"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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US DOLLAR very close to an accelerating decline
There is only one way to describe what is occuring to the US Dollar; its future as the global reserve currency is in serious danger of disappearing forever. Under the "leadership" of the US Federal Reserve, and thanks also to the reckless and incredibly short-sighted spending occuring at the Federal level, the Dollar has run out of friends.
It's decline this morning has opened the door for gold to push past $1500 and silver into what looks to me like the beginning of a "MELT UP" mode. It has also send further speculative money flows into the commodity sector with the result that the CCI, the Continuous Commodity Index, is within a whisker of matching its all time high.
What many of us have feared could happen but were hoping to see avoided, is becoming increasingly likely the further the Dollar descends into this abyss. As a citizen of my nation who cares deeply for its future for the sake of my own children, I am both disgusted and grieved at what those who were charged with preserving the integrity of its currency have done to our birthright.
A pox on these scurrilous men who have sold out our nation for political expediency. Their only loyalty is to their own pocketbooks and their crony pals who could give a rat's ass what happens to the nation as long as they can profit from it all. This plague of locusts is stripping us bare.
thx Dan; written with PASSION...
ReplyDeleteThank you, Trader Dan. This is the kind of passion that has disappeared from the masses of our once great country. We have become lazy, arrogant and most importantly, bling to the facts. Thomas Jefferson, Samuael Adams and Thomas Paine must be rolling in their graves and crying a thousand tears. What a travesty.
ReplyDeleteRise in gold and fall of the dollar. It is that type of the cyclical nature until the Federal Reserve Note is gone altogether.
ReplyDeleteWatch out for a global cashless society, it must not be allowed to be implemented by the perpetrators of the current ponzi scheme.
Keep up the good work Dan,
A revolution is upon us...
Has to be philosophical in order to be genuine...
Have contempt for the sleepwalkers who are in a daze, they are going to have a rough awakening...
-
Scott
http://thehardrightedge.com
This dollar decline reminds me of the Euro in May / June of last year. A lot of people at the time were wondering if the Euro would completely collapse.
ReplyDeleteEven Jim Rogers who was buying Euros at the time was wondering whether he was crazy or not.
Usually this is time to buy when everyone would call you nuts for doing so.
I'm not saying people should go into the dollar because I would definitely not, but I wouldn't be surprised to see the dollar snap back from here.
arkel;
ReplyDeleteWatch for the Fed to sent out its hawks to the podium soon to talk about ending QE... they usually do that when they need to rescue the Dollar from falling through a mjor support level. It works long enough to slow the decline a bit. After that, they then send out the doves again to talk it back down and the stock market back up!
Dan, hear, hear good sir!
ReplyDeleteThis is why we are invested in commodities and pm's. It is a joy to see our mining shares go up, but the emotions are mixed with what is happening to our currency and our country.
Those rats that have done this deserve a prison cell, but they'll be in a tropical isle living in their 'getaway' mansions giving directions to servants when what they've caused blows up.
It's not a crying shame. It is an OUTRAGE that needs to be spoken of and written about whenever possible in all media available.
Dan, Do you have any thoughts on what happens when/if the dollar slides below $70? Will those holding US dollars abroad start dumping them en-masse? Will the DOW move up similar to Zimbabwe? Will food prices double in a matter of months?
ReplyDeleteThanks for the post.
Great article Dan!
ReplyDeleteIt's pretty obvious that the lackeys we have running the system will do nothing until pushed and pushed hard.
So, it's the long run it's actually good to have the dollar fail, because it's the beginning of the end of the nightmare of the debt slavery regime. Don't forget in Ireland they are jailing people over debt default. If you default on your mortgage and credit cards should you be in prison?
HELL NO AND THE SYSTEM HAS TO GO.
Excellent, impassioned post. Enjoy your reports Dan.
ReplyDeleteDan, You are the only one to post the Broad Dollar Index as well as the USDX. Thanks for doing that.
ReplyDeleteWe really really really don't want to see the dollar crash thru the remaining two support levels....no matter how well we profit. If that's all we care about, then there isn't much difference between us and the criminal Fed and evil Banksters.
God help us to stay focused on the real reason we are buying gold and silver....protection for our families....and freedom from the money-changers.
Thanks for the kind words from all.... Watcher - I agree 100% with your sentiments. I do not want a dollar crash - the social unrest and resultant chaos is not worth any amount of profit if one has to live in hiding or fear for their own safety in such an environment. Well said in your post.
ReplyDeleteThat's exactly how I feel about the Dollar. Every time I see the Dollar chart I'm disgusted and saddened. The common people who have had the least say in the matter will suffer the most....
ReplyDeleteDan- interested in your thoughts as to the rumors that the BRIC's agreed at their meeting last week to begin dumping their dollar holdings. This doesn't seem likely to us unless China has already completed extricating themselves from the majority of their dollar reserves.
ReplyDeleteSilverDoctors;
ReplyDeleteI would not expect any of the BRIC nations to publicly discuss dumping their Dollar holdings. If they were serious about doing so and the marekt took them at face value, the Dollar woudl plummet immediately and the Treasury market could collapse. That would render their holdings worth a lot less before they could ever get rid of them. IF and when they were to do that, it will be stealthy.