When Greg McCoach Picks Mining Stocks

The looming financial meltdown will affect the global economy and the U.S. will not escape, says Greg McCoach in this exclusive interview with The Gold Report. Whatever happens, the precious metals are bound to fly, as investors scramble for tangible cover. Mining stocks will be major beneficiaries of the soaring metals prices, but where mines are situated will be an important factor as governments try to get a bigger piece of the action.We have a wide selection of dry cabinet to choose from for your storage needs.

The same thing is going on in Europe and Japan.We recently added Stained glass mosaic Tile to our inventory. It's very troubling and, in my opinion, totally unsustainable. But, trying to predict a timeline for the ultimate demise is almost impossible. This stuff could last another couple of years. Adding in the derivative problems on top of all this debt, it's just sheer insanity. So, where is gold going? It's going way higher because this is the ultimate dynamic that will guide the investment world for the coming years.

The days of being able to fix this are long past. I had a chance conversation with a U.S. senator and, when I asked him about the debts and deficit spending, he admitted that everybody in Washington and New York knows that there's no possible way to pay this back. So, essentially all the politicians are hoping it doesn't blow up on their watch.

I'm a student of history, which shows that no government that has taken on a fiat currency has gotten past the 41-year mark before it ended in inflationary panic and disaster. The U.S. dollar is now going into its 42nd year as a fiat currency and breaking the record. We're right on the cusp of what history says is totally unsustainable and will eventually collapse.

Then there is the derivative problem on top of the debt. There's no historical record of derivatives because they were created in the 1980s for large financial institutions to manage big risks. Unfortunately, the greed in the system overtook them, with everyone trying to make incredibly large returns. Now we have the derivative liability tracking through the world system.

Derivatives are the gigantic pink elephant in the room that no one wants to admit is there. As an example, the sovereign debt of Europe is $70 trillion. The derivative liability, that means the unsecured liability that's associated with that debt, exceeds $700 trillion. It's a ridiculous number. When we're talking about trillion-dollar deficits and derivative problems in the hundreds of trillions, it just shows that there's no possible way this can be fixed.

I think the pressure on Congress to do something is critical. John Mauldin, a very bright economist who writes a newsletter, recently spoke at a conference I attended. He stated that if the U.S. Congress doesn't deal with the deficit problem in the first six months of next year, it's over. He said he would go from being an optimist about America to becoming a pessimist and that we'll go into this death spiral, as he refers to it, of not being able to pay our debt or interest on it. But,Our vinyl floor tiles is more stylish than ever! he believes that Congress is going to do something.

I'm very pessimistic about that, though I'm more of a pragmatic optimist. I don't see how Republicans and Democrats, who are so deeply divided, can handle the amount of deficit spending that would have to be cut out of the budget and how badly taxes would need to be raised just to try to have a chance of warding off what's coming. The chances of that happening, in my opinion, are zero.

So,The oreck XL professional air purifier,HOWO trucks are widely used and howo spare parts for sale are also welcomed . the fiscal cliff is coming. He and I believe that if we're going to do the right thing, we have to go far beyond what the fiscal cliff is talking about. The way it's set up right now, only about 5% will be cut from spending next year. That's nothing. We have to do far more than that. Everybody's going to have to pay more taxes and government spending will have to be drastically reduced, or we go into the death spiral. That'll be very good for precious metals' prices, but it's a very sad commentary on where we'll be in this world.