“The game of chicken that foreigners have been playing with their $[US Dollar] reserves will come to an end. Someone will flinch. The world’s banking system primarily uses Dollars for its reserves. The other currencies used as reserves, Yen, Pounds, Euros, etc. also use Dollars as reserves. Countries are using each other as reserves in a never ending circle of falsely created values. Think of it this way, it is like two people trying to hold each other up off the ground at the same time without either touching the ground. There is no backing or foundation to any currency nor to any banking system worldwide. The last semblance of support was knocked out from under the system back in August, 1971 when Nixon closed the Gold window. Who will be first to sell Dollars? Who will be next? Who will be the first to flinch in this game of chicken? I have no idea, but when the $[US Dollar] selling starts it will snowball. It will probably destroy the entire worldwide banking in less than two weeks time once it begins. Markets will close for unspecified amounts of time, distribution, trade, travel, will all cease for unspecified amounts of time. Foodstocks will be wiped out in a week or less. This will change the world as we know it.” – Bill Holter, Fannie and Freddie in the Lap of the U.S. Treasury
Jim’s Quote of the Day:
