Game Changer

As the Senate moves to raise federal debt limit beyond $12.1 trillion by mid-October, as asked by both Tim Gietner and President Obama, a series of game changing events are happening elsewhere.

Today the UN put out a report, calling for a new world base currency, and dumping the dollar.

China is pulling all of its gold reserves out of the London storehouse, and moving all their gold to Hong Kong.

China has given permission for its companies and banks to default on all the derivatives they bought.

And China is officially dismayed at the spending and money printing of our government.

http://thehill.com/homenews/senate/57493-senate-must-raise-debt-ceiling-above-12t

http://www.telegraph.co.uk/finance/currency/6152204/UN-wants-new-global-currency-to-replace-dollar.html

http://thefundamentalview.blogspot.com/2009/09/china-derivatives-threat-updated-and.html

http://www.telegraph.co.uk/finance/economics/6146957/China-alarmed-by-US-money-printing.html

None of this is getting any coverage here. But this could be what sends the dollar plummeting into the abyss of no return. And it will happen at lightning speed, and there will be nothing for our government to do to stop it.

China defaulting alone would be enough to destroy the dollar.