Home > Barack Obama or Mitt Romney: Will It Really Matter Who Wins The 2012 Election?

Barack Obama or Mitt Romney: Will It Really Matter Who Wins The 2012 Election?

November 5th, 2012

Larry Edelson: Will it really matter who wins tomorrow’s election? That’s the $64 million question right now.

No, make that the $222 TRILLION question.

That’s how much in hock Washington is to our foreign creditors, to you and me, to Social Security, to Medicare, to government pensions and more.

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And while you might not like my answer, the fact of the matter is that whoever wins tomorrow doesn’t amount to a hill of beans when it comes to the great financial crisis our country is going through.

Obama will not be able to fix our problems. Nor will Romney. Nor will Congress. It’s that simple.

Please don’t misunderstand me. I am not a pessimist. And I do have my choice as to who would be a better president.

But the fact of the matter is that our country is going through a sovereign-debt crisis, the likes of which have never been seen before.

Washington could cut its 2012 total federal spending of $3.6 trillion to ZERO tomorrow, and it would still take our country 62 years of saving $3.6 trillion a year to pay off the $222 trillion in debt and IOUs.

Washington could raise taxes to 100% of your income, and it would still take our country nearly 14 years to make good on its debts.

Obviously, neither one of these scenarios are realistic, but they do show you how DEEPLY indebted Washington is, and how, no matter what fiscal and tax policies the president and Congress adopt …

Our country is in very deep doo-doo.

I don’t say that lightly. While I now live in Asia, I am and always will be an American.

But the fact of the matter is that our beloved U-S-of-A is in deep trouble that won’t be cured by any one president, by any Congress, by any combination of fiscal spending cuts and tax increases.

It will only be solved by taking on the pain of having accumulated excesses over decades of outrageously poor government planning, outrageous government spending, and ill-thought-of — if not entirely harebrained — and insanely complicated tax policies.

The pain that’s coming our way is now building up its forces. You can see it in how deleveraging is now playing out in Europe — whose economy is, I figure, about one year ahead of ours — and now being directly hit by Hurricane I-Can’t-Pay-You-Anymore.”

Greece and Spain are, for all intents and purposes, bankrupt. Italy is going to go belly-up next. Then France will fall. Germany will slide into a very deep recession. The euro currency will collapse, and Europe will head toward disintegration and likely a civil war.

And then, just as Europe is completely collapsing, Hurricane I-Can’t-Pay-You-Anymore will hit Washington. Our Treasury-bond markets will collapse and drive interest rates through the roof, even as the Federal Reserve desperately tries to hold rates down.

Government pensions at the state and federal levels will go bust. The dollar, likely to rally for a few more months as Europe’s crisis worsens, will then get hit with a battering ram, collapsing over the next three years to less than half its current purchasing power.

All this WILL happen, no matter who wins the White House tomorrow.

Don’t believe me? Then simply take a look at the history of sovereign-debt crises — from the Roman times, to Byzantium, to various European empires, to the British Empire, to emerging-market debt disasters, and more …

And you will find that there has never been a sovereign-debt crisis that was ever once successfully resolved and stopped dead in its tracks.

Yes, our country does indeed face a very gloomy future. A lot of pain. A lot of losses for investors who don’t make the right moves.

But do bear in mind that every dark cloud does indeed have a silver lining, and so does the crisis we’re going through.

On the other side of this crisis, I see …

 A new America, revitalized by realizing that the current monetary and banking system must be trashed, and that a debt-based government and a credit-based economy are no good, either. I see …

 A new America, with a fairer and simpler tax policy, either a flat income tax or a consumption-based tax. I see …

 A new America, exploding in growth in new technologies, in biotechnology, in service industries and more. And I see …

 A new America, free of debt, free of uncertainty, and guided by getting back to our founding fathers’ simple-yet-eloquent founding Constitution, with liberty and the pursuit of happiness for all as its guiding principles.

We WILL get there. It may take up to five more years of tough times, but we WILL get to the other side and we will be a better America for having passed through it all.

But until we get there, you will also need a new way of looking at the markets. In addition to owning gold for the long term (and adding to your position when the current correction either bottoms, or breaks out to the upside above $1,813), you will need …

 Safe havens for your excess cash. Havens that are liquid.

 Foreign stocks to help you preserve purchasing power and seek profits.

 Domestic stocks that will do well, very well over the next few years — namely large blue chips and natural-resource-related investments.

 A basket of commodities that should also soar in value, protecting you from the inevitable decline in the U.S. dollar.

 And more!

I’ll give you general guidance here in my free column. But for the best of the best, for specific investment recommendations, for pinpointing when to buy and when to sell — you’ll want to be a member of my Real Wealth Report.

Best wishes,

Written By Larry Edelson From Uncommon Wisdom Daily

Uncommon Wisdom (UWD) is published by Weiss Research, Inc. and written by Sean Brodrick, Larry Edelson, and Tony Sagami. To avoid conflicts of interest, Weiss Research and its staff do not hold positions in companies recommended in UWD, nor do we accept any compensation for such recommendations. The comments, graphs, forecasts, and indices published in UWD are based upon data whose accuracy is deemed reliable but not guaranteed. Performance returns cited are derived from our best estimates but must be considered hypothetical in as much as we do not track the actual prices investors pay or receive. Regular contributors and staff include Andrea Baumwald, John Burke, Marci Campbell, Selene Ceballo, Amber Dakar, Roberto McGrath, Maryellen Murphy, Jennifer Newman-Amos, Adam Shafer, Marty Sleva, Julie Trudeau, Jill Umiker, Leslie Underwood and Michelle Zausnig.

This investment news is brought to you by Uncommon WisdomUncommon Wisdom is a free daily investment newsletter from Weiss Research analysts offering the latest investing news and financial insights for the stock market, precious metals, natural resources, Asian and South American markets. From time to time, the authors of Uncommon Wisdom also cover other topics they feel can contribute to making you healthy, wealthy and wise. To view archives or subscribe, visit http://www.uncommonwisdomdaily.com.

Economy, Government

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