The time is now fast approaching when all debt will be defaulted on. In our perverse monetary system, one party's debt is another's "money." A debtor's default will impact the creditor (who is usually also a debtor to yet other creditors), causing him to default, and so on. When this begins in earnest, it will wipe out the banking system and thus everyone's "money." The paper currencies will not survive this. We are seeing the early edges of it now in the euro, and it's anyone's guess when it will happen in Japan, though it seems long overdue already. Last of all, it will come to the USA.
http://www.caseyresearch.com/articles/gold-backwardation-now-permanent?ppref=CRX437ED0212C
Saturday, March 3, 2012
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You are not entitled to your opinion. You are entitled to your informed opinion. No one is entitled to be ignorant.
Harlan Ellison