Wednesday, October 27, 2010

U.S. facing $120 trillion on plastic

Warning that the U.S. dollar today is backed only by "promises" from the same politicians who created today's economic disaster, longtime monetary expert Craig R. Smith documents in a new book that the nation already faces some $120,000,000,000,000 ($120 trillion) in debt, deficit and unfunded liabilities.

And unless something drastic and dramatic happens, America soon could follow the pattern established in Germany's Weimar Republic shortly after World War I when it created 1,000,000,000,000,000,000,000 (1 sextillion) Marks, destroying its own economy with hyperinflation, crashing its currency, wrecking social values of thrift and work and paving Hitler's rise to power.

The analysis comes in "Crashing the Dollar: How to Survive a Global Currency Collapse," by Smith, who is founder and chairman of Swiss America Trading Corp., and co-author Lowell Ponte, a contributing editor at Newsmax magazine.

The book says that while the problems have been developing for some time, "President Barack Obama and liberal Democratic policies are pushing the United States toward inflation or even hyperinflation, and … this could destroy the U.S. dollar and other major currencies." (more)

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