Self-Induced Decline and Fall

by Dave Blount | October 1, 2010 1:32 pm

Even at a record high, investors say gold is a good deal — because unlike the dollar, liberals aren’t able to destroy its value[1]:

The US supremacy as the top world economy will end sooner than many people believe, so gold is a better investment than the dollar despite it hitting a new record, Tom Winnifrith, CEO at financial services firm Rivington Street Holdings, told…

The US trade deficit and debt continue to grow and the authorities are reluctant to address the problem, preferring to print money, Winnifrith said.

“America is practically owned by China,” he said.

He reminded of the fact that in 1900, sterling was the world’s reserve currency but by 1948, that was no longer the case as the British Empire collapsed.

“America is doing what Britain did,” Winnifrith said. “America spends much more than it can afford and it’s not addressing the issue. …

“The decline of empires has happened much faster than folks think. I believe that gold will be a far better bet in 20 years than the dollar,” he added.

Because America has made catastrophically poor decisions, most notably in the 2008 elections, other countries will soon be making our decisions for us. Our hands won’t be on the wheel anymore when China and India become the dominant economies.

Liberals wanted to bring America down for being “arrogant.” By spending us toward collapse, they are succeeding. We’ll see if it makes for a better world.

On a tip from Judith M. Cross-posted at Moonbattery[2].

  1. destroy its value:
  2. Moonbattery:

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