At 21:17 15/08/2012, Arthur wrote:
6. That governments will argue about debt this and deficit that but
when the crunch comes, new money will be found.
Yes -- and that's the problem. Ever since the 1930s, Western
governments have found new money by printing it. All told there has
been a 40-fold inflation (that is, depreciation) of national
currencies. And, using the latest euphemistic dodge -- Quantitative
Easing -- it has been accelerating since 2008. The latest bout has so
far been accumulating in the banks which still have massive debt
problems and might have to continue for many years yet until debts
are paid off or written off. Or QE might suddenly spring
hyperinflation of the US dollar or the Euro (or both simultaneously) upon us.
Unless America and Europe bring out a gold-backed currency (that is,
beyond government manipulation) then China might do it all by itself.
It is already buying gold mines wherever they might be available
(Peru, Canada, Tanzania, South Africa, East AFrica, Australia).
Keith
Keith Hudson, Saltford, England http://allisstatus.wordpress.com
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