You are here
James Turk: Heading toward another U.S. government default
"How did you go bankrupt?" Bill asked.
"Two ways," Mike said. "Gradually and then suddenly."
-- Ernest Hemingway, The Sun Also Rises, 1926
* * *
By James Turk
Tuesday, October 24, 2023
The financial position of the federal government of the United States has been gradually deteriorating for decades. It is now rushing headlong to the financial tipping point that will cause it to default on its promises yet again. What kind of default will it be this time?
... Dispatch continues below ...
... ADVERTISEMENT ...
Bullion Star Opens in the U.S., Selling and Vaulting Gold and Silver
Bullion Star is now open in the United States, offering gold and silver bullion at extremely competitive prices with free delivery. Bullion Star also offers customers a year of free vault storage along with free delivery as well as storage in its secure precious metals vault in Dallas, Texas.
Storing precious metals is challenging. Homeowner's insurance seldom covers precious metals, and safe deposit boxes offered by banks are neither insured nor covered by the government deposit insurance. Bullion Star's vault is an independently run, Class III UL-rated vault with uncompromising surveillance and round-the-clock security.
With Bullion Star you can transact and store your metals securely and confidentially. Your bullion is fully insured against all risks at full replacement value. Bullion Star uses five audit methods to verify the existence and correctness of your stored bullion.
For more information, please visit:
Will it be like the 1933 default when the federal government reneged on its debt and stopped the deflationary spiral in the dollar caused by the unwinding of the 1920s credit bubble instigated by banks?
Or will the federal government repay its debt by pretending to fulfill its promises with a worthless currency, repeating what occurred in the 1780s with the country's first currency, the continental?
In my books and articles over the years I have been making the case that it will be the latter. The dollar has been on a path leading to its collapse. It is the path of least resistance for politicians and their captive central bankers to take, as evidenced by the dozens of currencies that have failed just in living memory, let alone those from monetary history buried in the fiat currency graveyard and long forgotten.
The erosion of the dollar's purchasing power so far has been gradual, but it is accelerating. Nevertheless, there is still time for political leaders to act.
The right thing to do is simply walk away from the debt and start over. ...
... For the remainder of the commentary:
https://www.fgmr.com/heading-toward-another-us-government-default/
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, November 1-4, 2023
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit: