I recently reconnected with a longtime friend who is in the process of re-deploying a significant amount of his portfolio into gold and gold-related assets. He's buying some physical gold. He's looking at investing in the only two gold ETFs that actually hold real physical bullion. He's contemplating the purchase of a precious metals fund that will give him exposure across the major gold producers and he's doing a private placement into a junior mining company that is about to release it's initial 43-101 resource estimate and go into production, possibly late this year. He is doing all this because he is convinced too many dollars have been printed or promised and as a result, the dollar is going to continue its decline, and inflation, possibly even hyperinflation, is going to emerge as other countries, and some U.S. states, become insolvent and default.
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It's not the end of the world, but you can certainly see it from here. At least, that is, the dollar denominated world. Case in point: A Bloomberg article this week discusses that Moody's has released a report that says: "The U.S. and the U.K. have moved “substantially” closer to losing their AAA credit ratings as the cost of servicing their debt rose."
According to Moody's baseline scenario, the U.S. will spend more on debt service as a percentage of revenue this year than any other top-rated country, except the U.K., and will be the biggest spender from 2011 to 2013.
Financial TV was quick to dismiss the credibility of this report by calling into question Moody's unfavorable track record of rating banks and other institutions throughout the financial crisis.
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Congress is a collective mess. Bills are routinely passed that neither House nor Senate members have read. Legislators return to their states proclaiming THEY are doing a good job. It's always the OTHER legislators or the OTHER party that is the root of all evil. When something occasionally goes right, individual legislators step into the spotlight and claim credit. When something goes wrong or is unpopular, those same legislators hide behind the collective shield called Congress. In other words, Congress is a dysfunctional team.
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