Passing along without comment. I don't know enough about finance to verify the truth of what Wenzel says, but he sure sounds convincing. Convincingly terrifying.
from Global Research, by Robert Wenzel:
The end of the current financial system, as we know
it, may be imminent. If you would have asked me even two weeks ago if
collapse was imminent, I would have said it was highly unlikely, now I
am saying it is possible. Bernanke may be able to patch things up
short-term, if he is lucky, but in the long term the U.S. financial
structure is in serious trouble. There is just too much Treasury debt
that needs to be raised. An international panic out of Treasury
securities, even a slow controlled panic, means the Fed will be the
major buyer. This will ultimately mean record inflation.
And keep this in mind, we have never seen a collapse
of a currency like the dollar. Even the hyperinflation during Germany's
Wiemar Period can not serve as an example. Since the dollar is the
reserve currency of most of the world, a panic out of the dollar means
more dollars will return to the U.S. shores than any country has ever
experienced.
Other countries have had collapsed currencies, but
never in the history of world of finance has so much currency been held
outside a country of issue that could come flying back, almost on a
moments notice. If the panic out of the dollar starts, even if Bernanke
stops printing money (unlikely), all the dollars flying back into the
U.S. could cause a huge price inflation all on its own.
continue here.