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The China Syndrome – A Building Bubble This Way Bloweth
Writer James West on Midas Letter argues that gold and silver are not a bubble, but are rising because of the dwindling dollar. He goes on to distill the forces at work in the global monetary system as follows:
But, as usual, the mainstream financial press misses the point. Gold and silver are not bubbles. Their demand as monetary metals grows in direct proportion to the diminishing confidence in the U.S. dollar, which depreciates intrinsically with every fresh $100 billion printed. The U.S. Dollar is the global standard medium of trade in fully 65% of world transactions. Outside of the G7, the rest of the world hates the U.S. dollar, because as more and more of them are printed, those exchanging commodities for dollars are getting increasingly ripped off. But that’s the point, as the crooks who run the Fed and the Treasury well know. Devalue the dollar by printing more of them, then accumulate assets for will become pennies on the dollar, default on the dollar, and base the next fraudulent currency on the asset base you have now essentially stolen from everyone else.
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