by Jim Willie:
"Gold is becoming the Device of Financial Self-Determination, since it is free from debt and counter-party risk. The value and role of Gold has become well recognized in the last few years, especially since the financial crisis broke wide open in the summer 2007. It seems strangely obvious that Gold is money and the USDollar is not. As money flees for safety in Europe, England, and the United States, the story not told is that the monetary system is crumbling. The process has been underway since Greece broke down in December 2009, following the Dubai World debt bust. For two years, the Hat Trick Letter has been warning that Greece was simply the much smaller opening act. The real climax events in Europe would be Italy and Spain, whose government bonds are also captive wards of the Euro Central Bank state. The EuroCB acts more and more like an elite independent state, even with occasional defiance to the Germans and their Bundesbank stellar central bank, chock full of integrity, expertise, and tradition. Unfortunately, the Bundesbank signed on with the European Monetary Union as the Clydesdale horse without a side horse partner of equal strength and durability to pull the Euro stagecoach. Therefore, the ill-designed team in front steered left into the ravine. Next comes the abyss without the horse of Teutonic breed at all...."