Could an Illinois bankruptcy be the catalyst for the complete loss of faith in paper currencies?
Illinois could be going bankrupt and have their debt rating fall to junk status. If the U.S. steps in and bails Illinois out, then that will shift the focus from Illinois to the currency used in the bailout: the Dollar. Faith in the Dollar could be eroded, catalyzing the demise of the Dollar and all other paper currencies, John Rubino says. Even if Illinois isn’t the catalyst, Rubino says many other states are in similar financial problems and any one of them could trigger the end of all paper currencies.
Also, stay tuned for Rubino’s perspective on the recent decline in precious metal prices.
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