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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Fri Jun 01, 2007 1:39 am Post subject: Washington is Robbing You Blind as National Debt Limit is Up |
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Larry Edelson writes: Not many people noticed, but on May 17 the folks in Washington upped the country's national debt limit to $9.815 trillion . That's a whopping $1.635 trillion increase in less than three years.
The U.S. was broke when the debt ceiling hit $7 trillion
it was broke when the limit was raised to $8.18 trillion
and things just keep getting worse.
I've said it before and I'll say it again: As long as there is no gold standard nothing and no one to hold back politicians from spending money and creating debt at will then the value of the U.S. dollar will keep plummeting and inflation will keep rising.
It doesn't matter who is in the White House. It doesn't matter who controls Congress. It doesn't even matter whether the economy is contracting or expanding. Those factors will only determine the degree, not the direction.
Over time, any economy that's based on a paper (fiat) currency will see its medium of exchange depreciate and lean toward hyperinflation. It doesn't matter if the economy is large or small, emerging or industrialized.
When someone says inflation is dead, show them the following
A postage stamp in the 1950s cost 3 cents; Today, it's 41 cents: That's 1,266% inflation.
A gallon of gasoline at full-service stations used to cost 18 cents; Today it's $3.25 for self-service : That's at least 1,705% inflation.
In 1959, the average price of a new house was $14,900; Today it's $220,900: That's 1,382% inflation, despite the recent price dip in the real estate market.
A dental crown used to cost $40 in the late 1970s; My dentist just quoted me $1,400. That's 3,400% inflation.
In 1970, seniors paid $5.30 a month for Medicare insurance. Today, they pay $93.50 a month. That's 1,644% inflation.
So, no inflation? That's hogwash! We all know prices are mostly going up.
http://www.marketoracle.co.uk/Article1139.html |
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