From Market Oracle
By Joseph Russo
''Aside from a clear unwillingness to admit the reality of epic failure
and total defeat, the powers-that-be insist upon believing that they
can still pull magic rabbits from their empty hat of totalitarian
deceptions.
One can effectually argue that the US and by default the entire globe
fell from the proverbial fiscal cliff more than 40-years ago when
Nixon closed the gold window ending the Bretton Woods agreement.
In slight contrast, from the perspective of the chart below, one can
also argue that the 40+-year experiment in the global debt-based fiat
currency system ran out of magic inflationary rabbits to deceive
humanity just prior to the turn of the millennium.''
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