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Outlook for Dollar Not Good – James Turk

Saturday, November 15, 2014 7:02

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(Before It's News)

TND Videocast Spotlight: Greg Hunter’s USAWatchdog.com |

Gold expert James Turk says the U.S. dollar is not going to stay strong. Turk contends, “Canada, one of the closest allies of America, just announced a Chinese trade arrangement to deal in Chinese yuan with Canadian dollars. That bypasses the U.S. dollar. So, the outlook for the U.S. dollar is not good, despite this temporary strength that we are seeing now. It’s not good and, to me, the writing is on the wall for the dollar.”

Turk goes on to say, “What the U.S. government will do, though, is everything in its power to protect the dollar’s position, and that means more capital controls. There are already capital controls in place. It’s almost impossible for a U.S. citizen to come over here in Europe and open a bank account. They just don’t want to deal with U.S. citizens anymore. Another type of capital control is that $16 trillion sitting outside the United States cannot come back and be spent in the United States. If that were to happen, all those dollars overseas would fall to a steep discount to the domestic dollar because they would not have the same usefulness if they can’t be spent in the United States.” But wouldn’t that be a default that would crush the U.S. dollar? Turk explains, “It wouldn’t crush the domestic dollar. It would crush the international dollar relative to the domestic dollar. The domestic dollar will be inflated away in any case over the longer run. The immediate impact would be on dollars outside the U.S. and, yes, that is a default.”

Click here to read the rest of Greg Hunter’s write-up and to access the active comment section.

After the Interview:

GoldMoney.com sells and stores physical precious metals. Also, there is a lot of research and analysis on the GoldMoney.com website. Click here for that content.

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About Greg Hunter:

Mr. Hunter is the producer and creator of Greg Hunter’s USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. Greg Hunter’s USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows. Greg encurages feedback and welcomes comments. You may also support USAWatchdog.com by clicking here to donate. Reprinted with permission.