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Dr. Paul Craig Roberts on Syria, World War III, Dollar Collapse and $30,000 Gold

- Jason Hamlin - Gold Stock Bull

Your argument is rather unpersuasive. It matters not a whit that Russian and Chinese goods and raw materials have already been paid for. Let us just look at China. As of the last reporting period, China holds $1.316T in T-bills. Their citizens hold even more. Their own national debt stands at roughly $2.1T. China's official gold holdings are 1,054 tons. If we assume they screw their own citizens and are just interested in taking care of their own debt, an ounce of gold would have to go for a touch under $70,000. Not even the most shameless gold promoters see a total of more than $30,000. And of course, that would leave the Chinese without a speck of gold. And of course, you have failed to state just who revalues gold. Aside from the market, there is no official body to do that. Additionally, China holds oodles of other US debt such as US agency debt almost equalling their T-bill holdings. If we look at what gold would have to be valued at to offset the loss to their Yank portfolio, gold would top out at over 100 Gs to the ounce. Now i'd be very happy with that, but it ain't gonna happen. No way, no how.....China will continue to protect the value of the US paper they hold. Indeed, despite reports that they are dumping their T-bills, the opposite is true. Official holdings have gone up. Private citizens have been selling. And you can bet the farm that they will not set themselves back 25 years or more because of Syria. They would sooner nuke Syria themselves than do that, especially since they know that America has an easy to implement work-around should there be a concerted move to dump Treasuries.

The world was extraordinarily stupid to allow the Yanks to have the sole reserve currency. The Yanks merrily went about abusing the privilege. And now the world is awash in their debt instruments and can do nothing about it without crashing and burning themselves, for the paper is really backed by nothing more than a promise to repay. It is the oldest trick of government, played out countless times through the centuries, yet creditors never learn. They hold paper backed by nothing and the guys who issued the paper have all the really big guns, tanks and bombs. They bought most of them with the money we lent them. It would be hilarious if it weren't so sad.

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Beginning of the headline :When it comes to war in Syria, economist Dr. Paul Craig Roberts says, “This time the big lie didn’t work like it did in Iraq.” Let’s cut to the chase… the reason for looking for a fabricated excuse to attack Assad is to continue the radicalization of Muslims in hopes that it spreads to Russia and China. It is a way that Washington can de-stabilize Russia and China and get them out of their way in pursuit of global hegemony. Now that the rest of the world (except the French government) sees Wa... Read More

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