In the aftermath of last week’s disaster for the Fed, today Canadian legend John Ing sent King World News a tremendous piece. Ing, who has been in the business for 43 years, says that a major financial earthquake is now underway and gold is at the center of it. Below is what the 43 year veteran had to say in his powerful piece.
By John Ing
September 26 (King World News) – “Fed In Trouble As Gold To Become The Default Currency”
After a five year spending binge and trillions of newly created debt from rounds of quantitative easing, there is an unwanted side-effect. July’s deficit was $148 billion and the Fed’s balance sheet has expanded at the expense of the private sector inflating asset prices instead of the economy.
As a result, Wall Street has fared better than Main Street. However, the long awaited plan to reduce the Fed’s purchases of America’s debt brought not relief but angst among governments, investors and now the Fed is addicted to ultra-cheap money….