You Owe $129,000
by Martin Armstrong, Armstrong Economics
Gold V. Money
Why people are passionate about gold insisting upon it being MONEY is very strange. What they are really saying is there should be a balanced budget. They are generally against communism/socialism. To defeat these vices we need political reform, not a gold standard, for that would blow up and give the communists/solcialists ammunition to say: See the gold lobby is wrong!

It is far better to carefully parse what it is that needs to be fixed. Otherwise, you will end up like the character in My Fat Greek Wedding where everything can be cured with a spritz of Windex. Gold is not Windex. It gets a bad enough rap because it exposes the error of modern fiscal management.

It is the debt that creates the economic chaos.

Our national debt is over $14 trillion in the US. That is more than $129,000 per taxpayer. What bank would lend every taxpayer $129,000 UNSECURED? The political rhetoric over the debt ceiling that America has to pay its debts is nonsense. Let us knock-off the bullshit. Just tell every taxpayer he has to pony-up $130,000 right now. That is probably in excess of whatever equity that might remain in all the real estate in the USA. A gold standard will NOT fix this mess.

It’s the debt! The US cannot pay that debt. Has no intention of ever paying that debt. So let us get on with it and just default and start all over again! That will be the end result anyway. So who are we fooling? Just those who prefer to be fooled! This is why gold is now rising. So stop the stupid gold standard stuff that is about as realistic as a balanced budget amendment. Just buy gold and enjoy the hedge. We can’t fix the system for there is too much disagreement. It has to collapse!