Did we say sell gold? Nope, we did not. Gold is probably beginning a serious correction. If not now...soon.
A serious correction will take the price down 10%...or 20%...or 50%.
What should you do if gold goes down 10%? Buy it!
And what if it goes down another 10%? Buy more!
And what if it goes down 50%? Back up the truck.
The dollar-based money system is going to fall apart. Gold going down? It's a gift. Take advantage of it.
And here is why the money system is going to come unhinged. Here's David Leonhardt, in The New York Times:
A serious correction will take the price down 10%...or 20%...or 50%.
What should you do if gold goes down 10%? Buy it!
And what if it goes down another 10%? Buy more!
And what if it goes down 50%? Back up the truck.
The dollar-based money system is going to fall apart. Gold going down? It's a gift. Take advantage of it.
And here is why the money system is going to come unhinged. Here's David Leonhardt, in The New York Times:
Imagine that Democrats and Republicans somehow came together and agreed on a grand bargain to cut the deficit.
They decided to cut the pay of federal workers over the next several years, close military bases, reduce foreign aid, eliminate earmarks, expand the payroll tax and cut Social Security benefits for high earners, as the chairmen of a bipartisan commission recommended last week.
Democrats also accepted the plan from John Boehner, the presumptive House speaker, to make large cuts to social programs. Republicans accepted President Obama's proposal to let the Bush tax cuts expire on income above $250,000.
If the two parties managed to do all of this, how much of the country's long-term deficit would they eliminate?
About one-third of it.
The government has not yet solved the deficit problem, the economist William Gale of the Brookings Institution says, because voters have not yet demanded it. They have rewarded politicians who say they are worried about the budget much more than politicians willing to make specific benefit cuts and tax increases. All of us would prefer generous benefits and low taxes.
"Whatever the eventual solution is," Mr. Gale said, "it will probably be something that is not politically feasible now."
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