Porter Stansberry: These horrific predictions are now coming true

The past five days were the worst of my entire career. No, nothing's wrong with our business, it's doing well. We're having our best year ever, in fact. And no, it wasn't a bad week because of my stock picks – they're doing fine, too. Many of my long-standing predictions about silver, gold stocks, GE, etc. are coming to fruition. That's the problem, actually...

This week was the worst of my career because too many things that should NEVER happen in U.S. capital markets happened this week. The U.S. Treasury Secretary promised not to devalue the dollar... immediately before leaving to attend a G-20 meeting, where the primary agenda is lowering the exchange value of the U.S. dollar. This is terrifying... As soon as our creditors finally realize we're not going to stop printing money, we'll suffer a huge run on the dollar. I've been warning about this constantly since 2008, in a series of essays called "The End of America."

None of our leaders – Democrat or Republican – seem to understand that, as the world's largest debtor, we're playing with fire when we expand the Fed's balance sheet. Why? Just look at the numbers. Currently, the total debt – that's public, corporate, and personal – in the United States is more than $60 trillion. That's $186,000 per person in the United States or $750,000 per family. Last year, total debt increased by $3 trillion – roughly eight times faster than GDP. Normally in a recession, you'd expect to see total debts fall. But not here. Our government believes it can borrow an unlimited amount of money and then print more to repay it. That's like lighting matches next to gas tanks.

via thedailycrux.com