To out this critically important story, the financial publisher at Newsmax commissioned an Emmy Award-winning director to follow Rickards and a team of economists that includes the chairman of Forbes Media, global market specialist Sean Hyman , and Bob Wiedemer , the author of the New York Times best-selling Aftershock , a book about the imminence of this next global financial meltdown. Together they have, in a documentary film -- watch it here -- discussed and fully exposed this threat to our country.
Rickards believes the Federal Reserve, and our government, have backed themselves into a corner, and now realize that they've not just overseen the massive growth of our debt but also the simultaneous crippling of our "Main Street" economy. They are finally beginning to understand that this is why we are not seeing a real recovery from the recession: Too many Americans have lost good-paying jobs, their life savings, and their investment portfolios, and as a result they are no longer spending nearly enough to bring the economy back to life. Yes, the top one or two percent are doing fine, but that's not enough to bring the Main Street economy back.
So the powers-that-be have turned to measures most desperate, in order to "fix" the U.S. economy: In a display of staggering short-sightedness and arrogance, they're intentionally setting out to weaken the dollar with respect to other currencies.
Problem is, the dollar has slowly been losing its value and power for quite some time. In fact, since the mid-1980s, its value has dropped by 52%. But the dangers become truly manifest when this process of destroying our currency is sped up, which is exactly what the Fed did when they began creating trillions of dollars out of thin air, for their "quantitative easing" programs.
We've already seen QE 1, then QE 2 . . . and QE 3 will become, according to what James Rickards has uncovered, the straw that breaks the camel's back , resulting in severe retaliation across the globe. Why retaliation? Because QE3, if it goes according to plan, is going to push at least $40 billion in money-created-out-of-thin-air through our economy every single month. That's the equivalent of printing $129 for every single American, . . every single month, o ver and over again, indefinitely. Problem is, none of it's going into your bank account. Just the opposite. It's watering down the value of the money you've already saved up. So it's attacking you, and every country in the world, head on. And this is going to continue indefinitely.
For one thing, a weakening dollar means that you will pay ever more at the pump. Look at how high oil & gasoline prices have already gone up as a result of the dollar's fall. And look at what has happened to food prices as well. As the dollar's value continues to drop, you will pay ever more to feed your family and drive to work.
But these aren't just US prices that are rising and that will continue to rise -- they're also global prices. When we cheapen our dollar, making it worth ever less, we reduce the buying power of people in other countries, whose currencies are pegged to the dollar, and they don't like it, so they fight back.
Meanwhile, the Fed and many in Washington . . are flat-out denying that they're causing this currency war. The vice chair of the Federal Reserve admitted as much in a recent statement. However, just because they want to bury this story, doesn't mean that most of the international community and even some in the press are ignoring this looming crisis.
Agreement with Rickard's analysis in the mainstream & financial press
USA Today predicts our next war won't be fought with soldiers, tanks, or drones, but with our dollar. In other words, we're headed for a currency war. Ditto from the Wall Street Journal.
The finance minister of Brazil believes this war has already begun . . . and that there will be "drastic consequences" -- including what Brazil's president called a "monetary tsunami." He then vowed that his country would defend against it. This is how protracted currency wars begin.
The Financial Times has warned that the Currency Wars are heating up and that QE 3 could trigger another clash between the United States and the world. Leaders of the European Parliament agree with this assessment, and fear the implications. Meanwhile, the president of Bolivia predicts a rebellion breaking out between Latin America and the United States. Forbes Magazine editors believe this currency war will destroy the dollar and the wealth of average Americans.
Rickards says we are already locked into the third Currency War in history
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