In his latest update, Greg Mannarino discusses the economic impact of Hurricane Sandy, which is now estimated to have caused over $100 billion in damages. Mannarino explains why contrary to what the MSM would have you believe, the massive destruction wrought by Sandy is NOT beneficial to the economy- it is a massive destruction of wealth! Only Keynesian crack-pots believe that destroying real wealth (real, tangible assets) is beneficial to an economic system.
Mannarino also discusses the US debt approaching $16.2 Trillion- a mere $190 billion from the latest debt limit (likely to hit before the end of 2012), and rapidly approaching $17 trillion. Big US debt downgrades are inevitable and coming soon. As the bond vigilantes finally turn their focus to the US dollar, gold and silver will respond spectacularly to the upside.
Seventeen Trillion Dollar Debt Is Just Around The Corner
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Add a Trillion here and a Trillion there, and pretty doon you are talking about real money.
Well if this good I guess the ultimate good fortune for the economy would be an 8.9 quake under sanfrancisco. Just trying to underscore the stupidity of some statements when taken to their logical conclusion.
Hunch
Lol I doesn’t help the economy it drains the economy and the Insurance Agencies Lol Print, Print, Print Ben. Lol O! and I forgot the New York Marathon will bring in some Fiat, What a joke. Lol
Marathon has been canceled last I heard.
Yea MaryB a couple of hours ago after all the other top officials lined up against him. Bloomberg is a joke, then he say’s, “We would not want a cloud to hang over the race or its participants, and so WE have decided to cancel it,” The Cloud was Formed when HE decided to go ahead with it. LMAO
Long ago, Bastiat’s ‘broken window’ analysis thoroughly debunked this stupid notion of economic ‘gain’ from ruin. Only the most idiotic of our fellows see any distorted ‘logic’ in it.
Hi! Buddy I’ll Give You All This Fiat For One Of Your Silver OZ’s
Silver lover:
Gold lover:
Fiat lover: Hahaha! Look at you guys putting putting wealth on scraps! You can’t even use them to buy stuffs from a local grocery store!
Gold lover: But at least my wealth is international so I can use it anywhere I want and people will accept it! Plus, precious metals don’t lose purchasing power and they have intrinsic value.
Silver stacker: Plus with silver, it has an industrial and an investment uses.
Fiat lover: Look at me! I can use my bills to wrap up my weed and then smoke it.
*Fiat lover lights up his joint and accidentally drops it on his pile of cash*
Fiat lover: NO! My money is burned! Now it’s gone!
Silver lover: That’s why money should be durable.
Gold lover: Yup! So technically, your fiat dollars are not money because they weren’t durable against the fire.
Let’s not all get too excited here. I mean, heck, it’s not as if it was REAL money, right? TPTB knows that fiat isn’t any more real than Monopoly money, so why worry. They can always zap up any amount they need from the same thin air as always. The national debt is already too big to pay off and will be defaulted on at some point, so why not run it to the moon? Party on, dudes and dudettes. ;-)
According to http://www.usdebtclock.org/ , it took about two months for the USA to gain the additional 241,000,000,000$. The US national debt will reach 17 trillion dollars in about seven months from now if it keeps accelerating at this rate.