[ckilmer]

Not going to happen.

Demand destruction plus supply creation in the USA has caused oil imports to decline steadily for the last couple years. So that today oil imports account for less than half current consumption.

This trend is going to continue. In under a decade the USA is going to be oil independent.

All energy independent countries have strong currencies.

We’re seeing the first bow waves of approaching energy independence. That is the topping out of gold.

[Errant]

Obama just asked for a 1+ trillion dollar increase it the debt ceiling. Normally what you've said is true but these aren't normal times. Our known debt is increasing exponentially and no telling what the real debt is.

We will see a dislocated economy, increasing debt, increased money printing, shortages of some commodities and worldwide turmoil as a result. MF Global is only the tip of the iceberg.

COMEX: The March To Irrelevance

The increasing reliance on domestic hydrocarbon production was planned decades ago. Hundred dollar a barrel oil is a significant development in that regard.