I heard this on line from Jim Richards that at the end of the year the American Dollar will be no more because the world is going to SDR bonds. I'm asking that Meddows please answer me or check on this. It said that this will afect my S.S. and money in the banks. The dollar will be no good anywhere in the word only in the U,S. Can I please get a reply on this.
Answers (2)
In all history every use of unbacked paper money has resulted in a collapse within forty years. The USA is now in the 47th year since Nixon abolished gold backing of the USD in 1971, and in the eleventh year of a slow noisy collapse counting from the double top in S&P500 in 2007. The collapse has been drawn out and concealed by remarkable amounts of liquidity created by the Federal Reserve specifically to cover it up. Liquidity basically means credit. Economists point out that liquidity does not cure insolvency.
SDR just means more liquidity. The popular press calls that "kicking the can down the road." Constitutionalists call it taxation without representation, because the debts must be paid by Americans not born yet, and unborn people have no representation.
People who understand this are buying silver as fast as they can. Not usually gold, although there is nothing wrong with buying gold. It is only that gold is expensive relative to silver right now. The day will come when you can't remember what you paid for your metals, you will just be glad you have some.
People who make such outrageous claims don't make them for your benefit, but their own; if not outright scamming, then in price manipulation. What you hold should represent confidence based on your own judgement of facts.
The mere fact that you live in the usa, along with all your family and friends, and not "the rest of the world", should at least give you some confidence that you wouldn't have to fend for yourself in a complete collapse. It's not 100%, and you should possess diverse assets (preferably of lesser diminution nature), but these should be decided in consideration of major events & long term trends, not in a panic.
By the way, bitcoin hit the headlines abundantly over recent years, yet around here the government has rejected or limited its exchange. You could be a multimillionaire theoretically yet unable to cash out or buy aught with it.
I have no idea what or who meddows is.