “paltry” and “it’s not enough to really push gold down,” says James DiGeorgia, editor of the well-known Gold and Energy Advisor. “We’re not really solving the problem here.”
Even if Congress passes the debt ceiling plan with no spending cuts, DiGeorgia predicts that gold will reach $1,750 gold by years’ end, with the real chance of a spike to $2,200 an ounce, near its inflation adjusted high. Read it here.
LAS VEGAS SUN: With lending down, would-be entrepreneurs rely on savings, credit cards
Antill, the iron fence builder, wasn’t at the Orleans. He was busy working at one job site and preparing for another. He sounded tired. The days can be long, and he has the pressure of raising a family while nurturing a business in the midst of the worst economy in 70 years.
Yet in that exhaustion you hear the optimist of the entrepreneur, someone who is attempting to make a go of it with the help of his wife, children and occasional friend who is brought on for day work. “There’s honestly a lot of work out there,” he said. “Almost 90 to 95 percent of this iron work is for security reasons. Times like this, people are seeming to want to secure their house, their gates. They’re putting up window bars to protect themselves.” Read it here.
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