There is a sea change in the monetary world occurring at this very moment. The world’s reserve currency, the Dollar, is now in its twilight years (or months) as China, Russia and even US allies make dramatic moves away from the world’s Petro-dollar based system – and toward Asia.
David Stockman, who once worked as Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan, and whose work at Contra Corner we often post at SGT Report, made an appearance on Neil Cavuto’s Fox Business Channel show recently where he took the hardcore economic facts to the American people, warning that time for the US Dollar and the debt-riddled US economy is running very, very short.
We suggest you share this information with anyone and everyone about whom you care.
On the Fed:
“First of all we have a central bank, the Fed, that is out of control, has been for years. We have now printed more money than was even imaginable ten years ago. Four and a half TRILLION. We started at the time of the financial crisis with a balance sheet at the Fed of $900 Billion – it took 94 years to get there. And in a few months and years we quadrupled it.”
About the stock market, Stockman warns:
“Today the stock market is at a crazy high. This is built on liquidity injections of massive magnitude from the Fed. It is not warranted by the sustainable capacity potential of this economy, or logical in light of all of the headwinds we see coming from everywhere.”
Cavuto asks: Where has it left us?
“It’s left us with $18 Trillion worth of debt at the federal level, it’s left us with $60 trillion worth of debt in the public and private sphere combined. That’s the amount of debt in the business, household, government and financial sector in this economy. It is three and a half times GDP, the highest leverage ratio in history, and it is the reason why our economy labors to make 1 or 2 percent growth even after all of this stimulus. I think it is getting close to hopeless.”
Sounding a lot like Dr. Ron Paul, Stockman shines truth into the darkness after Cavuto asks, What would YOU do?
“The truth is as a country we’re living way beyond our means. The truth is that Washington is kicking the can with a blindfold on utterly heedless about how we’re going to manage and finance this thing for years to come. I would tell the public that some of the benefits more affluent people think they’ve earned on Social Security, are going to be cut. I would tell the public we’re not the policeman of the world, we’ve got to dramatically reduce defense spending and stop intervening all over the world because we can’t afford it.”
Stockman on Rand Paul:
“Rand Paul is actually speaking truth to power. He’s saying, the Fed is out of control, it’s the heart of our economic problem. Everything else is small and trivial compared to getting these Keynesian money printers at the Fed out of the Eccles building.”
Please listen to and share this clarion call of truth with anyone for whom you care. The end of this Dollar Ponzi system is very near. And it’s not just me saying so…
“You have a set of factors at work that are not sustainable. And I don’t know whether we can kick the can for another year or two. How did we get to the point where adult, rational people could believe you could print money forever?”
Cavuto: So what’s the day of reckoning for David Stockman?
“I would say were getting pretty close.”
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