728,0000 Silver Eagles Sold in the First Five Days of December
What reality do you live in? The national debt is $16.5 Trillion. The budget is off by over a Trillion. There are only 2 ways out of this mess: Austerity or Inflating our way out of it. If you think what is going on in Greece is bad, imagine spoiled Americans being told they have to give up SS, Medicare, Food Stamps, Unemployment checks, cuts in retirement benefits etc... congress would be strung up by their icicles.
the fiscal gap has gone down two years in a row. That is the realthy I live in. It will go down this year two once the fiscal cliff is resloved. Then, we''ll be closing in on the 2.5% budget gap that has worked for generations as nominal inflation covers the bridge. Math 101.
You see, the doomers are just clinging on to dear life now. While the bullish ones are cleaning up!
Betting against America has been a poor bet for 200 years. It'll likely be so over the next 1, 5, 200 and 400 years pal. Now go back to your cave and keep dwelling. Meanwhile, I'll keep LIVING!
IMHO the coordinated central banks have been keeping everything relatively stable. Fed intends to inflate at 4 to 5 percent a year. As long as no Black Swan event to topple the system the US will inflate their debt away and use Natural Gas exports to create export surplus. Problem is middle class will be destroyed by inflation as their buying power shrinks as dollar shrinks from all the QE's. Gold and silver is a prudent thing to own. Greece is in a bad way because they cannot control the Euro. The US can still print dollars.
The Fed tried to curtail inflation 32 years ago, by raising rates. In Dec 80 the prime lending rate rose to an all time high of 21.5% interest. Our current Fed funds rate is targeted at 0% - 0.25%. We are in the hole about a trillion dollars annually. The Fed can't raise rates to fight inflation. That's their hammer and they can't use it, so they Twist and QE. As far as a Black Swan goes, there was a time when all we had to fear was a russian nuke attack. Those were the good ol days.