Dont Get Caught Holding Dollars When The U.S. Default Arrives
Key Excerpts from Article on Website of Forbes.com blog
Posted: August 2nd, 2011
By some measures, the United States is even more deeply in hock than Greece. Greeces debt-to-GDP ratio is 143%. Americas is officially 97%. But the $14.3 trillion national debt, stacked up against a $14.7 trillion economy, doesnt tell the whole story. [It] doesnt count the black box of bailouts. We know how much the Federal Reserve doled out in emergency loans: $16.1 trillion between Dec. 1, 2007, and July 21, 2010. We know that because yesterday the Government Accountability Office completed its first-ever audit of the Fed, made possible largely through the persistence of Rep. Ron Paul (R.-Tex.) making that audit, however incomplete, the law. What we dont know is how much of that has been paid back. We have literally injected about $5.3 trillion, said Dr. Paul earlier this month during his questioning of Fed chief Ben Bernanke, and I dont think we got very much for it. The national debt went up $5.1 trillion. Bernanke did not challenge those figures. Even now, Americans are turning to their credit cards to pay for groceries and gas. According to First Data Corp., the volume of gasoline purchases put on credit cards jumped 39% over the last 12 months. You dont want to be the average American in a default scenario, whenever it arrives. Ray Dalio, the head of Bridgewater Associates, the worlds biggest hedge fund, puts that day in late 2012 or early 2013.
Note: A careful Internet search reveals that no one in the major media except this Forbes blog even mentioned the astonishing results of the first ever audit of the Federal reserve - $16 trillion in secret loans. To understand how the media is controlled from reporting vitally important information like this, click here. For another revealing article showing what is happening from a historical perspective and its relationship to gold prices, click here. For an article detailing who received these trillions and links to the official GAO report, click here. For critical information on the financial system kept hidden from the public, click here.