Drawing on Andy Rooney’s Wisdom: Looking at Some Economic Facts

A dear friend of mine just sent me an email with reflections from the ever insightful, wise and witty Andy Rooney. I always enjoyed his poignant commentary and clear, commonsense approach to life. In a series of observations and life lessons which begin with the refrain, “I've learned that….” Rooney gives us a compelling list. One of my favorites is, “I've learned that to ignore the facts does not change the facts.” This quote jumped out at me as I was pondering how to write about some economic facts, the implications of which are truly daunting.

I understand the psychological mechanism referred to as denial. I have compassion for those who want to hope for the best, despite the obvious. I even realize the power of the temptation to do nothing when one feels overwhelmed. But I can no longer comprehend why so many are being idle in the face of the oncoming economic tsunami headed straight for the shores of our lives.

After losing my retirement in the stock market in 2008-2009, I couldn’t imagine ever becoming an investor again. And taking a $150,000 loss on the sale of my home in California in 2008, I was a tad weary of the real estate market, as well. All of that has changed for one reason. I dove in earnest into acquiring a financial education with the world’s premier wealth creation community. And I began thinking like a contrarian. My results, my lifestyle, my change in mindset, my deep gratitude and joy speak for themselves.

Subsequently, like “Golden Rule” Jones, what I want for myself, I want for everyone. So it is painfully hard for me to see people hurting financially who, for a variety of reasons refuse to take action. Similarly, it is equally painful to see those who are currently “comfortable” who are not being proactive about protecting their assets.

So in honor of Andy Rooney, let us consider just a few of the facts and then realize that we can ignore them, but doing so will not change them.

MF Global­ (one of only a handful of primary dealers in the world) has filed for bankruptcy and it is possible that they actually stole clients’ money, as opposed to the funds being lost through bad investments. This will be one to watch. We’re talking $700 million being taken right out of client accounts in order to avoid margin calls (a move that would have instantly crushed the company). Ironically the company is history anyway.

Then there is the $3 trillion in current U.S. government debt which is going to mature over the next 12 months (the end of 2012) and will need to be returned to investors. But that is not all. An additional amount equal to this will need to be sold to new investors in order to cover what just matured. So that is more new debt. $3 trillion dollars more.

Both in the United States of America, and globally, there is no way these unprecedented levels of existing debt will ever be repaid.

Add to this the news, as reported by the Washington Post on November 21, 2011 that the congressional supercommittee has failed to cut a mere $1.2 trillion from the existing U.S. budget deficit. No agreements were reached. None. Not one.

These are among the many facts that compelled me to acquire gold and silver. I was so impressed with the process and all I’ve learned that I became an affiliate of one of the most respected, knowledgeable and reputable bullion dealers in the world.

You may not grasp all the implications of the above-mentioned facts. But now you do know some of the facts, even if you didn't before. Ignoring them will be dire. If you want to learn more, if you are ready to take action, then I urge you to do so.

For solid information about the history and future of gold and silver as a hedge against fiat currencies worldwide, I invite you to visit Mike Maloney’s site. Mike is Robert Kiyosaki’s (“Rich Dad, Poor Dad”) personal precious metals advisor and a “Rich Dad” best-selling author.

I am absolutely passionate about helping others learn about the implications of our economic realities, and encouraging others to prepare for what looms ahead. Another one of Rooney's observations is this, "I've learned that opportunities are never lost; someone will take the ones you miss." My hope is that you don't miss this crucial opportunity to safeguard your economic future.

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