This short work offers a sobering perspective on what the author sees as the coming “dollar devaluation.”
Stapp authored this brief “educational report” for an organization called The Madison Institute Association, of which he is a founding member. This book is designed to generate interest in the organization’s longer book, Anger to Action (2012). The author lays out in blunt language his belief that the U.S. dollar will undergo “devaluation,” otherwise known as a “dollar reset.” He suggests that the dollar will collapse “due to our wanton government spending.” Countries like China that hold a lot of U.S. debt “will have to take ownership of the collateral…that backed the debt bonds.” Furthermore, writes Stapp, the U.S. dollar will lose its status as the reserve currency for most international transactions. The result? “[A]nything that is based on the US dollar will be trampled to death in the near future.” Stapp offers a stark assessment of common investments, suggesting that virtually no investment vehicle based on the U.S. dollar, including the stock market, mutual funds, bank deposits, U.S. treasury bonds and real estate, will be safe from catastrophe. The government will “ ‘nationalize’ all pensions and retirement funds” and “they will raise taxes with a vengeance.” Ultimately, writes the author, only foreign investments and gold and silver will be safe havens. He also considers “leaving the country” an option for some. Stapp writes with certain knowledge of global economic affairs, but the argument he makes seems to represent opinion rather than fact. There are few references, no notes and no bibliography of sources to support or validate the author’s claims of future calamity. Some readers may readily agree with Stapp’s prognostications, while others could view them as preposterous. Still, the author’s indignation over the actions of the government and the financial community should resonate with those Americans who are pessimistic about the U.S. economy and the country’s future.
A strongly stated but decidedly one-sided view of economic collapse; channels the anger of the economically downtrodden but offers little in the way of a hopeful solution.