Deplorable Complacency Creates A Perfect Atmosphere For Gold

Deplorable Complacency Creates A Perfect Atmosphere For Gold from King World News

This is a very worrisome look at the most terrifying danger facing the United States, plus this could ignite the gold price to $20,000.

September 6 (King World News) – Stephen Leeb:  I’m not a poker player, but I know enough about the game to know that if I did play, I would want my opponent to be either complacent or desperate. Desperation and/or complacency invariably augur big losses.

The U.S., unfortunately, offers a tragic example. Years back we became deplorably complacent. And that has led to a situation where, whether it’s widely recognized or not, we are in a desperate situation with respect to China. There are three ways it can end: lose-lose; win-win; or win (China)/lose(U.S.) with China becoming the world’s hegemon. These three very different scenarios share one common denominator: They all point to huge gains in gold (and possibly silver as well).

Where did the U.S. go wrong? For more than a generation following World War II, we were arguably the greatest country in modern history. While far from perfect, we had basic freedoms, a strong economy that to a considerable degree spread the wealth around, and a high level of social cohesion. For practical purposes we ruled the world…

But that success bred a false sense that we could have it all and get away with anything. Vietnam was the first manifestation of that belief, but we could have recovered if we’d been willing to tighten our belts. Instead, we kept domestic and military spending both at a high pitch. And then, in 1971, we ditched the gold standard, effectively abandoning any possibility of monetary discipline. Still, on the surface, all seemed well. Our overwhelming military superiority allowed us to establish the petrodollar, which ensured the dollar’s continued reign as the undisputed global reserve currency, and with no apparent need to curtain our spending on anything we wanted.

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King World News

Interviews with market experts from around the world with a focus on precious metals.