Gold price gives the lie to Xtranormal U.S. budget deficit
February 16, 2011 By Nathan Rudyk
As U.S. President Barack Obama and his "economic team" put the best spin possible on the $3.7 trillion budget submitted to Congress this week, the price of gold continues to give the lie to the idea that U.S. debt is somehow sustainable. That debt is now 14 times larger than it was back in 1980 when the B-52s and the Clash were duking it out on the then mp3-free airwaves. See the chart at left for a thumbnail view of U.S. debt from 1940 to the present. It ain't no Love Shack.
Unfortunately, America's national debt continues to grow at breathtaking speed. In fact, the Obama administration is projecting that the U.S. federal budget deficit for this year will be an all-time record of $1.6 trillion dollars.
Tuning into the twists and turns of the world's largest economy is something we're doing more of after taking on Bullion Management Group Inc. as a client last November. Since then we've created a globe-circling rocketship ride of publicity for the company's investment products, BMGBullion Fund, BMG Gold BullionFund, and BMG BullionBars, as well as its President and CEO, Nick Barisheff. Check out Nick's three-part video series last week with the Globe and Mail where he discusses the impact of continuous money-printing on the gold price, among other things. It's well worth seven minutes of your time. (Nick's also doing a Webinar March 8th that you can sign up for here.)
And if you have another two minutes, I was playing with Xtranormal text-to-movie software last night. Definitely try this at home! The promise of Xtranormal Technology Inc. is to "bring movie-making to the people". And it's true – if you can type you can make a movie (of sorts). So here's a little PG-13 Xtranormal skit with Presidents Obama and Clinton, discussing "gold and good times in America". Enjoy, and as you're watching, think about ways Xtranormal-ware might help you reach a generation of people raised on YouTube vids. Interesting times, whether you're interested in budget deficits and the gold price, or not.
(Nathan Rudyk is President and CEO with market2world communications inc., the public relations and product marketing agency for global innovators.)
Reader Comments (1)
Great blog post (and "solid gold" DIY movie)! Another blog that is saying some of the same types of thing is Michael Snyder's Economic Collapse blog. His latest post "What is wrong with the U.S. Economy? Here are 10 economic charts that will blow your mind" is worth a read... His number 8 chart details:
"Since the Federal Reserve was created in 1913, the value of the U.S. dollar has declined by over 95 percent. One of the reasons given for the existence of the Federal Reserve is that the Fed helps control inflation. But that is a huge lie. The truth is that the United States never had consistently rampant inflation until the Federal Reserve took control. In particular, once the U.S. totally went off the gold standard in the 1970s inflation really started escalating out of control...."
read more here: http://theeconomiccollapseblog.com/archives/what-is-wrong-with-the-u-s-economy-here-are-10-economic-charts-that-will-blow-your-mind