By S. McGuire
Masterfully researched, and written in an easy kind, purchase Gold Now makes a case for purchasing gold as defense opposed to the emerging dangers of an unheard of international foreign money obstacle and as a ecocnomic funding automobile. Divided into 5 accomplished elements, this trustworthy source examines our country’s present monetary state of affairs from a ancient viewpoint and addresses many of the alarming concerns that many economists are at the moment pointing to with crisis.
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Additional resources for Buy Gold Now: How a Real Estate Bust, Our Bulging National Debt, and the Languishing Dollar Will Push Gold to Record Highs
19 He jokingly asked if the Bank of Japan has actually become a branch of the Fed, the Federal Reserve Bank of Tokyo. But, to continue the not-so-funny joke, the Fed has in effect been opening other branches, as China, Russia, Brazil, and a great many other economies have been amassing trillions of dollars in reserves. S. economy thanks to the low interest rates that our foreign friends have directly and indirectly facilitated. What would happen if they ever decided to cash in their dollars? indd 34 1/12/08 2:36:32 PM Chapter 4 Relying on Foreigners: Our Economic Future May Be Out of Our Hands L ooking down from the debt mountain we have been building since the Bretton Woods Agreement was signed more than 60 years ago at the historical peak of American financial strength, initial worries about central bank reserve accumulation of dollars the Fed was printing seem almost childish.
3 In each case, the countries relied heavily on foreign investment (as we do today), and when they over-borrowed (thanks in large part to historically low interest rates, such as we have) concerned investors fled the countries’ financial markets. The ensuing currency devaluations, despite assistance from the International Monetary Fund (IMF) and other countries, caused sharply higher interest rates and inflation, severe unemployment, and deep recessions. Working in the 1990s in Mexico as an analyst at Barings (the British bank about to go bankrupt at the hands of a rogue derivatives trader), I remember the economic pain the country faced all too well: inflation went from 8 percent to over 50 percent, millions were laid off as many companies went out of business, and countless families lost their cars and homes as debt payments doubled due to skyrocketing interest rates.
8 percent in 1973, more than double the previous year’s rate, and it would soon climb to over 12 percent, a factor which formed a dark cloud of suspicion over the Fed. (Interest rates had been maintained extremely low in 1972, making it a great economic year—the year of Nixon’s run for *These amounts were presented for visual simplicity. But to be precise: if a value falls from 100 to 70, representing a 30 percent decline, the rise from 70 back to 100 requires a 43 percent increase. It’s easier to fall than to rise.