Back in April, the chief of the Department of Treasury, Tim Geithner, said that there was “no risk” that the US would lose its credit rating. He was protesting a warning by Standard and Poors that we were going to potentially get downgraded because the future was bleak.
Many moderates protested against the idea that this situation is anything that we won’t easily fix, and argued that the future is fine, and that we don’t need to be so worried.
But rational investors — particularly those of you who understand that gold and silver are the best safe havens possible — know better. We’ve watched the news. We know that things are even worse than the mainstream media is willing to report — and that’s saying something.
So yes, the government says there’s “no risk” that the US is in danger of losing its credit rating…
- …since then a Chinese agency essentially announced that we’re defaulting on our debt. But they’re the Chinese, so what do you expect.
- And then a German rating agency announced that we went from AAA to AA.
- And then Russia announced they’re dumping more Treasury Bills than ever before.
- And then China announced their dumping 2/3rds of their trillions of dollars.
- And now the CBO announced that we’re pretty much screwed no matter what happens politically.
This has all happened since April 1st. Our government is in denial, and that’s going to be part of the reason it’s going to keep getting worse with more and more insane financial and economic news headlines.
If you’re smart, then your money moves will be smart. The future isn’t going to necessarily be normal business with a little inflation — we might see things get much, much worse than that. That’s why paying off debt, buying gold and silver, investing in some land, and having an emergency fund are great ideas. You can’t be too careful — not these days.
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