Kitco – Commentaries – Lorimer Wilson

Lorimer Wilson

Nielson Probability of US Hyperinflation or Debt Implosion

By Lorimer Wilson       
Jul 22 2010 10:04AM

www.FinancialArticleSummariesToday.com

“The collapse of U.S. economy is a certainty – only the manner of the economic collapse has yet to be determined. In time the global derivatives bubble will produce the same result which has occurred to every other currency not backed by gold throughout history: those currencies, our “money”, will become worthless.”

Those were the alarming words of Jeff Nielson of BullionBullsCanada.com in a recent speech* which I have edited and reformatted below (with his permission) for the sake of brevity and clarity.

Derivatives: An Unregulated $1 Quadrillion Market

“Warren Buffett once described derivatives as ‘financial weapons of mass destruction’ – and for a very good reason. While U.S. ‘unfunded liabilities’ are larger than the entire global economy, the derivatives market is 20 time…