China Says US Has Defaulted on Loans by Allowing Dollar to Weaken

A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order.

“In our opinion, the United States has already been defaulting,” Guan Jianzhong, president of Dagong Global Credit Rating Co. Ltd., the only Chinese agency that gives sovereign ratings, was quoted by the Global Times saying.

Washington had already defaulted on its loans by allowing the dollar to weaken against other currencies — eroding the wealth of creditors including China, Guan said.

http://ca.news.yahoo.com/china-ratings-house-says-us-defaulting-report-054309883.html

The Day the Dollar Died

Retirement Armageddon

from DollarCollapse.com:

Here’s a wake-up call from Gary North of the Ludwig von Mises Institute on why our idea of retirement will turn out to be a cruel joke. A few quotes:

Social Security will go bankrupt…The average American is going to have a miserable retirement. There’s not much a recent retiree can do. They’ve walked into the trap and it has sprung on them. The greatest losers will be widows, who are almost completely unprepared for what will take place. For most children there will be no inheritance, and parents may become an economic liability on them years before they’re prepared.

for full article: http://dollarcollapse.com/articles/classic-videos-retirement-armageddon/