“I Do Not Have Any Confidence In The U.S. Dollar As A Sound Currency"

by JASmius



Last night, I wrote the following:

There comes a time, though, when there's no more road down which to kick the proverbial can. No more future days in which to fight by running away today. The problem is that we will never know just exactly when that time has arrived.

And that's the point of leadership. Why govern a country on the template of determining how much weight a bridge can carry by driving bigger and bigger vehicles across it until it collapses, than weighing the last one and rebuilding the bridge? In this case, the collapse will not be perfunctory, it will be catastrophic, and rebuilding it a highly unlikely option - at least as it once was.

It's like Jim Rogers was reading my mind:

International investor Jim Rogers doesn’t “have any confidence in the U.S. dollar as a sound currency” because it is so flawed.

He warns that the dollar will turn into a bubble that will pop in a few years amid “turmoil everywhere” after the U.S. hikes interest rates.

Which is to say, if currency markets are ever allowed to function again.

“I own the U.S. dollar. It is my largest single currency,” he explained to ET Now. “I do not have any confidence in the U.S. dollar as a sound currency. It is one of the most flawed currencies in the world,” he said.

Which has been and continues to be deliberate Federal Reserve policy.

“The U.S. is the largest debtor nation in world history and it is getting even worse. I own it because there is more turmoil coming in the world and in such times, people seek a safe haven,” he said. “The U.S. dollar is not a safe haven but people think it is, and they do not know what else to do. It might even turn into a bubble because people get desperate.” [emphases added]

In other words, "King Dollar" is still the world currency standard only due to "cultural overhang" and because the rest of the world has foolishly followed Barack Obama's horrible example and screwed up their own economies and currencies even worse than ours are.  And the only reason we're in any comparatively better shape is because we're still leeching off our two-plus-century capitalist momentum - which is a reservoir that is nearly or completely exhausted.

Think of it as the SS Ameritanic surrounded by a fleet of rowboats.  The latter started springing leaks, and followed the advice of Captain Obama to drill holes in the bottom of their dinghies to let the water run out.  Now they're all sinking and are grasping desperately for lifelines to the "flagship" that is headed straight for the fiscal/monetary iceberg.

And when that bubble bursts.....



....disaster.

But always remember: This is what We, The People voted for - twice.

Exit question: Say, if the lifeboats have already sunk when the Ameritanic breaks in two and plunges beneath the hyperinflation waves, where will we go?

Oh.

Damn.