SMART MONEY IS EXTREMELY WORRIED ABOUT WHAT LIES AHEAD & MORE – Dr. Stephen Leeb

from KingWorldNews:

“When you have dollars being printed, euros being printed, the only thing that can withstand the debasing of these currencies are real things (hard assets). The two commodities that he’s singled out were gold, which he said is going much higher, and oil.

I would have to agree with that, Eric. At least that’s how I see the world. His basic premise is that debt levels of consumers in the developed world are so high, that there is no way out. You are not going to be able to grow your way out without inflation.

What I would add to that is that the cause of this debt has been the frantic need for consumers to try to keep up in the face of sharply rising taxes. Now by sharply rising taxes, I don’t mean sharply rising taxes instituted by governments. What I mean is sharply rising taxes that have been instituted by rising commodity prices since the beginning of this century.

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