The Smartest Thing The President Could Do Right Now. By Gregory Mannarino
The smartest thing the President COULD do RIGHT NOW is immediately by exec. order fix the dollar by backing it with a fraction of REVALUED 10X gold. This would stop China in its tracks. It would also hit stocks, but it would turn this entire thing 180 in the blink of an eye and PROTECT the US Middle Class. STOP PLAYING THE DEBT GAME MR. PRESIDENT...
In order to do that, the US government would need to own enough gold to back the money supply. And I mean proven, not just as a statement on a piece of paper.
I actually don't believe they have that much gold. China on the other hand, has lots of gold, I'm sure. So they would be still (or again) in advantage.
The problem with that is the amount of debt we have, we'd have to actually pay it back. Whereas it's lookin like we're going to attempt to inflate our way out. Not a bright future to look forward to here...
That would be great. I wonder if the Chinese would respond by backing their currency with gold as well.