I have been a Libertarian since high school and started reading lewrockwell.com in 2001. By 2004 based on what I had learned I was arguing on the psychohistory.com email list that US government debt and money printing would eventually cause an economic collapse. The author-investor Peter Schiff has warned of that since 2003. He explained in his 2007 book ‘Crash Proof’ that the US government had abused the dollars status of world reserve currency by soaking up overseas dollars in the capital markets with Treasury bonds, which ultimately set up a trade deficit situation in which Americans were to a large degree living on money, products and value borrowed from overseas producers and savers. In December of 2007 I warned my boss at the time to be cautious about expansion because an economic crash would surely soon be happening. The crash in fact already was happening by that time but only became visible to the general public initially in the spring of 2008, and finally in a big way in the fall of 2008.

I than started blogging on politicalclassdismissed.com that this was only the begining, that the real much larger future collapse was only being delayed and made worse by the government bailouts and stimulus programs. That was because much of the US economy had become based on world reserve dollar based bad loans instead of actual saved capital and none inflationary (meaning printed money based) consumer buying. In early 2009 I attended, spoke at and helped organize a few tea party rallies to try to educate the public about the need to reduce government debt and change the dollar system to avoid an imminent massive economic collapse. For working to educate people about economics, including with a black movement leader and another black speaker, I was called a ‘racist’ by local leftists whom I had previously gone to antiwar protests with.

By the end of 2009 I concluded that my education initiative would not have a meaningful enough effect to avert the collapse and so concentrated exclusively on my career instead. Now it’s 2011, the dollar collapse is almost certainly going to happen within about 1.5 years, if not a lot sooner, and I’m noting this now so that after the collapse does happen, some of you may remember that I warned you, just like I warned my boss in 2007 about the 2008 collapse.

If you haven’t yet read ‘crash proof’ by Peter Schiff or ‘meltdown’ by Tom Woods, and thus aren’t aware of the facts behind what is really happening economically right now, I can promise that if you read ‘The Dollar Crises’ by Richard Duncan, you will:

Duncan writes, “How much longer will the rest of the world be willing to accept debt instruments from the United States in exchange for real goods and services? It is only a matter of time before the United States will no longer be considered creditworthy. It is only a matter of time before the United States will not be creditworthy.” The dollar must collapse, forecasts Duncan, because it will become impossible for the U.S. to continue to sell one-half trillion dollars worth of debt securities each year (the amount required to offset the trade deficit) for very much longer.
Book Review

-note that this book was written in 2003, and that on August 6 2011, the US had it’s creditworthiness downgraded for the first time in history.

-btw, the policy recommendations and timing of the above book are off, and the more logical positions on policy and timing are covered in Schiff’s and Wood’s recent books. But the above book does get the critical fundamentals right, and for those who remember the economic events since 2003, reading that book now will show that it’s reasoning about the dollar system is in fact correct.