Michael Grunwald tells us the GOP is “full of it! in a recent Time magazine article there entitled, “Fiscal Cliff Fictions: Let’s All Agree to Pretend the GOP Isn’t Full of It.” Now this is an odd title for a major magazine to produce. It’s a bit of an obscene cliche, but then again Time is not what it once was.
Neither are its columnists. To blame one side or the other for this fiscal mess is somewhat naive. The US, all in, is something like US$200 trillion in the hole. That’s what’s been promised apparently. The only way America gets out of its plight is by printing money, lots of it.
Or maybe defaulting. Or both.
|… But Certain Stocks Are Tasty! … Over at WITHOUT BORDERS (WithoutBorders.com) Fitzroy McLean has revealed his much anticipated “anti-loss” Portfolio Review. Remember, Fitz invests in everything he recommends. Don’t you want to ‘strike it rich’ while protecting yourself? For a limited time you can receive a risk-free issue … STRIKE THEN HIKE! Click Here|
Anyway, here`s more from the article:
It’s really amazing to see political reporters dutifully passing along Republican complaints that President Obama’s opening offer in the fiscal cliff talks is just a recycled version of his old plan, when those same reporters spent the last year dutifully passing along Republican complaints that Obama had no plan. It’s even more amazing to see them pass along Republican outrage that Obama isn’t cutting Medicare enough, in the same matter-of-fact tone they used during the campaign to pass along Republican outrage that Obama was cutting Medicare.
This isn’t just cognitive dissonance. It’s irresponsible reporting. Mainstream media outlets don’t want to look partisan, so they ignore the BS hidden in plain sight, the hypocrisy and dishonesty that defines the modern Republican Party. I’m old enough to remember when Republicans insisted that anyone who said they wanted to cut Medicare was a demagogue, because I’m more than three weeks old.
Grunwald is avoiding the issue here. It’s not the GOP, it’s not even the Democrats that have brought the US down to a point where there is almost no hope for a legislative solution (when it comes to the US’s full debt load, anyway). It is the system itself which grinds on with a merciless and almost bankrupting force.
Monopoly fiat money central banking doesn’t work. It’s never worked and is the reason the world observed a gold standard in the 1800s. Actually a quasi-private gold and silver standard.
It’s the reason this website follows the US dollar, the world’s reserve currency, so closely. We are likely living in the end days of the US dollar … circa the 20th century, anyway. Central banks have printed up to US$50 trillion in the past five years or so to try to cushion the impacts of the Great Recession worldwide.
When this money starts to circulate, as it will do inevitably , central bankers will have to drain currency. But it is likely impossible to drain US$50 trillion. Therefore, there will be something else. A gold standard. A world currency.
The so-called fiscal cliff will be a small crisis compared to whatever is going to happen to the US dollar and to its reserve currency status. The resultant chaos, no matter how it turns out, will certainly provide investment opportunities. And smaller crises along the way – like this fiscal cliff crisis – will as well.
We live in times of danger … and opportunity.