“The Day the Dollar Died” Is Coming!
What’s your plan for the cataclysmic reckoning?
“Only a dwindling number of denialists doubt that a cataclysmic reckoning, including double-digit damage to Americans’ income growth, lies ahead. It’s past time to prepare.”
It sounds like what we have been increasingly warning about. Only this time it didn’t come from us. Somehow it made it onto the Opinion page of The Washington Post.
By the time the WP notices something like this, the hour is drawing nigh!
The column didn’t pussyfoot around about the coming crisis. Written by Mitch Daniels, a former governor of Indiana, a former director of the Office of Management and Budget, and co-Chair of the Committee for a Responsible Federal Budget, it bore a serious title: ‘The Day the Dollar Died’ is coming. What’s the plan?”
Of course, there is no plan.
Here is how Daniels frames the issue:
With debts already about to surpass the nation’s entire GDP, and adding close to $2 trillion more this year, only a dwindling number of denialists doubt that a cataclysmic reckoning, including double-digit damage to Americans’ income growth, lies ahead. It’s past time to prepare….
Maybe the most likely of many possible triggering events is the day when — not if — tens of millions of Americans are told that the trust funds are not trustworthy, and that the safety-net benefits they have been receiving are about to be reduced, perhaps drastically.
Daniels says more hopefully than realistically that this country doesn’t need another gathering of central bankers at Jackson Hole or other muckety-muck meeting at Aspen or Sun Valley next year. He’s calling for a gathering of serious, responsible people to plan what Federal assets will have to be sold, who among Uncle Sam’s countless creditors gets paid, how much of a haircut US bond holders will have to take, and what happens when there is no money for Social Security benefits and Medicare.
Oh yes, and how to explain to the poor unsuspecting American people how this was allowed to happen. The sense of naked betrayal is likely to provoke “violent reactions.”
Of course, the perpetrators of this outrage are all right there in plain sight and have been for generations. The are in the universities, and in think tanks, and on TV panels and running for re-election in every state in the Union. And they will slip the dragnets and run away into the night like the thieves they are.
And most of the American people, their lives turned upside down, will wonder how this happened to them. Our hat is off to Daniels for making clear that the money is running out. Our only objection is that there can be no collective, political, government “plan” at this point. Deferring to government plans is what got us in this mess.
The only hope rests in the plans of individuals, the private plans by farsighted people to arrange their own affairs themselves, and not to wait for a big central plan to ride to their rescue.
Those individual plans must rely on real money, gold and silver, because phony paper and deceitful digital dollars will be among the first things to go.
Begin making your own plan today. Consult with a Republic Monetary Exchange gold and silver specialist about gold for wealth protection and silver for personal protection.