To quote Dan Amos

“The proposed budget cuts from the Obama administration and Congress are jokes.

They are woefully inadequate.

And polls this week revealed that even many self-identified Tea Party members have no desire to cut Social Security and Medicare benefits.

The weaker the political will to enact painful budget reforms, the faster the federal debt will grow.

The faster the debt grows, the more the Fed will be pressured to monetize, which boosts the money supply.

The further the money supply grows, the more urgency investors around the globe will feel to buy gold, silver, and other hard assets.”

Dan Amos, The Daily Reckoning, 03-11-11