The Little Book of the Shrinking Dollar: What You Can Do to Protect Your Money Now

Ron Paul: Expects a Basket . . . of Gold

We’ve had the pleasure of working with Ron Paul on several occasions, and while congressmen really aren’t allowed to give investment advice, they can make sound predictions about the general future. (Well, perhaps he’s a Cassandra among fools, but we can’t think of anyone who better knows the damage Congress has done to the dollar.)

Good Dr. Paul warns:

But I think eventually the world monetary system will revert to a gold backing. Countries like China, Russia, and the Middle Eastern oil-producing nations understand the importance of gold, the weakness of the dollar, and the necessity of weaning themselves off U.S. debt. If another country were to back its currency by gold, I could see it becoming the preferred reserve currency. I don’t think it would happen anytime soon, but the process conceivably could start within the next five to ten years. The U.S. Congress and Federal Reserve will have only themselves to blame when the U.S. dollar loses its global status.

Naturally, we know Bill Bonner agrees. He calls it Zombie-ism and it’s the latest phenomenon he’s keeping tabs on in his weekly “Daily Reckoning” essays.