Remember David Walker, Controller General of the United States, barnstorming the country last year with his message about poor fiscal policy? (See this post on David Walker)
Last month we had Richard W. Fisher, president of the Federal Reserve Bank in Dallas, speaking on “Storms on the Horizon”.
First, Fisher explains the problem: “For the existing unfunded liabilities to be covered in the end, someone must pay $99.2 trillion more, or receive $99.2 trillion less, than they have currently been promised.”
The solution, Fisher states, has always been the same – turn on the printing presses. But the outcome, he warns, is an inflation beast that is far worse than the problem that government was hoping to avoid in the first place.
You can read more about Fishers comments, and how to protect yourself and profit from government’s foolish actions, in this month’s edition of Big Gold – hot off the presses yesterday.
