U.S. May Have Already Fallen Over the Cliff

Regardless of the outcome, the heated debate over America’s fiscal cliff signifies nothing.

But gold’s growing role as a hedge against global fiat currency debasement gives us a more realistic read on the future of the American economy.

While President Barack Obama dickers with John Boehner, Speaker of the U.S. House of Representatives, on US$607 billion of spending cuts and tax increases, Congressman Ron Paul believes America has already fallen over the fiscal cliff, given that Washington’s bill for unpayable entitlements has now hit US$222 trillion.

`The treasury`s bar,`proclaimed Mr. Paul in an interview on Fox News Dec. 17.

`The country`s bankrupt; they won`t admit it and that`s why there`s so much anger and frustration, because it`s hard to divvy up loot when there`s none to divvy up.”

source: BMG