Forensic macroeconomic analyst Rob Kirby thinks the U.S. dollar is in big trouble. He says the tip-off is skyrocketing crypto currencies such as Bitcoin. Kirby explains, “The rise of the crypto currency is an expression of the rejection of the U.S. dollar as a store of value in international markets. To back that statement up, I would only point to the four largest crypto currencies by market capitalization and what they have done in the last three months. . . . Bitcoin gets most of the press, and there is a good reason for that. It is the biggest crypto currency by market capitalization at around a $34 billion market cap. That $34 billion market cap has doubled in the last three months. The three crypto currencies behind Bitcoin in market capitalization are Ethereum. . . . It has gone from a market cap, three months ago, of $1.12 billion to $15.7 billion. So, it’s up 13 times in three months. The next biggest one by market cap, it’s called Ripple, is currently at a $12.9 billion market cap. Ripple had a market cap 3 months ago at $205 million. So, Ripple has gone up 60 times in the last three months. The next crypto by market cap stands at $2.38 billion and it’s called NEM. Three months ago, NEM had a market cap of $56.8 million. . . . So, it’s gone up 20 times in the last three months. To anybody paying attention, I would suggest that if gold and silver were not strapped down in a straight jacket with the suppressive activities of the central banks and the Exchange Stabilization Fund (ESF) in the United States, they too would have probably ratcheted up 10 to 20 times easily in the last three months because what we are experiencing globally is the rejection of the U.S. dollar.”
Kirby says the key assets in the game for the big money players are gold and silver. Kirby contends, “The Achilles heel of this whole shooting match truly is physical precious metal. It’s the one thing you cannot paper over unless you have people willing to excuse you of making a physical delivery of metal for a premium. . . . So long as people are willing to take fiat money in lieu of physical precious metal, the game can continue. The minute someone is due a large chunk of physical metal and the seller cannot supply it . . . that’s when this whole thing unravels. That’s when we see an uncontrollable rise in the price of precious metals like we’ve seen in the last three months in the crypto currencies.”
Former White House Budget Director David Stockman thinks a big financial crash will happen this fall. What does Kirby think? Kirby says, “Pay attention to the rapid ascent in the crypto currencies . . . they are likely nodding their head in agreement with Mr. Stockman’s prognostication that a crisis occurs sooner rather than later. If we see these crypto currencies continue to vector up, it would imply to me a market crash is very near at hand. For what is coming for the U.S. dollar, having it timed to the day, week or month, isn’t the big issue. The really big issue is what comes after. I do believe there will come a point with the physical precious metals, there is going to come a point, whether you have it or you don’t, and if you don’t, you won’t get any because it won’t be available. I have long said that there will come a day that you will not be able to buy precious metals with U.S. dollars. That day is approaching.”
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.