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America's Fiscal Stupidity Mirrors Detroit

Frank130 Wrote: Mar 02, 2013 11:16 AM
Correct. I'm "betting against" the increasingly worthless US paper Dollar by buying silver & gold with any "spare" US Dollars I find in my bank account (why park US Dollars there with zero interest?). Regardless of where the price of gold & silver might go, I'll continue to "stack" gold & silver... especially on the price "dips", like now. In 10 years, which would you rather have: 1. $10,000 in 2013 US paper Dollars -or- 2. Whatever $10,000 will buy today in stocks & bonds -or- 3. Whatever $10,000 will buy in gold & silver today? I prefer option #3 because I know gold & silver will never go to zero value. They are storage forms of real wealth. Inflation will "kill" #1 & rising interest rates will kill bonds & most of #2.

It’s fitting that on the day Washington, DC is cutting the budget by an agreement that they really didn’t mean, that the city of Detroit will finally get what’s it has needed for a long time: declaration of fiscal disaster.

Michigan’s Rick Snyder has appointed an emergency city manager to do for Detroit what Obama, Biden, the UAW, GM, Chrysler, the city’s council and mayor have not been able to even with a $80 billion bailout of the automotive industry.

“Snyder’s decision comes after a state review team report concluded last week that Detroit is in a financial...