So, with no real end to this madness in sight, global investors have been dumping dollars on a massive scale, sending the value of the greenback into a nosedive. And believe it or not there's an even more terrifying threat to the US dollar on the horizon:
On February 10, 2011, the International Monetary Fund (IMF) disclosed details of its plan to replace the US dollar as the world's reserve currency!
Here's what that means
Right now, the US dollar is the currency used for most international trade and settlements. And because many items sold on world markets can only be purchased with dollars, many countries are forced to buy dollars, whether they like it or not. But now, the Fed's massive "counterfeiting" scheme has the IMF, the United Nations, the central banks of countries from China to Russia, and even the UK demanding a change. Which introduces an even big danger: If a new currency replaces the dollar, the prices of just about everything you buy will skyrocket! -- which means that unless Washington makes DRAMATIC changes, the dollar's value will go into free-fall and will thereby light the fuse on the greatest explosion in consumer prices in our lifetime. Oil prices, gasoline prices, food prices, all could double, triple, quadruple, or more. You could suddenly find yourself paying more than $11 for a gallon of gasoline ... $6 for a dozen eggs ... $5 for a loaf of bread ... $10 for a pound of hamburger and $11 for a gallon of milk! Meanwhile wages would either stagnate or shrink, as recession ensued and employers began massive layoffs.
Skyrocketing food and energy prices would then mean that millions of formerly middle class Americans will be pushed into joblessness, poverty and utter dependence on the government.
How bad could this get? Well, you know about the unrest that overthrew Egypt's government. You've seen the chaos in the streets of Libya, Yemen, Bahrain and even in countries that were supposedly among the most stable in the world. The demonstrators and rioters themselves said that they took to the streets mainly because of soaring food PRICES!
The first massive debt crisis is the massive implosion of FEDERAL debt that's now threatening to erode or even destroy your retirement, your Social Security, your healthcare and more. Our national debt is now over $14 TRILLION ($10 trillion of which was racked up during the presidencies of Reagan and the two Bushes). The White House recently admitted that the 2011 budget deficit will be a record breaking $1.7 TRILLION!
Yes, Washington bailed out General Motors, Fannie Mae, AIG and dozens of giant banks. But there's no one on the planet rich enough to bail out America!