Treasury Secretary Geithner Warns of US Treasury Default Risk

United States Treasury Secretary Timothy Geithner warned last week that an unresolved debate over raising the nation’s debt ceiling threatens irrevocable damage to the nation’s economy.
 
May 16, 2011 - PRLog -- United States Treasury Secretary Timothy Geithner warned last week that an unresolved debate over raising the nation’s debt ceiling threatens irrevocable damage to the nation’s economy. It also could spark a double digit recession and rising unemployment in the country. That action would be bullish for holders of gold coins and silver coins.

In a letter Geithner sent last week to Senator Michael Bennet, he wrote that the threat of potential default on the nation’s debt “…would be an unprecedented event in American history. A default would inflict catastrophic, far-reaching damage on our nation’s economy, significantly reducing growth and increasing unemployment.”

The threat of default has investors buying gold coins to protect themselves against the threat to the value of the dollar. Gold coins have traditionally increased in value as the dollar decreases in value. It also is considered a store of value in extremely volatile economic times as we are now facing in the world.

Global Gold Group can help you protect yourself against the threat to your savings with high quality government issued gold coins. For more information about protecting your family from this economic threat, please check out http://www.aglobalcurrency.com for a free Investment Gold Guide.
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Source:Global Gold Group
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Tags:Debt, Debt Ceiling, Crisis, Inflation, Gold, Buy Gold, Invest In Gold, Gold Coin, Silver, Silver Coin, Default, Treasury
Industry:Banking, Jewelry, Government
Location:United States
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