GOP Rep. Kirk Warns: China's Investing Away From Dollar… Buying Gold & Oil (Video)
CHINA INVESTS IN GOLD & OIL!
“China has lent about $300 billion to the US for Fannie Mae and Freddie Mac. They’re very worried about that; another $700 billion in treasury bills. And. they’re particularly worried about the feds new policy of buying treasury debt. Cause they’re worried that one part of the federal government is buying another part of the federal government. Sounds like printing money… They already are beginning to hedge. I think they expect quite a bit of inflation in the United States next year, so they made a major investment. They funded a second strategic petroleum reserve and they plan to buy $80 billion worth of gold. That’s two Fort Knox’s. Both of those investments only make sense if you expect significant dollar inflation.”
Rep. Mark Kirk (R-IL) told Greta Van Susteren that China is investing away from the dollar. Kirk said that China has invested in oil reserves this year and is buying enough gold to fill up Fort Knox twice!
You must see this interview.
It is absolutely frightening:
We’re so screwed.
UPDATE: In 2007 the value of gold stored a Fort Knox was $110 billion.
So according to Rep. Kirk, China is investing $220 billion in gold this year.
That will have a profound effect on the US economy if accurate.