Tom Kawczynski - Off the Record

I woke up today to some disappointing but entirely unsurprising news.  One thing that I have been following closely is the qucikly accelerating decline of the US Dollar.  With new suggestions from the UN that we should abandon our currency as the global reserve currency and the hints that the Gulf States are looking to move away from accepting American money for oil, our economy is in for a substantial setback.

The saddest thing is that I cannot even blame these nations and institutions for wanting to move away from this basis.  With debt now surpassing 10 trillion dollars, a series of administrations that continue to spend without even the pretense of accounting for those expenditures, it makes perfect sense to me why others would not want to be taken along for this wild ride.  Sadly, I think things are going to get worse long before they get better.

For the pragmatists out there, gold will continue to rise as the dollar continues to plummet.  If you have your assets or investments in dollar based securities, I'd strongly recommend a re-evaluation of your portfolio.