The Emperor is naked. The debt of the US government is turning out to be in fact irredeemable. And gold is poised to break out. Remember, gold outperforms in a crisis.
The inconspicuous beginnings of irredeemable debt have blossomed into a colossal edifice in the United States, a fantastic debt tower that is soon set to keel over. And to top it all President Barack Obama on Saturday further raised the debt ceiling.
Congratulating Congress for restoring a requirement that the federal government spend only what it can afford -- a day after authorizing $1.9 trillion more federal debt, the President signed on the dotted line. And set the tone.
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