Asked in Barack Obama
If Obama collapses the dollar and bankrupts the country what is the best way to protect your self?
February 28, 2013 6:07AM
First, a word of caution. There is NO evidence that President Obama will collapse the dollar and bankrupt the country. He did not do it in his first term, and there is no evidence he will do it in his second. You may be responding to some conservative talk show hosts like Glenn Beck and Michael Savage, who frequently accuse the president of these sorts of things. Some talk hosts like to generate fear about the economy, and they then encourage listeners to buy gold from dealers in which these talk hosts have a financial interest. While those who are opposed to Mr. Obama's economic policies (or what they think those policies will lead to) are entitled to their opinions, that does not mean their opinions are based on facts. That said, what follows is an answer from someone who genuinely believes the worst about Mr. Obama.
Prepare for the worst...NOW.
Don't wait around for something like this to happen. Invest not in http://stocks.answers.com, but in precious metals. Can you recall a time in American history when gold or silver was...I dunno...free? No. In fact, the dollar used to be based off of precious metals. Have you ever look at an old (pre- Great Depression) dollar? It doesn't say "Federal Reserve Note" on it. It says "Silver Certificate".
Why is this? Because you could take that silver certificate to the Federal Reserve Bank and exchange it for exactly one dollar's worth of Silver. You can't do this with a Federal Reserve Note however, because a Federal Reserve Note's value has nothing to do with Gold, Silver, or any other precious metal; it has to do with however much money is in circulation, and the price of goods and services.
At this, I would like to say that the value of precious metals has never hit zero. The value of a Federal Reserve Note can't hit zero, however, it can come incredibly close. Sure, metals have their ups and downs, but for the most part, they are on a constant journey of increasing value. The dollar? It's ridiculously unpredictable.
Therefore, I urge you to protect your assets.
Invest in something that holds high value.