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Old Money Becomes Treasure as New Money Sources Have All But Dried Up

By: Steve Johnson

5/21/2009 - 54 Comments

A few years ago, having a lot of money saved wasn’t that big of a deal because there were so many ways to get money as the economy was booming.

But after a yearlong recession that looks to be only getting worse as unemployment is now projected to rise above 10% by the end of the year, old money is treasured by everyone.

Everyone is wishing they socked money away during the good years to help them through the bad years.  Even the government realizes that the only money left to take from society is old money.  And the only way to take old money from the people is through inflation. 

This is why it is very important to protect your dollar based assets with inflation protection assets like gold.  The dollar is sinking faster than a monkey in quicksand as the entire world is beginning to realize that the dollar has been exacerbated by decades of borrowing and increasing its supply.

The next few years are going to be very difficult for the dollar unless the government takes a 180 degree turn from spending like mad to savings like mad - which is of course political suicide.

Old Money To The Rescue

Old money will be the only source of support for many families as the recession continues to strengthen.  Old money can take many forms.  In some cases, children will move back in with parents that have paid off their homes as a way to cut down on living expenses.  Another case of old money will be in the form of selling family assets like land or investments to help pay for living expenses.  Some will use their old money by borrowing against their retirement accounts or homes or selling family jewelry.

Old money will be treasured by everyone and the few that saved money during the boom years will be asked to help support the entire economy.  Unfortunately, very few people bucked the trend and saved any money – including the government. 

The government has no money and the people have no money. The only source of money coming into the US today is foreign debt, which is unsustainable and likely to lead to a much bigger economic crash in the near future.

Inheriting old money will become the new American dream.

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