How long do we have until the unsustainable US economy collapses? Todd Wood, the author of the book “Currency,” explains why the US economy is on the verge of collapse and why Russia, which keeps increasing its gold reserves, might become the next major economic power. The fact that Russia bought another 30 tons of gold earlier this week, bringing its total gold reserves to 1,238 metric tons should make the United States worried, said Todd Wood, the author of the book “Currency” and a contributing writer at the Washington Times.
Wood claims that the current state of the US economy is troublesome, to say the least. While both Russia and China keep increasing their gold reserves, the United States has gathered an overwhelming sovereign debt due to foolish spending habits that will inevitably bring the US economy down, the author said. Russia is now the fifth-largest holder of gold reserves, according to the IMF. Moscow is increasing its gold reserves to strengthen the value of its own currency, the ruble. The smart move, Wood argues, adding that Russia is “preparing for the day when the tables will turn” and the world will see the decline of the Western economic power. MORE