Richard Russell RRThe US is now living on credit. The US is paying for its massive imports with credits and paper. And that is unsustainable. The big picture today is how long the dollar can hold up under these conditions. The game will go on as long as the rest of the world continue to accept dollars.
Today there are two viable alternatives to dollars. One is another form of central bank paper -- the euro. The other is the only time-honored form of wealth -- gold. Both the euro and gold are now moving higher.
The central banks believe they can control the world's monetary system. They print the money, and most of the world accepts it. But there's a small segment of the world that has learned the lessons of history. This is the segment that is now accumulating gold.
Richard Russell