from King World News
As we move through trading in the back half of December, one of the greats in the business said the price of gold will surge well above $2,000 as the bull market in gold is only just beginning.
Since The Great Financial Crisis Started
December 16 (King World News) – John Ing: For much of the past half century, the dollar was as good as gold, but in 1971 the Fed abandoned the gold standard and unfettered by the gold backing, the Fed created so many dollars that much of the world’s commerce trades in greenbacks. America’s fiat financial hegemony also allowed the US government to print money to wage wars, pay its bills and consume more than it produces. The US as a result has been living beyond its means for over a half century. America was allowed to borrow from abroad forever, contributing to the Great Inflation of the 70s, the financial crisis of the 80s, and the dot-com bubble in the 90s. And, America racked up more debt to fight wars ($7 trillion for Iran and Afghanistan alone), exacerbated by the 2008 financial subprime crash which led to the need for Wall Street’s bailout that cost billions and now trillions of fiscal stimulus.