David Morgan – Market Crash in September 2015
by Greg Hunter
Renowned precious metals analyst David Morgan is out with a new book called “The Silver Manifesto.” In a chapter called “The Debt Bomb,” Morgan lays out the biggest problem and the biggest reason to own precious metals. Morgan contends, “Basically, the United States have exported our inflation to every other country.
So, for them to stay competitive, they are required to weaken their own currencies for what is called competitive advantage. It simply means if they don’t print . . . their currencies would become too strong, and they would not be able to export. In order to keep trade flowing, these other countries are basically required to do what the U.S. government does, and that is export a great quantity of un-backed paper promises that are impossible to pay back.
That’s the crux of “The Debt Bomb.” It’s going to explode. . . . The basic premises are: You default on the debt . . . or you keep kicking the can down the road, and you continue to debase the currency, which is what governments have always done when it’s a non-backed currency.
If you look at the value of the Federal Reserve from 1913 to now, in a little over a hundred years, the Federal Reserve itself will admit that 100 cents is now worth about 4 cents. So, you have lost 96% of the value of the U.S. dollar. . . .
That has been a failure, a tremendous failure. That is a collapse in slow motion.
Now, what we are really arguing about is what’s going to happen to the last 4 cents of the U.S. dollar. . . . It looks to me that at some point, a tipping point, that you will get an acceleration . . . and things will change dramatically.”
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