World Reserve part 1
New Jersey Governor Chris Christie, confirmed that this problem is going on all over the country...
He told 60 Minutes..."It's not like you can avoid it forever, 'cause it's here now. And we all know it's here. And the federal government doesn't have
the money to paper over it anymore, either, for the states.
The day of reckoning has arrived. That's it. And it's gonna arrive everywhere. Timing will vary a little bit, depending upon which state you're in,
but it's comin'. We spent too much on everything. We spent too much. We spent money we didn't have. We borrowed money just crazily. The credit cards
maxed out, and it's over. It's over."
That's why Christie and other governors around the country are now introducing bills to slash pension benefits to government employees. And although
it's gone almost completely unreported in the mainstream press, six U.S. communities were actually forced to declare bankruptcy in 2010... and there
were a slew of new municipal bankruptcies in 2011 as well, including Jefferson County, Alabama, which at the time was the largest municipal bankruptcy
in U.S. history. Of course, that was topped in 2012, when three California municipalities declared bankruptcy in a matter of weeks, including the new
"largest municipal bankruptcy in U.S. history"... Stockton, a city of 290,000 people east of San Francisco. And keep this in mind: Only about half the
states in the country (27 in all) allow municipalities to declare bankruptcy. If it were allowed everywhere, I'm sure we'd see twice as many
bankruptcies as we're seeing today.
But for most places where bankruptcy is not allowed... they just keep kicking the can down the road, rather than address the real problems. In
Baltimore, for example, the city can't legally declare bankruptcy. But that doesn't mean they aren't essentially bankrupt. An independent audit
solicited by the mayor recently shows the city will be $2 billion short of the money they need over the next decade. In other words, as one of local
news station reported: the "City of Baltimore is on a path to financial ruin."
And the truly amazing thing is that the U.S. Federal government is in even worse shape than the local governments!The only reason we haven't seen the
full brunt of this crisis yet on the federal level is because they've just continued to pile on more and more debt.The states can't print money... but
the Federal government can (at least for now). And for the moment, this is all that is preventing a currency collapse of unprecedented proportions. **
And this is the important point to remember: What most people don't realize is that the U.S. government can only continue printing dollars... as long
as the U.S. dollar remains the world's reserve currency.
I can't stress this enough: You need to act now in order to protect your family.
Americans Don't Realize What is Already Happening
Like I said, most Americans not only don't believe the U.S. dollar could ever lose its spot as the world's reserve currency, they don't even really
understand what that means either. But I am here to tell you... this is the biggest problem the country now faces, and it is clearly underway. With
the rising level of U.S. debt, many countries around the world are questioning the position of the U.S. dollar as the reserve currency. They want to
diversify out of the U.S. dollar, as quickly as possible.
The latest sign of a move away from the dollar as a reserve currency is that China and South Korea recently came to an agreement that allows firms to
settle deals in either the Chinese yuan or the South Korea won instead of the U.S. dollar. "The agreement is part of a push among emerging countries
to internationalize local currencies after the global financial crisis," reports Bloomberg. Alan Wheatley, a global economics correspondent for
Reuters recently wrote: "Fed up with what it sees as Washington's malign neglect of the dollar,
China is busily promoting the cross-border use of its own currency, the yuan. Displacing the dollar, Beijing says, will reduce volatility in oil and
commodity prices and belatedly erode the ‘exorbitant privilege' the United States enjoys as the issuer of the reserve currency at the heart of a
post-war international financial architecture it now sees as hopelessly outmoded." In fact, in the past couple years, China has signed international
currency agreements with Germany, Brazil, Russia, Australia, Japan, Chile, the United Arab Emirates, India and South Africa. Japan and India also
recently signed a currency deal linking their currencies closer together, and lessening their dependency on U.S. dollars.
These agreements are part of a trend that started a few years ago, when a group of the world's most powerful countries, including China, Japan,
Russia, and France, got together for a secret meeting – WITHOUT the United States being present or even knowing about the meeting.Veteran Middle
East reporter Robert Fisk reported on this event in Britain's newspaper, The Independent. Here's what he wrote: "In the most profound financial change
in recent Middle East history, Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealing for oil, moving
instead to a basket of currencies including the Japanese Yen, Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf
Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar." Fisk also interviewed a Chinese banker who said: "These plans will change
the face of international financial transactions. America... must be very worried. You will know how worried by the thunder of denials this news will
generate." And sure enough, after Fisk published the details of this secret meeting, U.S. officials and central bankers from around the globe denied
edit on 13-9-2014 by knightsofcydonia because: (no reason given)