Weidemer, ‘Aftershock’ author, agrees with James Rickards regarding Global Currency Wars Impacts
Per site http://w3.newsmax.com/newsletters/fbta/video.cfm?promo_code=F9F1-1, released August 2, one can learn about prospects of global currency wars severely damaging the US economy. The main source for this perspective is ex CIA advisor James Rickards. Robert Weidmer was also featured in this video.
Weidemer did not have a major role in the video. However he did agree that the current total debt and economy which he exhaustively analyzed renders US very susceptible to loosing in a currency war. In the video the most chilling potential prospect was China (holds whopping $2.5 Trillion of US debt!!) directing that its hedge fund investments dump securities denominated in US dollars causing a dollar collapse. This is a real threat. There are reports that China, Iran, Russia, and other countries are interested in replacing the US dollar as the world’s currency. There is great rational for this – our rate of debt is unsustainable! Time all of our Government leaders act on this. How? (1) entitlement, thus debt reform, (2) economic growth via taking advantage of our newly found vast natural gas and oil reserves (and add 2% to 3% to GDP per Investors Business Daily), (3) major tax reform with Fair Tax most promising as it encourages success and investment.
August 12, 2012