Friday, October 19, 2012
United States should be paying over $1 trillion a year in welfare benefits
Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with your mid-day market update for Thursday, the 18th of October.
It’s hard to believe or even fathom that the United States should be paying over $1 trillion a year in welfare benefits. This is an unsustainable number by anyone’s math.
Because of this massive expenditure, we’re going to see gold skyrocket as paper money becomes worth less and less when reality sets in.
If you were around in the 70′s and thought inflation was bad then, it’s going to pale in comparison to what’s coming up. The only value will be held in land, gold, and raw commodities that can be traded on a barter system.
I hate to sound so negative, but the reality is we did this to ourselves and have no one else to blame.
Let me put this whole scenario in perspective: If you had spent $1 million dollars a day, every day since the time of Jesus Christ, you would not have spent even close to $1 trillion. I think that illustrates just how much money we are in the hole for.
Even the president of Iran is predicting the impending downfall of the US empire. His analysis is based on the collapse of the country’s massive debt. Here is his direct quote: “How long can a government with a $16 trillion foreign debt remain a world power?”
Like it or not, the situation the US is facing now is dire. We must get real, we cannot listen to pie-in-the-sky politicians anymore.