James Turk - Negative US Credit Watch Signals Dollar Collapse

``"The warning from S&P is unlikely to change the spending habits of Washington's politicians. Given the willingness of the Federal Reserve to monetize the government debt there is no major fundamental change in the outlook for the dollar. If anything it's a wake up call for the rest of the world that the rating agencies are starting to recognize the reality that the US finances are deteriorating so rapidly, it hardly qualifies any longer for its AAA rating... this is going to cause people to look for safe havens. Given that there are no safe haven currencies anymore like there were in the 70's when you needed to get out of the dollar, the only alternative left is gold and silver. ''