David Stockman on ‘The Last Gold Rush… Ever!’
“US living standards are about to be squeezed as never before!”
That is the warning from former Morgan Stanley chief economist Stephen Roach. He forecasts a 35 percent decline in the dollar by the end of this year.
My co-author Bill Haynes and I make a similar warning in our new book The Last Gold Rush… Ever!
But don’t let the title fool you: It’s not about prospectors or the discovery of a new motherlode somewhere. Instead, The Last Gold Rush… Ever! is about the end of the US dollar in its present iteration. It is a deep-dive into the factors now converging to drive gold prices to heights that will dwarf bull markets gone by.
In a powerful forward to our book, David Stockman begins with his time as President Reagan’s budget director to review the politics of plunder that make a calamity for the unprepared not merely possible, but inevitable.
The following is a brief excerpt from Stockman’s foreward to The Last Gold Rush… Ever!:
America’s now crumbling empire of debt, like Rome itself, was not built in a day.
On October 1, 1982, day one of President Ronald Reagan’s first full budget year, I told the House Budget Committee that if fiscal sanity was to prevail, they were doomed to spend the rest of their careers cutting spending.
After years of Lyndon Johnson’s Great Society and Nixon-Ford welfare programs that sought to outdo LBJ, it fell to me as the director of the Office of Management and Budget to explain the facts of economic life, even—and perhaps especially—to ol
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