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NIA Calls U.S. Recovery ‘Phony,’ Recommends Buying Gold

March 11, 2010 by  

NIA calls U.S. recovery 'phony,' recommends buying gold Even though most media commentators claim that the economy is turning around, the National Inflation Association (NIA) has said growing imbalances make it impossible to achieve a sustained recovery.

In particular, although U.S. consumer spending was up 0.5 percent in January, the national savings rate fell to a 15-month low of 3.3 percent. However, in order to spur a lasting recovery, the NIA believes the savings rate should exceed 10 percent.

The organization also points to decisions being implemented in countries such as Canada, which is trying to cut its government spending and reduce budget deficit in order to achieve a balanced budget by 2016. Similarly, Australia’s central bank has raised its benchmark interest rate to 4 percent.

According to a NIA press release, "If the U.S. doesn’t follow in the footsteps of Canada and Australia, instead of Zimbabwe, we could see massive emigration out of this country [as a result of hyperinflation].

Moreover, the NIA says that as the U.S. dollar is declining, China will be building up their gold holdings in order to ensure the stability of its foreign currency reserves. This will drive gold prices up, and provide great investment opportunities for Americans who are concerned about shielding their wealth and assets from the ravages of inflation.

"It is only a matter of time before the world wakes up and realizes the U.S. economic recovery is phony and the only way our debts will be paid back is through monetization," the release concluded.
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  • s c

    If you can invest in gold (or anything else that tends to hold its value), then do it. Not everyone can. At some point, all fiat currencies self-destruct.
    When that happens, you barter or find other ways to compensate for bad, incompetent government. For those who are in complete denial of history, kindly remember what happened to Germany after WWI. Paper money was basically useless, and could have been used for toilet paper, redecorating walls or a novel way to create art works.
    Certain names come to mind, in the event that America has to learn the hard way, and new faces are put on various denominations. The government won’t ask me for advice, but we do have many persdonalities in DC who should grace various bills. Anybody else out there have some names they want to suggest?

  • MW

    NIA is correct. There is no recovery. As a matter of fact, expect the overall economic situation to get worse. Buy gold & silver. Stock up on food, guns & ammunition. Protect yourself & loved ones. As one who has studied economics for over 40 years, I can tell you that an economic recovery is almost impossible. Unlike the 1930′s, there is no industrial base left for the unemployed to return to when the economy picks up. Also, many service jobs are being eliminated. Most Americans are neck deep in debt & will never be able to pay even a small percentage of it off to the banks & credit card companies. You also have a large segment of the population now dependent on government for their very existance. Add it all up & the result is going to be one hell of a mess when the economy implodes. After that….?

  • CJ

    I agree wit MW. What I call the Over Confident Generation, has lived the last 20 years just like our grandparents did the 20′s. It’s now 1929 again. We’ve found ways to stave off the “crash” twice now, but the fact is, we’ve still created an economy that will only culminate in a crash. We can’t hold it off for ever.

  • Raggs

    Boy you said it right… I wonder what is going to happen when all of the government dependants are cut off of welfare and the unemployed run out of benefits?

  • Marc

    Just who or what is the “National Inflation Association” ?

    http://en.wikipedia.org/wiki/Jonathan_Lebed

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