Currency In Peril

Yesterday we posted about the very real possibility that the U.S. dollar will lose it's reserve currency status.

Today we have some more discussion from a top business man/investor named Sam Zell....and his comments are a bit more ominous.

The US standard of living could drop 25 percent if the dollar loses its standing as the world's reserve currency, investor Sam Zell told CNBC.

"My single biggest financial concern is the loss of the dollar as the reserve currency. I can't imagine anything more disastrous to our country," the chairman of the Tribune Company as well as Equity Group Investments said in a live interview. "I'm hoping against hope that ain't gonna happen, but you're already seeing things in the markets that are suggesting that confidence in the dollar is waning."

"I think you could see a 25 percent reduction in the standard of living in this country if the US dollar was no longer the world's reserve currency," he said. "That's how valuable it is."

Misleading government data is fooling investors into believing there is no inflation, said Zell, who pointed out that 42 percent of the Consumer Price Index the government uses to gauge inflation is housing, where costs have been flatlining or falling. In the meantime, energy costs are up 9 percent and food is up 12 percent.

See it here; http://www.cnbc.com/id/41887217

Did you catch that comment, "....confidence in the dollar is waning"?

Did you catch the comment about, "Misleading government data..."?

Remember friends...our entire lifestyle here in America is based on the "full faith and confidence in the U.S. Government"....if that continues to wane or totally vanishes...we will see things happen in America that Hollywood could only imagine.

Hey sleepy heads.....it's time to wake up! (said like my Mom used to say it as she woke me up for grade-school)

Hat tip to Mike S.