/PRNewswire/ -- The National Inflation Association today released the following statement to its http://inflation.us/ members:
"On March 5th with the U.S. Dollar Index at a multiyear high of 89, we wrote an article entitled, "The World is Awashed with Dollars" and said, "It's a real shame that those who lost most of their money in the stock market and Real Estate bubbles, and are now finally selling out after these markets have already collapsed, are positioning themselves to get wiped out all over again through massive inflation."
On March 26th we wrote another article entitled, "Don't Be Last Person Out of the Dollar" and said, "They (the politicians in Washington) will soon learn that you can't reinflate a bubble as Americans start to wake up and begin pouring their Dollars into real, hard assets like Gold and Silver."
Since then, the U.S. Dollar Index has fallen practically straight down to a new 52-week low of 76, while gold has risen to a new 18-month high of $1,025.80 per ounce and silver has risen to a new 13-month high of $17.63 per ounce. Meanwhile, several of our gold and silver stock suggestions have gained over 100%.
Ben Bernanke said this week that the recession is "very likely over." Yes, the recession may be over in nominal terms, but massive inflation has just begun and prices of stocks and real estate will continue to plummet when valued in real money, gold and silver. You can't just print your way out of a recession without increasing production. Sure, if you print enough money prices of stocks and real estate will rise when priced in dollars, but that won't mean a thing when it costs $10,000 to fill your refrigerator with food.
We are very happy that Peter Schiff announced on Thursday that he is officially a candidate for U.S. Senate in the State of Connecticut. We are big supporters of Peter Schiff with two of our co-founders each donating $2,400 to his Senate campaign. We are extremely pleased to be hearing from countless NIA members who have also contributed to the campaign. Unfortunately, even if Peter Schiff is elected and is able to help persuade Washington to reverse course immediately, it may still be too late to prevent hyperinflation. Every day that goes by with interest rates at 0%, tremendous damage is being done to our economy that we may never recover from.
China is now beginning to sell yuan-denominated bonds in Hong Kong while encouraging their citizens on state-run television to invest in silver. These moves are quietly positioning China to move away from the dollar as the world's reserve currency. When this day comes, all hell will break loose.
In the weeks ahead, we will be launching a new feature on our web site called NIAnswers. It will be a fully interactive section for you to submit to us your questions about the economy and inflation, and search through previous questions and answers that will be categorized in a database. We need to educate America as to how we will feel the pain of the government's trillions of dollars in wasteful spending so that at the next major tea party protest, we have hundreds of people holding inflation related signs. If Obama's supporters became aware of what happened in Zimbabwe when Robert Mugabe implemented the same policies that Obama and Bernanke are implementing here, they would see the light and jump to our side."
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