Currency Exchange Controls Are On The Way

The last time America experienced a debt collapse on this scale (the Great Depression), the government seized all of the privately held gold in the country, then devalued the dollar by 60%. Most people have forgotten this lesson: When the government gets desperate, it will openly steal from its own citizens. Back in the 1930s, currencies around the world were based on different weights of gold. Today, currencies aren’t backed by gold, they’re backed by U.S. dollars. As the Fed devalues these dollars, everyone is going to want out of the dollar. And our government will do everything it can to prevent anyone from selling the dollar…

That will mean rules against taking money out of the country. It will mean rules against buying gold, silver, or foreign currencies. And I can even tell you the exact day these controls will take effect: The day after the Treasury secretary promises America will never institute exchange controls. There’s no liar in the world more full of crap than a Treasury secretary in the midst of a devaluation. If you don’t have a foreign bank account, I highly suggest you open one now, while you still can. At the very least, you ought to own gold, silver, and oil, either directly or via securities. (And currently oil seems cheaper than gold…)