July 1st – Death of the Dollar or Consumer Fraud?

Dollar-Note

QUESTION: All over the web there are these doom and gloom that the dollar will collapse because of Obama’s new law July 1st. This seems like more fraud to sell gold that has become the greatest hedge against making money from my perspective. Any comments? Here is a direct quote:

“On this date, U.S. House of Representatives Bill “H.R. 2847″ goes into effect. It will usher in the true collapse of the U.S. dollar, and will make millions of Americans poorer, overnight. You now have just several weeks to prepare…”

Thanks so much

TF

 

ANSWER: Yes. Complete nonsense. This is FACTA and Americans have been kicked out of everywhere for the past few years. Nothing will happen July 1st. Everyone knew what was coming and moved well in advance. How could the dollar collapse when the law is causing Americans to return to the dollar? What is collapsing is the world economy – not the dollar. This is all a sales pitch to sell gold. This scenario is getting very tiring and quite frankly it would be consumer fraud in any other context.