With the US dollar trading dangerously close to breaking the critical multi-decade support at 80 on the US Dollar Index, today James Turk warned King World News that a catastrophic collapse is going to unleash unprecedented and frightening chaos. Turk states that the horrific collapse and chaos is coming regardless of US attempts to avoid a government shutdown. Below is what Turk had to say in this powerful interview.
Turk: “Eric, although there are still a few hours for Congress and the President to act before today’s midnight deadline, it looks like the US government is going to shut down. Both sides are lining up for a fight, and the rhetoric is flying, with everybody trying to pin the blame on everyone else.
There are two closely interrelated issues here: First, Congress and the President need to agree on a budget that lays out how money will be spent in the new fiscal year that begins tomorrow….
“Instead of a formal budget, they could agree to another continuing resolution – which is how the government has kept operating for the last 5 years without an approved budget.
But if they choose this option yet again, it will put the dollar ever closer to the edge of the cliff because there is a far more important matter at stake here, which leads directly to the second issue: The debt limit needs to be increased to enable the government to get all the money the politicians intend to spend.
The US government only has enough money to operate for just a couple of weeks. We all know about the ongoing budget deficits the government is incurring because incoming revenue is not enough to meet what it is spending. And by mid-October the government will have run out of money.
Continue reading the James Turk interview at KING WORLD NEWS.