Imagine an ice cube on an asphalt roadway in the mid-summer heat, quickly melting away to nothing. That's a good way of thinking about what government policy has been doing to the value of our money. BUY at Amazon
By Charles Goyette • Reviewed by: George C. Leef at The Freeman
EXCERPTS:
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Goyette begins by noting that while the federal government has been going through money like a drunken sailor for decades, the last ten years have been simply devastating. In 2004 Congress had to raise the government's debt ceiling to over $8 trillion. The increase in federal debt just in the first three years of the Bush II presidency was two and a half times greater than the total debt the government had accumulated from 1776 to 1980. Gold, which Goyette calls the canary in the coal mine, rose to $442 per ounce with that increase. Of course, the politicians could not restrain their appetite for spending and in 2006 Congress once again had to raise the debt ceiling (not much of a ceiling!) to $9 trillion. Gold had risen to $554 by then.
That was not a mere coincidence. Gold's price is a referendum on the expected trend of fiat money—the dollar. Gold has been over $1,200 lately, indicating that confidence in the value of the dollar keeps falling. Goyette shows that there are good reasons why people are losing confidence. When the stock market plunged and financial markets hit the panic button in September 2008, President Bush asked his advisers, "How did we get here?" Goyette provides an explanation that even an airhead politician should be able to understand.
FULL REVIEW
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