Barron:  “Gold is soaring today as a result of the chaos which has been taking place in Washington, but mostly because of the Chinese downgrading the United States.  The Chinese know that all the US did was defer this crisis and not solve anything.

So, this morning one of the Chinese rating agencies downgraded the US.  This may not be seen as significant as one of the major rating agencies downgrading US debt, such as Fitch or Moody’s, but it lit the gold market on fire and tanked the US dollar....

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“Remember, the Chinese have been quite vocal recently regarding the US debt crisis, and this is yet another way for them to use their immense and growing international influence to pressure the United States.  The international community is definitely taking note of what is transpiring here.

The Chinese know the US will be facing this crisis deadline no later than the 15th of January because that’s when the federal government runs out of money again.  By the 7th of February, the debt ceiling also gets hit again.  The reality is that the Chinese wants to make damn sure that the US does not damage their enormous foreign exchange holdings in the dollar.  That would literally be the type of thing that can lead to war.

America is supposed to be the most powerful country in the world, and what we are witnessing right now is absolutely pathetic.  People in Washington saying things like, ‘We can’t run the government -- we’ve run out of money.’  It’s unfathomable for the US, as the one country that prints the world’s reserve currency, to be having statements like that emanating out of Washington.  This is truly unbelievable.

But the real problem the US faces is that the $85 billion a month in stimulus is no longer making a dent in the economy.  So the situation in the US is now becoming very dire, and foreign nations are not going to buy US debt with this type of continued chaos and uncertainty.  These countries will want higher interest rates, but if the US pushes interest rates higher they are going to crash the economy. 

So this is truly a disaster that is now unfolding.  And without all of the massive amounts of QE which have already been injected into the system, we would have already seen a depression like the US experienced in the 1930s.  But the frightening reality is that the fundamental problems in America, and in American society, are simply too deep to fix.

There is just too much personal, corporate, and government debt which has to be purged from the system somehow.  But, unfortunately, before this process is completed it will be far more devastating and punishing to Americans.  I hope the people and the nation itself will be able to survive and climb back from the depths of what will be increasing misery.”

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