In 2011 U.S. government unfunded liabilities grew by $11 trillion (Bloomberg).  Political promises are never retracted; instead the default will be papered over through debasement.

Don Coxe on gold in the Gold Report.

The title on one of the most well read investment blogs:  Why you won’t find hyperinflation in democracies (Reuters).  Meanwhile, ISA subscribes to Bill Fleckenstein’s school of thought:  “In a social democracy with a fiat currency all roads lead to inflation.”

Paul Krugman in the New York Times:  “the central bank needs to credibly promise to be irresponsible.”

Jim Rogers claims the Fed has already started QE3:  Money News.  Toby Connor’s take:  Gold Scents.  How to ride the gold wave and minimize risk at Gold Silver Worlds.

Powerful long term monthly and CPI adjusted gold charts:  Trader Dan.

ECB Plan Said to Pledge Unlimited, Sterilized Bond-Buying (Bloomberg).  Now, I don’t know what all that means.  But it sure sounds like steps on the papered over path.  That, and tomorrow looks to be a big day.

The Miners Look Ready to Dance by Greg Harmon.

Your Window to Buy Gold Below $1,700 Is Closing says Jeff Clark and a chart.