November 5, 2009Patrick: After 24 hours in Los Cabos I’m already feeling richer. Bill Gates, eat your heart out, I’m a TRILLIONAIRE!
And so is everyone else…
We’re all holding $10 trillion-dollar bills from Zimbabwe, courtesy of Asset Strategies International – one of the must-see exhibitors at the Offshore Advantage Academy.
Quite the conversation piece! But if we were to convert this note to Pesos and hand it to a porter at the Westin resort, he’d probably give us the stink-eye. (At best it could buy a stale loaf of bread.)
No wonder Zimbabweans have rejected their currency and turned to gold.
Could this ever happen in America?
The short answer is, yes. It’s happening right now, at a slow, but steady pace. A world reserve currency like the dollar can’t “disappear” overnight. But make no mistake – it is on a slow boat to China.
29 years ago, The Sovereign Society’s Chairman, John Pugsley, summed up the dollar’s demise in his New York Times Best-Seller, The Alpha Strategy:
“You are the target of the greatest sting in the history of mankind… To give you an idea of the magnitude of your loss, you are being steadily fleeced of about half of everything you earn and, in the long run, of the majority of everything you save.”
According to our Chairman, “there’s no such thing as a tax cut.” Sounds strange, I know. Who wouldn’t want to pay less tax?
But the fact remains, the Feds could cut your tax bill in half and you still wouldn’t come out ahead. They could slash every tax in the IRS bible…and it wouldn’t matter! And I’ve got proof.
Take a deep breath then look at this chart…
U.S. Spending Continues to Climb…No Matter Who’s in Office
John showed us how government spending has been on a near-constant uptrend. ALL this money has to come from somewhere. And if they’re not taking it from you today, they’re surely swiping it from you “tomorrow.”
There are only two ways someone can rob you: by force or by fraud. And in this case, the fraud of inflation is robbing Americans blind.
Of course, not if we can help it. That’s what the rest of this week is all about. I’ll be back with more currency notes from here on the ground in Los Cabos. Till then…
Patrick Bove
Your Offshore Advantage Insider
