The Phaserl


Washington Finally Telling the Truth?

by Bill Holter, Miles Franklin:

Well, well, well, it has finally arrived!  The New York Times printed an Op-Ed piece by Jared Bernstein, former economic advisor to Joe Biden and part of the economic team for the White House from 2009-2011.  In it Mr. Bernstein floats the trial balloon filled with highly flammable gas which suggests the U.S. should “voluntarily” give up the throne of issuing the world’s reserve currency.

You had to know sooner or later something like this would come out.  Clearly China, followed by the rest of the world and including most all of our allies already know the dollar will be replaced …but, someone had to “warm up” the U.S. population for the inevitable.  Before going any further, please understand that the average American has not one clue about currency fluctuations, cross rates, or what a strong or weak currency even means to trade, trade deficits, purchasing power or anything else.  The only thing the average American knows is how much more a trip to the store or anywhere else costs now versus last week or last year …but, someone (in this instance Mr. Bernstein) has to put the story out there so no one can say “but they gave us no warning.”

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