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John Rubino: A sudden worldwide currency revaluation is imminent
5:15p ET Wednesday, July 15, 2009
Dear Friend of GATA and Gold:
In his new essay, "A Tremendous Secret," financial writer John A. Rubino, co-author with GoldMoney's James Turk of "The Coming Collapse of the Dollar," foresees an imminent worldwide currency revaluation. This revaluation, Rubino thinks, will correct the biggest financial imbalance of all, the ratio between the value of the world gold supply and the supply of fiat money.
Such a prospect is not quite a secret to GATA supporters. They may remember that the British economist Peter Millar contemplated in great detail such a worldwide currency valuation relative to gold in the May 2006 edition of his Valu-Trac Investment Research newsletter, to which GATA has called attention from time to time:
Such revaluations, as Rubino notes, are not done gradually but overnight, so that no one can trade against them and so there is no chaotic escape from the new currency system after it is imposed.
A clue in support of Rubino's speculation may be found in the communique issued last week by the G8 conference in Italy, which said: "We will refrain from competitive devaluations of our currencies. ..."
But of course the G8 pledge against "competitive devaluations" was not a pledge against coordinated and cooperative devaluations.
Rubino's essay can be found at his own Internet site, Dollar Collapse, here:
At GoldSeek here:
At Kitco here:
And at 24hgold here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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