The bottom line is we need to pay for everything as we go and stop deficit spending, and there are only two avenues for doing that—raising tax revenues and lowering expenses.
Soon the Chinese, the Malaysians, the Iranians, and the Indians, among others, won’t want US dollars. They don’t want to accept them now, because it’s an asset of their adversary.
As Eastern central banks stockpile gold and the West struggles with fiscal issues, Powell predicts gold will become the "once and future money" in a new global monetary system.
In March and April of this year, the once-quiet gold market came alive, breaking through its three-year resistance zone of $2,000 to $2,100 and soaring by $400 in just a few weeks.
